Coastal Delaware Mortgage Information
Getting a home loan involves five 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? Use the calculator on our website to determine your approximate monthly payment amount. Your loan officer can guide you to the right loan amount and best program for you when you answer a few questions. Based on standard lender guidelines, the loan officer will give you a good idea of what kind of terms and loan programs you can expect to benefit most from.
Step two: complete a pre-approval
This step is where your mortgage lender can start to save you money. You will provide details about your employment, assets, and residence history. Then, with your permission, the loan officer pulls your credit score and report. After they reviewed all this information, they will give you a letter of pre-approval and supply it to your REALTOR®. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout!
Step three: apply for your loan
Once you have made an offer and the sellers have accepted, you should call your lender right away and check on rates and then apply for the loan. Applying for a loan couldn't be much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have submitted your loan application, the appraisal is ordered to ensure the value is at least equal to the sales price.
Step four: processing and decision
Once the appraisal is received, you have signed some paperwork and supplied documents, your loan is submitted for final approval. Upon receipt of the loan decision, your loan office will contact you and request any additional information needed.
Step five: closing preparation and settlement day
Once your loan office receives what is called a 'clear to close' from the underwriter, they can prepare your cloisng package and send the package to your closing attorney. Once the attorney does their part and prepares the HUD-1 settlement sheet everything is complete and ready for closing on the pre-determined day.