The Four Steps of the Loan Process:The Loan Process: Four Steps
There is little doubt ; getting a mortgage loan is a complex process. You wouldn't be here on our website if you could complete a one-page loan app and receive a great loan funded in one day. 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: Decide on your maximum loan amount
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? 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 Coastal Mortgage Corp. will start to save you money. You will give us details on your current job, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it can be a useful tool for buying your new home! Your REALTOR® will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're deciding on your new home, we're busy researching the loan program that's right for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to make sure all the papers your lender needs are avaiailable, and you will probably}likely sign everything at their officeWe work with with the title company to set your date to close. Because you will not need to worry with this coordination, you can think about moving logistics, painting, carpet, and the details involved in getting your new house.
You've answered some few questions, given us lots of information, applied online, and before you know it, you are moving in! We take care of the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Coastal Mortgage Corp. at 504-866-5626. Coastal Mortgage Corp. answers loan process questions every day.