The Loan Process: an Overview
Make no mistake, there's a lot involved in oder to get a mortgage. You wouldn't be looking up loan information if it were possible to get a mortgage loan in a single 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.
Getting a mortgage loan involves four major steps.
Step one: Decide on your maximum loan amount
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? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. 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: complete a pre-qualification
This is where the process really begins and Norcal Capital Group, Inc can really save you money. You will supply details about your employment, 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. When we review this info we give you a letter of pre-qualification. Your REALTOR® will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for your new home with your agent, we find the best program for you.
Once you have made an offer and it's been accepted, it's time to complete the loan application. Applying for your loan could not be much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to designate a title company to take care of the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company on your date to close. Since you will not have to coordinate this process, you get to concentrate on moving, paint colors, carpet, and the fun parts of getting a new home.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving in! Norcal Capital Group, Inc is in the business of loans; you're not — so take care of the details. Makes sense, doesn't it??
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!