The Mortgage Loan Process: an Overview
Make no mistake, there's a lot to do when you get a mortgage. You wouldn't be visiting our site if you could complete a one-page loan application and get a great loan check cut the same day. But Norcal Capital Group, Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a mortgage loan.
Step one: Decide on your maximum loan amount
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. 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: pre-qualify for your loan
This is where Norcal Capital Group, Inc can start to save you money. You will provide details on your employment, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we have reviewed all this info we will provide a pre-qualification letter. Your REALTOR® should 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 looking for a new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not be much easier; you can apply online right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to find an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure the papers your lender will require are avaiailable, and you'll probably}likely sign everything at this company's officeWe coordinate with the title company on your closing date. Because you will not need to worry with this coordination, you get to think about moving, if you're going to repaint, new carpet, and the details involved in getting your new home.
You've answered some few questions, provided lots of information, applied online, and the next thing you know, you're moving in! Norcal Capital Group, Inc is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Norcal Capital Group, Inc at (650) 689-5684. Norcal Capital Group, Inc answers loan process questions every day.