How the Loan Process Works
There is no question ; getting a mortgage loan is a complicated process. You would not be looking up loan information if it were possible to get a mortgage loan in one day with a simple application. But Norcal Capital Group, Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
Step one: Decide how much you can afford
A couple of factors determine this amount. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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. 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 will begin to save you money. You will give us details about your current job, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out the home that's right for you, we are researching the loan that best fits your needs.
After you've made the offer and the sellers accept it, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply online right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure all the papers your lender needs are in order, and you will probably}likely sign all these papers at their officeWe work with with the title company to set your date to close. Since you don't have to worry with this coordination, you can think about moving logistics, paint colors, carpet, and the fun parts of getting your new house.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! We take care of all the loan details 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!