About the Loan Process
Make no mistake, there's a lot involved in oder to get a mortgage. You wouldn't be looking up loan information if it were possible to get a loan in a single day by filling out a simple application. We do most of 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: Decide how much you can afford
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? 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. 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 the process really begins and Coastal Mortgage Corp. can really save you money. You will give us details on your current job, your assets, and your 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). When we review this info we will give you a pre-qualification letter. Handle it with care — it is a useful tool when you make your offer! Your REALTOR® will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for a new home with your REALTOR™, we find the best program for you.
Once you have signed the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our website. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing. We'll work with this company to ensure the papers your lender requires are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company on your date of closing. Since you will not have to worry about these details, you can concentrate on moving, paint colors, carpet, and the fun parts of moving into a new home.
You've answered a few questions, given us detailed information, applied online, and the next thing you know, you're moving in! We take care of the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Coastal Mortgage Corp. at 504-866-5626. We answer questions about the loan process every day.