How the Loan Process Works
There is no question ; getting a mortgage is a complicated process. You wouldn't be researching mortgage loans if it were possible to 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.
Getting a mortgage loan involves four major steps.
Step one: Decide how much you can afford
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. 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 info on your employment, assets, and your residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we've reviewed this information, we'll provide a pre-qualificaiton letter. Your real estate agent will 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 your new home, we are looking for the loan that best fits your needs.
Once you've made the offer and it's been accepted, you should complete the loan application. It's very easy, and you can do it online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we'll order the 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 all the papers your lender will need are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with this company to set your date of closing. Because you won't have to coordinate this process, you get to concentrate on moving logistics, paint colors, carpet, and all the details of moving into a new house.
You've answered some few questions, provided lots of information, applied online, and before you know it, you are moving in! Coastal Mortgage Corp. is a mortgage specialist; you're not — so we take care of the details. 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.