How to Get a Loan

When considering a loan for a home purchase or refinance, it’s important to know what factors matter to you. Budget, flexibility, ease, and speed are among the most important considerations for our clients. As you think about your goals, consider the following questions:

• Are you most interested in lowest possible interest rate, or would you like to save in the long run with a shorter loan term?
• Would you like a loan program that allows you to make the most of a smaller down payment?
• Do you need a loan that offers flexibility for credit, income, or property condition?
• Do you have a limited amount of time to obtain a new loan?

Considering what factors are important to you will help determine which loan program best fits your needs.

This is the part when we get to understand you and your needs so that can help you find the best loan. We’ll start by simply talking with you to understand your goals and your qualifications as a borrower. We’ll discuss important factors such as your credit history, employment, income, equity or available down payment, property type, type of loan needed, and the purpose and timing of your loan. We’ll help you understand what your best loan options may be and the steps you can take to move forward.

You’ve considered your loan goals and learned about your options–now it’s time to apply for a loan! We make loan applications easy by offering an online application or by chatting over the phone or in person. All you will have to do is provide required information about your qualifications, such as income, employment, credit, property, assets, and debts. We’ll walk you through every step so that you understand what information is needed and why.

When you apply for a loan, there are many pieces of information that you need to confirm or understand. This information is reflected in a series of disclosures. Some of the disclosures, such as your Loan Estimate, outline the important terms of your loan. All of the disclosures are important to review and are aimed to help you be an informed borrower.

After you apply for a loan, you will begin gathering required documentation. This documentation supports the information you provided in your application. It shows the lender that the loan you are seeking is a good fit. It’s important to gather all requested documentation quickly so that your loan can close on time. If you are delayed in providing documentation, your loan may be delayed as well. This can affect your interest rate and/or other loan terms, so if you expect a delay or have any questions, let your loan originator know right away.

After we obtain your automated loan approval and initial documentation, your completed loan package is submitted for approval from the lender’s underwriting department. Once we’ve received approval from underwriting, we work with you to gather any additional pieces of documentation that may be needed. Once all documentation has been submitted and reviewed, we await the lender’s confirmation that we’re clear to close your loan!

The big day has arrived! You have considered your loan goals, requested pre-qualification, applied for a loan, signed disclosures, gathered documentation, and satisfied the lender’s requirements. Now you are at the point of signing final documents and closing your loan! You will once again be presented with final disclosures. These disclosures are important to review because they confirm the final terms of your loan as well as other important information. You will also be contacted to schedule the signing of your loan documents with your escrow officer. Your escrow officer will go over any remaining information they need and will discuss the funds you will provide or receive at the time of closing. Once you have reviewed and signed all the associated documentation, the process of wiring funds and recording the trust deed will begin. Once completed, you will officially be the proud recipient of your new mortgage!

If you so choose, Capitol Mortgage Company welcomes reviews from past clients and referrals for new clients. We build our business on trusted loan consultation and always hope your experience with us is excellent. We work continually to enhance the loan process and options and love to learn what our clients valued.

Receiving a referral for a new client is the greatest compliment we can receive. If you know someone who may be interested in a mortgage for a home purchase or refinance, we are always happy to chat with them. We deeply appreciate any referral and hope to continue to serve you in your future lending needs!