 Applying and Locking - A Guide
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Use this step-by-step guide as your road map through the mortgage process |
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Tips for Preparing to Apply |
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Applying Securely Online or In Person |
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Our Application and Welcome Letter |
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Locking Your Interest Rate and Loan Program |
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Processing of Your Request and the Appraisal |
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Underwriting and Closing the Loan |
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Let me be your guide through the mortgage process. Believe me, I understand the anxiety that many borrowers feel when confronted with applying for a mortgage. This section will outline to you step-by-step what happens as you apply on-line, from start to finish. I want to make an involved process easier for you to understand by educating you to exactly what participation I want from you to make your mortgage loan experience satisfying and successful. Each of the highlighted sections below have hyper-links to a page of helpful hints
and reminders on each subject for you to use to help answer questions and keep your application on-track to closing.
Ready to get started?
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PREPARING TO APPLY - Click on and print the “Document Checklist” page. Gather together this documentation, as the secure on-line application will require information contained in these documents. Getting this information now will make your time applying much shorter and easier.
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THE APPLICATION – I can serve you online or in person. Completing the Pre-Approval Request on this website will help prepare me for meeting you and streamline our office time. Or you can apply securely online at www.coastalmortgage.net. There you can choose your rate and program and lock-in your loan rate with a few clicks of your mouse. The online application is simple and straight-forward. Remember you can call me at any time
if you are applying online and need some help.
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COMPLETE OUR WELCOME LETTER – If you have applied online, you will be prompted to our Welcome Letter. Before we can begin processing your loan, our Welcome Letter must be completed and submitted to us along with your application. Or you can print and fax it to me at 919.380.0594. Our policies and procedures are fully outlined in the agreement.
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CONFIRMATION OF APPLICATION - If you have chosen to apply online, upon receipt of your online Loan Application and Welcome Letter, you will receive an e-mail confirming my receipt of your application. I will serve as your personal point-of-contact for questions that you may have about progress or any approval issues that may arise. Within
48 hours of receipt of your Application and Service Agreement, I will prepare all of the required application documents in a package for your review, approval, and signature and meet with you in person or forward it to you by mail. The package will contain a conditional approval listing all of the requirements for full approval, a Good Faith Estimate of Settlement Charges, a Federal Truth-in-Lending Disclosure Statement, and other required documents to secure your loan. You will be asked to sign and return these documents within 48 hours to assure that my processing can operate smoothly and efficiently to fully approve and close your loan.
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PROCESSING AND THE APPRAISAL - When we have met or you have returned your completed documentation package to me, I will contact you for answers to any remaining questions or to request any additional documentation needed to submit the full package to underwriting. Also at that point, I will order the appraisal from an accepted appraisal firm. If access to the property is required, you, your realtor, or the listing agent will grant access to the appraiser to have the appraisal done.
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LOCKING IN YOUR RATE AND PROGRAM – Our lock-in procedures are fully detailed in the section on “Lock-in Policy and Procedures” at www.coastalmortgage.net . Your loan can be locked under the policies listed there. However, your loan must be locked prior to final underwriting of your loan.
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UNDERWRITING THE LOAN - After your I have complied all of the required documentation including all of the executed documents returned by you and the required verifications of employment and deposit for funds to close, the file is given to our Underwriters. The decision to approve or deny a loan is determined by several basic factors: income, credit rating, debt-to-income ratios, cash reserves, and the property appraisal. Should any underwriting issues arise, I will immediately contact you with instructions on how to clear the underwriting conditions.
The underwriting task will take between two to three days.
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THE CLOSING - Well, this is the most important moment. If I have performed to my expectations, the closing should take place on time as expected. After all underwriting conditions have been cleared, I will submit to you a commitment letter outlining the complete terms and conditions of your loan approval. After the loan closing date is secured with the closing agent that you have chosen, we will prepare the closing
documents and forward them to the closing agent.
Throughout the whole process, I and my production team at Coastal stand ready to be an ally and an asset to you in providing the best lending products and service at the most competitive price. You can call me at 800.849.5698(o), 803.366.4040 page me at 704581.5846, or email me at . I am here to serve you and make the mortgage process from application to closing a pleasurable, time and money saving experience.
