How the Mortgage Loan Process Works

No doubt, quite a lot involved when you get a mortgage. You wouldn't be researching mortgage loans if you could get a loan in a single day with 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 home loan involves four major milestones.

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? 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 supply information about your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Your REALTOR® should use your 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 the home that's right for you, we're busy finding the loan program that's right for you.

Step three: apply for your loan

Once you have made the offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our website. 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: funding

The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with this company on your date to close. Since you won't have to coordinate this process, you can think about moving, painting, new carpet, and the details involved in getting your new home.

You've answered a few questions, provided lots of information, applied , and Before you know it, you're moving in! We do the mortgage legwork 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. It's our job to answer lending questions, so we're happy to help!

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