The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There's little question ; getting a mortgage is a complex process. You would not be researching mortgage loans if it were possible to get a loan in one day with a simple application. 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.
There are four main steps involved in getting a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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 is where the rubber meets the road and Norcal Capital Group, Inc can really save you money. You will give us info on your employment, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. We'll go over this information and provide a pre-qualification letter. Handle it with care — it can be a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out your new home, we are researching the loan that best fits your needs.
Once you have signed the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to decide on an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to make sure the papers your lender will require are in order, and you will probably}likely sign everything at this company's officeWe work with with the title company to set your date to close. Because you will not need to coordinate this process, you get to think about moving, 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 lots of information, applied , and Before you know it, you're moving in! Norcal Capital Group, Inc is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?
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!