The Four Steps of the Mortgage Loan Process:
Getting a mortgage loan doesn't always have to be a complicated process. You wouldn't be researching mortgage loans if it were possible to 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.
There are four main steps involved in obtaining a loan.
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? You can get a good idea of your preferred payment amount 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 step is where Coastal Lending Group LLC will start the actual mortgage loan origination process. You will give us information on your current job, assets, and residence history. We will obtain a copy of your credit score and report. After we've reviewed the information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for your new home with your agent, we find the best program for you.
Once you have signed an offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not 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 a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to decide on a title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender will need are in order, and you'll probably}likely sign everything at their officeWe do all the work to work with with the title company to set your closing date. Since you won't have to worry about these details, you get to think about moving, if you're going to repaint, carpet, and the fun parts of getting a new house.
You've answered some few questions, given us lots of information, applied , and Before you know it, you're moving in! Coastal Lending Group LLC is in the business of mortgage loans; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Coastal Lending Group LLC at 410-404-4875. It's our job to answer lending questions, so we're happy to help!