The Loan Process: an Overview
No doubt, a lot to do when you get a mortgage. You wouldn't be researching mortgage loans if you could get a mortgage loan in a single day with 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: determine how much you can borrow
A couple of factors determine this amount. 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? 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. 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 begin saving you money. You will provide info about your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a useful tool when you make your offer! Your real estate agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for a new house with your REALTOR™, we find the best program for you.
Once you've made an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to designate an escrow/title company to take care of the funding of your loan. We'll work with this company to ensure all the papers your lender requires are in order, and you'll probably}likely sign everything at this company's officeWe work with with this company to set your closing date. Because you will not have to worry with this coordination, you get to think about moving, painting, new carpet, and the fun parts of moving into your new house.
You've answered some few questions, provided lots of information, applied , and Before you know it, you'll be 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.