How the Loan Process Works
Make no mistake, there's a lot to do when you get a mortgage. You wouldn't be here on our site if you could fill out a one-page loan application and receive the best loan funded the same day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four main steps involved in getting a loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 step is where Norcal Capital Group, Inc can start to save you money. You will give us information on your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. After we have gone over all this information we give you a letter of pre-qualification. Your agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made the offer and the sellers have accepted, it's time to complete the loan application. It's very easy, and you can apply online, right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to make sure the papers your lender will require are in order, and you'll probably}likely sign everything at their officeWe coordinate with the title company to set your date to close. Since you will not have to coordinate this process, you can concentrate on the move, if you're going to repaint, carpet, and the fun parts of moving into your new home.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you'll be moving in! We do the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call Norcal Capital Group, Inc at (650) 689-5684. It's our job to answer lending questions, so we're happy to help!