How the Mortgage Loan Process Works
There can be little question ; getting a mortgage loan is a complicated process. You wouldn't be here on our website if you could complete a simple loan application and receive an excellent loan check cut the same day. 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.
There are four important steps involved in getting a loan.
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? 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. 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 process really begins and Capacity Lending, LLC can really save you money. You will give us info about your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we are looking for the best loan program for you.
After you've signed an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our website. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure all the papers your lender will need are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company to set your closing date. Because you don't need to worry with this coordination, you can think about moving, painting, carpet, and the details involved in moving into a new house.
You've answered some few questions, given us detailed information, applied , and before you know it, you are deciding when to move in! Capacity Lending, LLC is in the business of loans; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Capacity Lending, LLC at 469-640-0400. Capacity Lending, LLC answers loan process questions every day.