How the Loan Process Works
There can be no question that getting a mortgage is a complex process. You would not be researching mortgage loans if you could get a mortgage loan in one 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 home loan involves four major steps.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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 is where the rubber meets the road and you save the most money. You will give us info on your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we have gone over this info we will give you a letter of pre-qualification. Your REALTOR® will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for a new house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
After you've signed an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on a title company to take care of the funding of your loan once it has been approved. We'll work with this company to ensure the papers your lender needs are in order, and you will probably}likely sign everything at their officeWe coordinate with the title company to set your closing date. Since you won't need to worry with this coordination, you get to think about the move, painting, new carpet, and all the details of getting a new home.
You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving! We take care of the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Norcal Capital Group, Inc at 6507631924. We answer questions about the loan process every day.