An Overview of the Loan Process
There's little doubt that getting a mortgage loan is a complicated process. You wouldn't be here on our website if you could fill out a one-page loan app and receive an excellent loan check cut the same day. But Norcal Capital Group, Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
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. 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: complete a pre-qualification
This is where Norcal Capital Group, Inc will start saving you money. You will provide details about your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We pull your credit score and report. We will go over this information then give you a letter of pre-qualification. Your REALTOR® should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new home, we're busy researching the loan program that's just right for you.
Once you've made an offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan couldn't be much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
Your real estate agent 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 the papers your lender requires are in order, and you'll probably}likely sign everything at their officeWe work with with the title company to set your date of closing. Since you won't need to worry about these details, you get to think about the move, paint colors, carpet, and the details involved in moving into your new house.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you're moving in! We take care of all the loan details so you can focus on finding the new home that's right for you.
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!