The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There's a lot to do when you get a mortgage loan. You wouldn't be looking up loan information if it were possible to get a loan in one day by filling out 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 milestones.
Step one: determine how much you can borrow
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. 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: complete a pre-qualification
This is where the rubber meets the road and Coastal Mortgage Corp. can really save you money. You will give us information on your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we have gone over all this information we will provide a letter of pre-qualification. Handle it with care — it can be a great tool for buying your new home! Your REALTOR® should use your 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 are looking for the best loan program for you.
Once you've made an offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply right here on our site. 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: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to make sure all the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe do all the work to work with with this company to set your date to close. Since you won't have to coordinate this process, you can think about the move, paint colors, carpet, and the details involved in getting a new home.
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 we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Coastal Mortgage Corp. at 504-866-5626. We answer questions about the loan process every day.