An Overview of the Mortgage Loan Process

There is little doubt that getting a mortgage loan is a complicated process. You would not be researching mortgage loans if you could get a loan in a single day with a simple application. 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 home loan involves four major milestones.

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. 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: pre-qualify for your loan

This is where Capacity Lending, LLC can begin to save you money. You will provide info about your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. When we review this information we will provide a letter of pre-qualification. Handle it with care — it can be a great tool for buying your new home! Your REALTOR® should use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for a new house with your real estate agent, we find the best program for you.

Step three: apply for your loan

After you've made an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our website. When the time is right, we'll order an appraisal of your new home.

Step four: funding

Your real estate agent and the seller's will work together to designate an escrow/title company to take care of the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender needs are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company to set your closing date. Because you don't have to coordinate this process, you can think about moving, paint colors, new carpet, and the fun parts of moving into your new house.

You've answered some few questions, provided lots of information, applied , and Before you know it, you'll be moving in! We take care of the legwork so you can spend your time finding your new home.

Have questions about the loan process? Call Capacity Lending, LLC at 469-640-0400. Capacity Lending, LLC answers loan process questions every day.

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