How the Mortgage Loan Process Works
There is no question ; getting a mortgage loan is a complex process. You wouldn't be looking up loan information if it were possible to get a mortgage loan in one 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 main steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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? 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 Norcal Capital Group, Inc will start saving you money. You will supply details on your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. We'll review this information and will provide a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out your new home, we are finding the loan that best fits your needs.
After you've signed an offer and the sellers accept it, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to find a title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender will need are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company to set your date to close. Since you won't have to worry about these details, you can think about moving, painting, carpet, and all the details of moving into your new house.
You've answered a few questions, provided detailed information, applied online, and the next thing you know, you're moving in! Norcal Capital Group, Inc is in the business of mortgage loans; you're not — so we do the work. Makes sense, doesn't it??
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!