How the Loan Process Works
There's no doubt that getting a mortgage is a complex process. You would not be researching mortgage loans if it were possible to get a loan in one day by filling out a simple application. But Norcal Capital Group, Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in getting a loan.
Step one: Decide how much you can afford
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. 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: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You will provide info about your employment, your assets, and your 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). We'll review this info then give you a pre-qualification letter. Handle it with care — it is a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new home with your REALTOR™, we find the best program for you.
Once you've made an offer and the sellers have accepted, you should complete the loan application. It couldn't be easier, and you can do it online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to find an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to ensure all the papers your lender needs are avaiailable, and you will probably}likely sign everything at their officeWe work with with the title company on your closing date. Because you will not have to coordinate this process, you get to concentrate on moving, paint colors, carpet, and all the details of getting your new house.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving! We take care of the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Norcal Capital Group, Inc at 6507631924. Norcal Capital Group, Inc answers loan process questions every day.