An Overview of the Mortgage Loan Process
There is no doubt that getting a mortgage is a complicated process. You wouldn't be visiting our site if it were possible to complete a one-page loan application and get an excellent loan check cut the same day. 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 loan involves four major steps.
Step one: Decide how much you can afford
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? 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: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You will provide details on your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. Your REALTOR® should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for a new house with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
After you've made an offer and the sellers accept it, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to ensure all the papers your lender will need are in order, and you'll probably}likely sign everything at this company's officeWe coordinate with this company on your date to close. Since you won't need to worry with this coordination, you get to think about the move, if you're going to repaint, new carpet, and all the details of moving into your new home.
You've answered a few questions, given us lots of information, applied , and Before you know it, you'll be moving in! Coastal Mortgage Corp. is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Coastal Mortgage Corp. at 504-866-5626. Coastal Mortgage Corp. answers loan process questions every day.