How the Mortgage Loan Process Works
No doubt, a lot involved in oder to get a mortgage loan. You wouldn't be researching mortgage loans if you could get a mortgage loan in one day by filling out a simple application. But Cal Coast Financial Corp does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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. 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: complete a pre-qualification
This is where the process really begins and Cal Coast Financial Corp can really save you money. You will provide information on your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. After we've reviewed this information, we'll give you a pre-qualificaiton letter. Your real estate agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out the home that's right for you, we're busy finding the loan that's just right for your unique situation.
Once you have made the offer and it's been accepted, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply any time right here on our site. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to designate a title company to handle the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender will require are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with this company on your date to close. Since you won't need to worry about these details, you can concentrate on moving, paint colors, carpet, and the fun parts of moving into your new home.
You've answered a few questions, provided lots of information, applied online, and before you know it, you are moving in! Cal Coast Financial Corp is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Cal Coast Financial Corp at (510) 683-9850. We answer questions about the loan process every day.