The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There is no doubt ; getting a mortgage is a complicated process. You wouldn't be here on our site if it were possible to fill out a simple loan app and get a great loan funded the same day. 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 home loan involves four major milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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 give us info on your current job, your assets, and your 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). When we review this info we provide a pre-qualification letter. Handle it with care — it is a great tool for buying your new home! 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 shopping for a new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you've made the offer and it's been accepted, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply right here on our site. When the time is right, we'll order the appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to make sure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with the title company on your date of closing. Since you will not need to coordinate this process, you can concentrate on moving, painting, new carpet, and the fun parts of moving into a new house.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving! We take care of all the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Coastal Mortgage Corp. at 504-866-5626. Coastal Mortgage Corp. answers loan process questions every day.