The Four Steps of the Loan Process:The Loan Process: Four Steps
There is little doubt that getting a mortgage loan is a complicated process. You would not be looking up loan information if it were possible to get a mortgage loan in a single day by filling out a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four main steps involved in getting a loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment abount using the calculators on our website. 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 the rubber meets the road and Coastal Mortgage Corp. can really save you money. You will provide information on your employment, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We get your permission to pull your credit score and report. We'll review this info then provide a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on your new home, we are researching the best loan for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, you should complete the loan application. It couldn't be easier, and you can do it online, right here on our website. 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: funding
Your real estate agent and the seller's will coordinate to find a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at their officeWe coordinate with the title company to set your date of closing. Since you don't need to worry with this coordination, you get to concentrate on moving, paint colors, new carpet, and the details involved in moving into your new home.
You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving in! We take care of all the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Coastal Mortgage Corp. at 504-866-5626. We answer questions about the loan process every day.