The Loan Process Step-by-Step

For most people, a home purchase is the largest investment of their lives. A residential mortgage loan is also the largest financial obligation undertaken by most people. So, the process can be stressful! We’re here to help you understand the loan process and help alleviate that stress and confusion.

Step 1. Application

Get Pre-Approved

The application is the first step to getting pre-approved. A mortgage pre-qualification can be useful as an estimate of how much you can afford to spend on your home, but a pre-approval is much more valuable because this means the lender has actually checked your credit and verified your documentation to approve a specific loan amount (usually for a particular time period such as 90 days). Central Coast Lending makes applying online fast, simple and secure! Try our secure online application today and take your first step to home ownership! Apply Now

Step 2. Processing

Getting Paperwork Ready for the Bank

You've submitted your application, the necessary paperwork and found the home of your dreams, now what? Once a loan is originated by the mortgage broker or loan officer, the corresponding paperwork is sent along to a loan processor. The loan processor is responsible for prepping and organizing the file and getting it over to the bank or mortgage lender for approval.

Step 3. Undewriting

Getting that Stamp of Approval

Once you have found a house you like, made an offer and been pre-approved for a mortgage, you might think you are home free. However, you still have an important hurdle to clear: working with an underwriter and getting through the loan underwriting process.So what is an underwriter and what can you expect from the process? No lender funds or closes on a loan without the approval of an underwriter. Sometimes their job is to simply check over the figures, make sure all paperwork is in order and give their approval. Other times, they must look over all of the paperwork and make a sound decision based on their experience and good judgment.

Step 4. Closing & Funding

The Final Step!

Once your loan has been approved, your loan officer will work with you to schedule a date and time to sign your final paperwork. Be sure to review the first payment letter provided by the lender, which notes your monthly mortgage payment amount, when the payment is due and payment method. Now that your mortgage has closed it is time to celebrate and pop the champagne!

Step 1. Get Pre-Approved.

How Does Pre-Approval Work?

Getting pre-approved is as easy as 1-2-3!

1. Create an Account

Creating an account is fast, easy, secure and FREE! Your account enables you to easily modify your loan application and view the status of your loan anytime day or night.

2. Submit Information

When you register for a Loan Center account, you can submit a loan application online and the sensitive information that you provide will be transmitted securely.

3. Get Pre-Approved

Kick your feet up while we crunch the numbers. Pre-approval can be done very quickly if you provide a complete and accurate loan application and supporting documentation.

You have questions? We have answers.
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