The Mortgage Loan Process: an Overview
There's no question that getting a mortgage is a complex process. You would not be researching mortgage loans if it were possible to get a mortgage loan in a single day by filling out a simple application. But Capacity Lending, LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 the rubber meets the road and Capacity Lending, LLC can really save you money. You will provide details on your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. We'll go over all this info then will give you a pre-qualification letter. 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 a new home with your agent, we find the best program for you.
After you've made an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to find an escrow/title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe coordinate with this company on your date of closing. Because you won't have to worry about these details, you can concentrate on moving, painting, new carpet, and all the details of getting your new home.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you'll be moving! Capacity Lending, LLC is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Capacity Lending, LLC at 469-640-0400. Capacity Lending, LLC answers loan process questions every day.