The Four Steps of the Loan Process:The Loan Process: Four Steps
There's no question ; getting a mortgage is a complex process. You wouldn't be researching mortgage loans 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 loan involves four major steps.
Step one: Decide how much you can afford
This is a function of a couple things. 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? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. 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: complete a pre-qualification
This is where the rubber meets the road and Coastal Mortgage Corp. can really save you money. You will supply info about your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. We will go over this information and will provide a pre-qualification letter. Be careful with this letter — it can be a great tool for buying your new home! Your agent will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for your new home with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not be much easier; you can apply right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: your loan is funded
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 make sure all the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at their officeWe coordinate with the title company on your date to close. Because you don't have to worry about these details, you get to concentrate on the move, if you're going to repaint, carpet, and the details involved in moving into your new house.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you're moving in! We do the mortgage legwork 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. It's our job to answer lending questions, so we're happy to help!