How the Mortgage Loan Process Works
Are you looking for a mortgage loan? We'd be thrilled to talk about your mortgage needs! Call us at (310) 378-2858. Ready to get started? Apply Now
No doubt, a lot to do when you get a mortgage. You would not be looking up loan information if you could get a mortgage loan in one day by filling out a simple application. But Cal Fed Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? 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 step is where Cal Fed Mortgage will begin to save you money. You will provide details on your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. After we've reviewed this information, we'll provide a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on the home that's right for you, we are looking for the best loan program for you.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, you should complete the loan application. Applying for your loan could not be much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to make sure all the papers your lender requires are available, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with this company to set your date to close. Because you don't need to worry with this coordination, you get to think about the move, if you're going to repaint, new carpet, and the details involved in getting a new home.
You've answered a few questions, given us detailed information, applied online, and before you know it, you are moving in! We do the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Cal Fed Mortgage at (310) 378-2858. It's our job to answer lending questions, so we're happy to help!