How the Loan Process Works
There's quite a lot to do in oder to get a mortgage. You wouldn't be here on our site if you could complete a one-page mortgage application and get the best loan funded the same day. But Cal Coast Financial Corp does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
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 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will give us info on your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. When we review this info we will provide a pre-qualification letter. Be careful with this letter — it can be a great tool when you make your offer! Your REALTOR® will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our site. Finally, we'll order the appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender will need are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with this company on your date of closing. Because you don't have to coordinate this process, you get to think about moving logistics, paint colors, new carpet, and the fun parts of moving into a new house.
You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving! We do 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. It's our job to answer lending questions, so we're happy to help!