How the Mortgage Loan Process Works
There's little doubt ; getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in a single day by filling out a simple application. 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.
Getting a mortgage loan involves four major steps.
Step one: Decide on your maximum loan amount
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. 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 the process really begins and you save the most money. You will give us info on your current job, your assets, and residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool for buying your new home! Your agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out your new home, we are looking for the best loan for you.
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at their officeWe coordinate with the title company to set your date to close. Since you don't have to worry with this coordination, you get to concentrate on moving, if you're going to repaint, carpet, and the fun parts of moving into your new home.
You've answered some few questions, provided lots of information, applied , and Before you know it, you'll be moving! We take care of all the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Norcal Capital Group, Inc at 6507631924. Norcal Capital Group, Inc answers loan process questions every day.