The Loan Process: an Overview
There's no question that getting a mortgage is a complex process. You wouldn't be here on our website if you could fill out a simple loan app and receive an excellent loan funded the same 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.
There are four primary steps involved in getting a loan.
Step one: Decide how much you can afford
This is a function of a couple things. 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. 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 is where the process really begins and you save the most money. You will provide info on your current job, your assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to run your credit score and report. We'll go over this information and will provide a letter of pre-qualification. With this letter, your REALTOR® 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 researching the loan that best fits your needs.
After you've made an offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/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 avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company on your closing date. Because you don't have to coordinate this process, you can think about moving, painting, carpet, and the details involved in moving into a new home.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you're moving in! Norcal Capital Group, Inc is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call Norcal Capital Group, Inc at 6507631924. Norcal Capital Group, Inc answers loan process questions every day.