The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
Make no mistake, there's quite a lot involved when you get a mortgage. You would not be looking up loan information if it were possible to get a loan in a single day by filling out 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 getting a loan.
Step one: determine how much you can borrow
This is a function of a couple things. 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? Use the calculators on our website to determine your monthly payment amount. 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: pre-qualify for your loan
This step is where Norcal Capital Group, Inc will start to save you money. You will supply information about your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). We'll review this information then give you a pre-qualification letter. Your real estate agent should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for a new house with your real estate agent, we find the best program for you.
After you've signed an offer and the sellers accept it, it's time to apply for the loan. Applying for your 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 submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate 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 all the papers your lender requires 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 have to worry with this coordination, you can think about the move, if you're going to repaint, carpet, and all the details of getting your new home.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you're moving in! We take care of all 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. It's our job to answer lending questions, so we're happy to help!