How the Mortgage Loan Process Works
There can be little doubt that getting a mortgage loan is a complex process. You would not be looking up loan information if it were possible to get a mortgage loan in one 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.
There are four primary steps involved in obtaining a loan.
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? 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 step is where Norcal Capital Group, Inc will begin to save you money. You will provide information on your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. We will go over all this information and give you a letter of pre-qualification. Handle it with care — it can be a great tool when you make your offer! Your real estate agent will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we are looking for the best loan program for you.
Once you have made an offer and it's been accepted, you should complete the loan application. Applying for a loan could not get much easier; you can apply right here on our site. Finally, we'll order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure all the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe do all the work to coordinate with the title company to set your date of closing. Since you will not need to worry with this coordination, you get to think about the move, if you're going to repaint, new carpet, and the details involved in getting your new house.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you're moving! Norcal Capital Group, Inc is in the business of loans; you're not — so we take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Norcal Capital Group, Inc at (650) 689-5684. Norcal Capital Group, Inc answers loan process questions every day.