An Overview of the Mortgage Loan Process
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 one day with 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.
There are four primary steps involved in obtaining a loan.
Step one: determine how much you can borrow
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. 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: complete a pre-qualification
This is where Coastal Mortgage Corp. will start to save you money. You will supply information on your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a useful tool for buying your new home! 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 loan that best fits your needs.
Step three: apply now! We make it easy
Once you have made the offer and the sellers accept it, you should apply for the loan. Applying for a loan couldn't 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: funding
The agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with this company to set your date of closing. Since you won't have to worry about these details, you can think about moving, paint colors, carpet, and the details involved in getting your new home.
You've answered some few questions, provided lots of information, applied online, and the next thing you know, you are deciding when to move in! We take care of the 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. Coastal Mortgage Corp. answers loan process questions every day.