How the Mortgage Loan Process Works
No doubt, quite a lot to do in oder to get a mortgage loan. You wouldn't be here on our website if you could fill out a one-page application and get the best 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 obtaining a 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? 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. 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: complete a pre-qualification
This is where Norcal Capital Group, Inc can start saving you money. You will give us information on your employment, assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it is a useful tool when you make your offer! 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 the home that's right for you, we are finding the loan that best fits your needs.
Step three: apply now! We make it easy
After you've signed an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on a title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe work with with the title company to set your closing date. Because you will not need to worry with this coordination, you can concentrate on moving, paint colors, carpet, and the details involved in getting your new house.
You've answered a few questions, given us detailed information, applied , and Before you know it, you'll be moving in! Norcal Capital Group, Inc is in the business of mortgage loans; you're not — so we take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Norcal Capital Group, Inc at 6507631924. Norcal Capital Group, Inc answers loan process questions every day.