The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There's little doubt ; getting a mortgage is a complex process. You wouldn't be here on our website if it were possible to fill out a simple loan app and get a great loan funded the same day. We do 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 how much you can afford
This is a function of a couple things. How much of a monthly payment can you afford? 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 will start saving you money. You will supply details about your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a great tool when you make your offer! Your REALTOR® should use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for the home that's right for you, we're busy finding the loan program that's right for you.
Once you have made the 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. When the time is right, we'll order an appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure all the papers your lender requires are avaiailable, and you will probably}likely sign everything at their officeWe work with with this company on your closing date. Because you will not have to worry with this coordination, you get to think about moving logistics, if you're going to repaint, carpet, and all the details of getting a new home.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you'll be moving! Norcal Capital Group, Inc is a mortgage specialist; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Norcal Capital Group, Inc at 6507631924. We answer questions about the loan process every day.