How the Mortgage Loan Process Works
There is little doubt ; getting a mortgage is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in a single day with a simple application. But Norcal Capital Group, Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
Step one: determine how much you can borrow
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. 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: complete a pre-qualification
This is where the rubber meets the road and you save the most money. You will provide information on your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). We will go over all this information then will provide a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. 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. Applying for a loan couldn't get much easier; you can apply right here on our site. Finally, we'll order an 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" and closing of the sale. We'll work with this company to ensure the papers your lender will need are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to work with with the title company to set your date of closing. Because you won't have to worry with this coordination, you get to concentrate on moving logistics, paint colors, new carpet, and the fun parts of getting a new home.
You've answered a few questions, given us lots of 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 do the work. Doesn't that sound nice?
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!