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An Overview of The Loan Process
A wise man once said "Never enter the jungle without a guide". In the financial jungle, this saying also applies to getting a mortgage. Capstone Mortgage Company has been guiding Borrowers since 1993. We'll keep you safe and prosperous, so you can concentrate on what's really important -- your final home inspection, scheduling the move, and picking out the drapes (a happy wife is a happy marriage).
There are four main steps involved in getting a loan.
| Step 1: Determine how much you can borrow |
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 This is a function of your income versus your monthly expenses. As a rule of thumb, for every $30,000 of taxable income you qualify for a $100,000 of mortgage debt (i.e. if you make $150,000 then you qualify for $500,000 of mortgage debt). Of course the actual approved loan amount is dependent upon your unique credit and employment history, plus the lender's underwriting guidelines. In this step, we'll ask you for some preliminary information and then touch on the different financing scenarios. This step takes about 10 to 15 minutes and is initiated with you sending us an email (see Loan Application ).
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| Step 2: Pre-approval for your loan |
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You provide detailed information about your income and assets, your employment history, your residence history, and your liabilities. We get your permission to run a credit report (see Improve Your Credit Score ) . After reviewing all this information, we issue you a Pre-Approval Letter. Your realtor will use this Letter to make your best offer. It gives you buying clout! And while you're negotiating a great price, we're busy finding the lowest interest rate for you.
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| Step 3: Apply now! We make it easy |
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Once your offer has been accepted, it's time to complete the loan application. It couldn't be easier. We take your information from Step #2 and enter into your loan application. You supply a paper trail of dcouments that verify your income and assets (see Document Checklist ). Your final loan application is available on-line, right here at our website. When the time is right, we'll order an appraisal of your new home and lock in your rate.
Click for Conforming Rates or Jumbo Rates
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Step 4: Your loan is funded |
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We work with your realtor and closing attorney to schedule a closing date. Prior to the closing date, you also provide us with the name and telephone number of your Homeowners Insurance Agent. We'll coordinate everything to make sure all the papers are in order, and the transaction runs smoothly.
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You've answered a few questions, given us some detailed information, received an online application, and next thing you know, you're moving in! We're in the business of mortgage loans -- we guide you through the process and do most of the work. Doesn't that make sense?
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