The Four Steps of the Loan Process:The Loan Process: Four Steps
Make no mistake, there's a lot to do when you get a mortgage. You would not be looking up loan information if you could get a loan in one day with a simple application. But Coastal Mortgage Corp. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major steps.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-qualify for your loan
This step is where Coastal Mortgage Corp. can begin to save you money. You will provide details about your employment, assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've reviewed your information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we are finding the loan that best fits your needs.
Once you have signed an offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't get much easier; you can apply any time right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to designate a title company to take care of the funding of your loan. We'll coordinate with this company to ensure all the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with this company to set your closing date. Because you don't have to worry with this coordination, you can concentrate on moving logistics, if you're going to repaint, new carpet, and the details involved in getting your new home.
You've answered some few questions, provided detailed information, applied , and before you know it, you're moving in! Coastal Mortgage Corp. is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Coastal Mortgage Corp. at 504-866-5626. We answer questions about the loan process every day.