The Four Steps of the Loan Process
There's a lot involved in order to get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in one day with a simple application. But SeaCoast Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
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? 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 you save the most money. You will provide details on your employment, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've reviewed your information, we'll give you a pre-qualification letter. 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 agent, we find the best program for you.
After you've made the offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. Finally, we will order the appraisal of your new home.
Step Four: Funding
Your real estate agent and the sellers will coordinate to find an escrow/title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender needs are in order, and you will likely sign all these papers at their office. We will coordinate with the title company to set your closing date. Since you don't need to worry about these details, you can think about moving, painting, carpet, and the details involved in moving into a new home.
After you have answered a few questions, provided detailed information, and applied, you'll be moving in before you know it! Billfish Mortgage is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it?