The Four Steps of the Loan Process:The Loan Process: Four Steps
There can be no doubt that getting a mortgage is a complex process. You wouldn't be looking up loan information if you could get a mortgage loan in one day by filling out 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 mortgage loan involves four major milestones.
Step one: determine how much you can borrow
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. We'll also help you through different scenarios by asking a few simple questions. 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: complete a pre-qualification
This is where the rubber meets the road and Coastal Mortgage Corp. can really save you money. You will provide information on your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we've reviewed your information, we'll provide you with a pre-qualificaiton letter. Your real estate agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new home, we are researching the best loan for you.
Step three: apply now! We make it easy
Once you have made an offer and the sellers accept it, you should apply for the loan. Applying for a loan could not be much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to make sure the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at this company's officeWe work with with this company on your date of closing. Since you won't need to worry about these details, you can concentrate on the move, if you're going to repaint, new carpet, and all the details of moving into your new home.
You've answered a few questions, provided detailed information, applied online, and the next thing you know, you are moving in! We take care of the mortgage legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Coastal Mortgage Corp. at 504-866-5626. Coastal Mortgage Corp. answers loan process questions every day.