The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's quite a lot involved when you get a mortgage. You wouldn't be visiting our website if you could fill out a simple mortgage application and get a great loan funded in one day. 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.
Getting a mortgage loan involves four 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? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: complete a pre-qualification
This is where the rubber meets the road and you save the most money. You will provide information about your employment, assets, and your residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). We'll go over all this info then will give you a letter of pre-qualification. Your real estate agent will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new home, we are researching the best loan program for you.
Step three: apply now! We make it easy
After you've signed an 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. When the time is right, we'll order an appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to make sure the papers your lender requires are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with this company on your closing date. Since you won't need to worry about these details, you can concentrate on moving logistics, if you're going to repaint, new carpet, and all the details of getting a new home.
You've answered some few questions, given us detailed information, applied , and before you know it, you are moving in! We take care of the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call Norcal Capital Group, Inc at 6507631924. It's our job to answer lending questions, so we're happy to help!