The Loan Process: an Overview
Make no mistake, there's quite a lot involved when you get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in one 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 loan involves four major steps.
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? 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: 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 on your current job, your assets, and your residence history. You'll supply 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 you with 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. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we are looking for the best loan program for you.
Step three: apply now! We make it easy
Once you've made the offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. Finally, we'll order an appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to ensure the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with this company to set your date to close. Since you will not have to coordinate this process, you can concentrate on the move, painting, carpet, and the fun parts of moving into a new home.
You've answered some few questions, given us lots of information, applied , 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. We answer questions about the loan process every day.