The Loan Process: an Overview
There can be little doubt that getting a mortgage loan is a complicated process. You wouldn't be here on our site if it were possible to complete a one-page loan application and receive the best loan funded in one day. But Coastal Mortgage Corp. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major milestones.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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. 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: pre-qualify for your loan
This step is where Coastal Mortgage Corp. will start to save you money. You will supply information about your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new home with your REALTOR™, we find the best program for you.
Once you've made the offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't get much easier; you can apply online right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure all the papers your lender will require are avaiailable, and you will probably}likely sign everything at this company's officeWe coordinate with this company on your date to close. Because you won't need to worry with this coordination, you can think about moving, paint colors, carpet, and the details involved in moving into a new house.
You've answered some few questions, given us lots of information, applied , and Before you know it, you'll be moving in! We take care of all the loan details so you can focus on finding your new home.
Have questions about the loan process? Call Coastal Mortgage Corp. at 504-866-5626. We answer questions about the loan process every day.