The Four Steps of the Loan Process:The Loan Process: Four Steps
Make no mistake, there's quite a lot involved when you get a mortgage. You wouldn't be looking up loan information if you could 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.
Getting a home loan involves four major steps.
Step one: determine how much you can borrow
This is a function of a couple things. 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? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: pre-qualify for your loan
This is where Coastal Mortgage Corp. will start to save you money. You will provide details about your current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. 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 shopping for a new home with your real estate agent, we find the best program for you.
Once you have signed the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply from the comfort of your home right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure all the papers your lender will require are in order, and you will probably}likely sign everything at this company's officeWe coordinate with the title company to set your date to close. Since you won't need to worry with this coordination, you can think about the move, paint colors, new carpet, and the details involved in getting a new house.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you'll be moving in! Coastal Mortgage Corp. is in the business of loans; you're not — so we take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Coastal Mortgage Corp. at 504-866-5626. Coastal Mortgage Corp. answers loan process questions every day.