How the Loan Process Works
There is no doubt ; getting a mortgage is a complex process. You wouldn't be here on our website if it were possible to fill out a simple loan application and get a great loan check cut the same day. 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: determine how much you can borrow
A couple of factors determine this amount. 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. 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 Coastal Mortgage Corp. will begin saving you money. You will supply info on your current job, assets, and your residence history. You'll supply your employment, asset, and residence history information. We pull your credit score and report. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a great tool for buying your new home! Your real estate agent should use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're deciding on your new home, we are looking for the best loan program for you.
Once you have made an offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan couldn't be much easier; you can apply right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: funding
The real estate 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 all the papers your lender will need are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to work with with this company on your closing date. Because you don't need to worry with this coordination, you get to think about moving, painting, new carpet, and all the details of moving into a new house.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you're moving in! Coastal Mortgage Corp. is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
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!