About the Mortgage Loan Process
Make no mistake, there's quite a lot to do when you get a mortgage loan. You would not be looking up loan information if it were possible to get a 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 mortgage loan involves four major steps.
Step one: Decide on your maximum loan amount
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? 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: complete a pre-qualification
This is where the rubber meets the road and Cal Coast Financial Corp can really save you money. You will provide information on your current job, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. We will go over this information and provide a pre-qualification letter. Your REALTOR® will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're deciding on your new home, we're busy researching the loan program that's right for your unique situation.
Step three: apply now! We make it easy
Once you've made the offer and it's been accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. When the time is right, we'll order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company to set your date to close. Because you will not have to coordinate this process, you can concentrate on the move, paint colors, new carpet, and all the details of moving into your new house.
You've answered some few questions, provided detailed information, applied online, and before you know it, you're moving in! Cal Coast Financial Corp is a mortgage specialist; you're not — so we take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Cal Coast Financial Corp at (510) 683-9850. We answer questions about the loan process every day.