An Overview of the Loan Process
Make no mistake, there's a lot involved when you get a mortgage loan. You would not be researching mortgage loans if you could get a loan in a single day with a simple application. We do 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 home loan involves four major milestones.
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? 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 step is where Coastal Mortgage Corp. can start to save you money. You will give us info about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). When we review this information we will provide a letter of pre-qualification. Handle it with care — it can be a great tool when you make your offer! Your REALTOR® will likely 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 deciding on your new home, we're busy finding the loan program that's just right for you.
After you've made the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply right here on our site. Finally, we'll order the appraisal of your new home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to ensure the papers your lender needs are avaiailable, and you'll probably}likely sign everything at their officeWe work with with this company on your closing date. Since you won't need to worry with this coordination, you get to think about moving logistics, if you're going to repaint, carpet, and the fun parts of moving into a new house.
You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving in! We take care of all the loan details so you can spend your time finding your new home.
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!