An Overview of the Loan Process
Make no mistake, there's quite a lot involved when you get a mortgage. You wouldn't be researching mortgage loans if you could get a loan in one day by filling out a simple application. 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.
There are four important steps involved in obtaining a loan.
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. 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 rubber meets the road and Cal Coast Financial Corp can really save you money. You will give us information about your current job, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we have gone over this info we provide a pre-qualification letter. Handle it with care — it is a great tool for buying your new home! Your agent should 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 a new house with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
After you've signed an offer and the sellers accept it, you should apply for the loan. It's very easy, and you can apply online, right here on our website. When the time is right, we'll order an appraisal of your new home.
Step four: your loan is funded
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 will need are avaiailable, and you'll probably}likely sign all these papers at their officeWe work with with this company on your date to close. Because you will not need to worry with this coordination, you can concentrate on moving, if you're going to repaint, carpet, and the fun parts of getting your new house.
You've answered some few questions, given us lots of information, applied , and before you know it, you are moving in! We take care of the loan details 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. Cal Coast Financial Corp answers loan process questions every day.