The Loan Process: an Overview
There's a lot to do in oder to get a mortgage loan. You would not be researching mortgage loans if it were possible to get a loan in a single 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 loan involves four major steps.
Step one: determine how much you can borrow
This is a function of a couple things. 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. 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 you save the most money. You will provide information about your employment, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on your new home, we're busy researching the loan program that's just right for you.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can apply online, right here on our site. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure the papers your lender will require are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with this company to set your date to close. Because you won't need to worry about these details, you can concentrate on the move, if you're going to repaint, carpet, and the details involved in moving into a new house.
You've answered some few questions, provided detailed information, applied online, and before you know it, you're deciding when to move in! We take care of all the loan details so you can focus on finding the new home that's right for you.
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!