An Overview of the Mortgage Loan Process
There can be little doubt that getting a mortgage is a complex process. You wouldn't be here on our site if you could fill out a simple application and get the best loan funded the same day. But Coastal Mortgage Corp. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in getting a loan.
Step one: Decide on your maximum loan amount
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? 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. 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: pre-qualify for your loan
This is where Coastal Mortgage Corp. can start saving you money. You will supply information about your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). When we review all this info we will give you a pre-qualification letter. Your agent 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 shopping for the home that's right for you, we are finding the loan that best fits your needs.
Once you've made the offer and the sellers have accepted, you should complete the loan application. It couldn't be easier, and you can apply online, right here on our site. Finally, we'll order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to find an escrow/title company to take care of the funding of your loan once it has been approved. We'll work with this company to make sure all the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at their officeWe work with with this company on your date to close. Because you won't have to worry about these details, you can think about moving, painting, carpet, and the details involved in getting your new house.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you'll be moving in! Coastal Mortgage Corp. is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Coastal Mortgage Corp. at 504-866-5626. We answer questions about the loan process every day.