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An Overview of The Loan Process
A wise man once said "Never enter the jungle without a guide". In today's financial "jungle", this saying also applies to acquiring a new mortgage or refinancing a current mortgage. Capstone Mortgage Company has been guiding borrowers since 1993. We work prudently to ensure your loan transaction is expedited quickly and efficiently. We oversee all details of your loan transaction from the moment you sign our application form until the day you sign your new mortgage documents. That way, you can concentrate on what's really important--keeping your life and family a priority, whether it's scheduling your final home inspection, packing your belongings to move, or picking out new drapes.
To help you understand the loan process, we have listed four main steps involved in obtaining a loan.
| Step 1: Determine how much you can borrow |
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 This is a function of your income vs. your monthly expenses. As an approximate 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 approximately 10 minutes and is initiated by you contacting us. (see Loan Application).
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| Step 2: Pre-approval for your loan |
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You provide us with information about your income and assets, your employment history, your residence history, and your liabilities, and we in turn ask your permission to run a credit report (see Improve Your Credit Score ). After reviewing all this information, we issue you a Pre-Approval Letter. (If you are purchasing a home, your realtor will use this letter to help you make your best offer on a potential home. 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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Next, it's time to complete the Loan Application. It couldn't be easier. We take your information from Step #2 and enter it into your Loan Application, and we ask you to supply particular dcouments that verify your income and assets (see Document Checklist). Prior to the closing date, you also provide us with the name and telephone number of your Homeowners Insurance Agent. 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 or existing home and lock in your rate.
Click here for Conforming Rates or Jumbo Rates
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Step 4: Your loan is funded |
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Once the bank has approved your loan, we prepare the documents for you to sign at the closing. We operate closely with the closing attorney to arrange a closing date that is convenient for you. During the entire process, we will coordinate everything to make sure all documents are in order and the transaction runs smoothly. We are here to serve our clients and Capstone Mortgage will do everything it can to be sure you are a satisfied client.
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Capstone Mortgage Company is in the business of mortgage loans. Over 85 percent of our clientele is repeat business. Our company has secured over $1 billion worth of home mortgage loans in Fairfield County, CT. We know how to expertly guide you through the process and do most of the work for you. We work hard to ensure that you are satisfied and happy with your new loan.
Please contact us today so we may help you secure your loan.
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