The Loan Process: an Overview
There's little doubt ; getting a mortgage loan is a complicated process. You wouldn't be here on our website if it were possible to fill out a simple mortgage application and receive the best loan check cut the same day. But Coastal Mortgage Corp. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in getting a mortgage loan.
Step one: Decide how much you can afford
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. 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 is where Coastal Mortgage Corp. will start saving you money. You will provide info on your current job, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool for buying your new home! Your real estate agent will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we're busy researching the loan program that's right for your situation.
Step three: apply now! We make it easy
Once you have signed an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to ensure all the papers your lender will need are in order, and you will probably}likely sign everything at their officeWe work with with this company on your date to close. Because you don't have to coordinate this process, you can think about the move, painting, new carpet, and all the details of getting your new home.
You've answered a few questions, provided lots of information, applied online, and before you know it, you're deciding when to move in! Coastal Mortgage Corp. is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Coastal Mortgage Corp. at 504-866-5626. We answer questions about the loan process every day.