An Overview of the Mortgage Loan Process
There's little question ; getting a mortgage is a complex process. You wouldn't be researching mortgage loans if it were possible to get a loan in a single day with a simple application. 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.
Getting a mortgage loan involves four major milestones.
Step one: Decide how much you can afford
This is a function of a couple things. 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? 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: pre-qualify for your loan
This step is where Norcal Capital Group, Inc can begin to save you money. You will supply information on your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We run your credit score and report. We will review all this information and will give you a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're deciding on your new home, we are looking for the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have signed an offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our website. Finally, we'll order an appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to ensure all the papers your lender will require are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with the title company on your closing date. Because you don't have to worry with this coordination, you can think about the move, if you're going to repaint, new carpet, and all the details of moving into a new home.
You've answered some few questions, provided detailed information, applied , and Before you know it, you're moving in! We take care of the legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Norcal Capital Group, Inc at (650) 689-5684. We answer questions about the loan process every day.