The Four Steps of the Loan Process:The Loan Process: Four Steps
There's no doubt ; getting a mortgage is a complex process. You would not be looking up loan information if you could get a mortgage loan in one day by filling out a simple application. 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 steps.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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. 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: complete a pre-qualification
This is where the rubber meets the road and you save the most money. You will provide info about your current job, 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 all this information we give you a letter of pre-qualification. Be careful with this letter — it can be a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out your new home, we are finding the best loan 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 get much easier; you can apply right here on our site. Finally, we'll order the appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender will need are in order, and you'll probably}likely sign everything at their officeWe do all the work to work with with the title company on your date of closing. Because you won't have to worry about these details, you can concentrate on the move, if you're going to repaint, new carpet, and the fun parts of moving into a new house.
You've answered some few questions, provided detailed information, applied , and the next thing you know, you're moving in! We do the mortgage legwork 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!