How the Mortgage Loan Process Works

There's a lot involved in oder to get a mortgage loan. You wouldn't be looking up loan information if you could get a 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.

Getting a home loan involves four major milestones.

Step one: Decide how much you can afford

This is a function of a couple things. 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. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.

Step two: complete a pre-qualification

This is where the rubber meets the road and you save the most money. You will provide details about your current job, your assets, and residence history. You'll provide your employment, asset, and residence history information. We run your credit score and report. After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool when you make your offer! Your real estate agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for a new house with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

Once you have made the offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply any time right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.

Step four: your loan is funded

The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to ensure the papers your lender requires are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company to set your date to close. Because you won't need to worry with this coordination, you get to concentrate on moving, if you're going to repaint, carpet, and the details involved in moving into a new home.

You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving in! We do the legwork so you can focus on finding your new home.

Have questions about the loan process? Call Capacity Lending, LLC at 469-640-0400. It's our job to answer lending questions, so we're happy to help!

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