About the Mortgage Loan Process
There's a lot involved in oder to get a mortgage loan. You wouldn't be here on our site if it were possible to complete a simple loan app and get an excellent loan check cut the same day. 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 mortgage 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? 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. can start to save you money. You will supply details about your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we've reviewed this information, we'll give you a pre-qualificaiton letter. Your agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're deciding on the home that's right for you, we are researching the best loan program for you.
Once you've made an offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to designate an escrow/title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to make sure the papers your lender requires are in order, and you will probably}likely sign everything at their officeWe do all the work to work with with the title company to set your date to close. Since you don't have to coordinate this process, you get to concentrate on the move, if you're going to repaint, new carpet, and all the details of getting your new home.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you'll be moving! 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. It's our job to answer lending questions, so we're happy to help!