The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There's no question ; getting a mortgage is a complicated process. You wouldn't be visiting our website if you could complete a simple loan app and receive an excellent loan check cut in one day. 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 loan involves four major milestones.
Step one: Decide how much you can afford
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: complete a pre-qualification
This step is where Norcal Capital Group, Inc can begin to save you money. You will give us information about your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we've reviewed your information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out your new home, we are looking for the best loan for you.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, you should complete the loan application. Applying for a loan couldn't 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 a professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure all the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company to set your date of closing. Since you don't need to coordinate this process, you can concentrate on the move, if you're going to repaint, carpet, and the fun parts of getting your new home.
You've answered some few questions, given us detailed information, applied online, and the next thing you know, you're moving in! We do 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 6507631924. Norcal Capital Group, Inc answers loan process questions every day.