An Overview of the Mortgage Loan Process
There's a lot involved when you get a mortgage. You wouldn't be here on our website if it were possible to fill out a one-page mortgage application and get a great loan funded the same day. We do 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 mortgage loan involves four major milestones.
Step one: determine how much you can borrow
This is a function of a couple things. How much of a monthly payment can you afford? 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 Cal Coast Financial Corp will begin saving you money. You will supply details about your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. When we review this information we give you a letter of pre-qualification. Your real estate agent should use the 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, we're busy researching the loan program that's just right for you.
Once you've made the offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan could not get much easier; you can apply from the comfort of your home right here on our site. Finally, we'll order the appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to find a title company to handle the funding of your loan once it has been approved. We'll work with this company to ensure the papers your lender requires are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with this company to set your date to close. Because you won't need to worry about these details, you can concentrate on the move, if you're going to repaint, new carpet, and all the details of getting a new house.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! We take care of the legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Cal Coast Financial Corp at (510) 683-9850. We answer questions about the loan process every day.