The Four Steps of the Loan Process:The Loan Process: Four Steps

Make no mistake, there's quite a lot to do when you get a mortgage loan. You would not be researching mortgage loans if you could get a mortgage loan in one day with a simple application. We do most of 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 loan involves four major steps.

Step one: Decide on your maximum loan amount

A couple of factors determine this amount. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? 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 supply details on 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. After we have gone over this information we will provide a letter of pre-qualification. Be careful with this letter — it can be a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for your new house with your real estate agent, we find the best program for you.

Step three: apply for your loan

Once you've made an offer and it's been accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our site. At the end of this step, we will order an appraisal of your new home.

Step four: your loan is funded

The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to make sure the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at their officeWe coordinate with the title company to set your closing date. Because you won't need to worry about these details, you can think about moving, if you're going to repaint, carpet, and all the details of getting a new home.

You've answered some few questions, provided lots of information, applied , and before you know it, you are deciding when to move in! We take care of all the loan details 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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