How the Loan Process Works
There's quite a lot involved in oder to get a mortgage loan. You would not be researching mortgage loans if you could get a mortgage loan in one 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: Decide how much you can afford
This is a function of a couple things. 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? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 is where the process really begins and Cal Coast Financial Corp can really save you money. You will provide details on your current job, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out your new home, we are researching the best loan for you.
Once you have made an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with this company to set your date to close. Because you won't need to coordinate this process, you can concentrate on the move, painting, carpet, and the details involved in moving into your new home.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving! We take care of the mortgage 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.