Four-Step Loan Process

The loan process should never be daunting.  Here is a step-by-step guide obtaining a mortgage:

1. Pre-qualification

A simple process to determine how much you can borrow.  Pre-qualification only takes a few minutes by phone (credit history, employment status, income, assets, debts — and property & loan preferences).

2. Application & Processing

The application is the beginning of the actual loan process.  You will receive appropriate disclosures, fill out a loan application, sign forms authorizing the lender to process your loan, and provide required documentation, including:

  • Pay stubs covering the most recent 30-day period
    (or past two years federal tax returns if you are self-employed)
  • Two most recent W-2 forms
  • Two most recent savings, checking, investment and retirement statements
  • Fully signed purchase contract (if applicable)
  • Copy of photo I.D. (either Driver's License or U.S. Passport)

Capstone then updates your credit report, orders appraisal & title reports, and finds the most effective loan program for you.  Once your loan is processed, it is sent to the lender for final approval.  The lender reviews the appraisal, title report, and loan package to ensure it conforms to guidelines.  Additional validation of employment, mortgage payments, and credit may be required.
 

3. Approvals & Conditions

Capstone works with great speed and efficiency for every customer.  Upon loan approval, Capstone sends a copy of your commitment letter to all appropriate parties — you, your attorney, bank attorney, and realtor (if you authorize it).  Once all items are reviewed and satisfied, the closing date is scheduled

 

4. Closing & Funding

Before closing on your loan, you’ll receive a HUD-1 Form.  Carefully review these documents before proceeding to settlement.  Capstone is on call to answer any questions.

 

The closing package is e-mailed, and funds are wired one day prior to closing.  The closing attorney acts as escrow agent for the lender.  At settlement, the loan process is completed — you sign closing documents and pick up keys to your new home.  The parties involved may vary based on the property & transaction type (purchase or refinance), but it typically includes the buyer (borrower), seller, and closing attorney. All parties are welcome to bring an attorney to closing.

 

 

 

The loan process should never be daunting.  Here is a step-by-step guide obtaining a mortgage:

1. Pre-qualification

A simple process to determine how much you can borrow.  Pre-qualification only takes a few minutes by phone (credit history, employment status, income, assets, debts — and property & loan preferences).

2. Application & Processing

The application is the beginning of the actual loan process.  You will receive appropriate disclosures, fill out a loan application, sign forms authorizing the lender to process your loan, and provide required documentation, including:

  • Pay stubs covering the most recent 30-day period
    (or past two years federal tax returns if you are self-employed)
  • Two most recent W-2 forms
  • Two most recent savings, checking, investment and retirement statements
  • Fully signed purchase contract (if applicable)
  • Copy of photo I.D. (either Driver's License or U.S. Passport)

Capstone then updates your credit report, orders appraisal & title reports, and finds the most effective loan program for you.  Once your loan is processed, it is sent to the lender for final approval.  The lender reviews the appraisal, title report, and loan package to ensure it conforms to guidelines.  Additional validation of employment, mortgage payments, and credit may be required.
 

3. Approvals & Conditions

Capstone works with great speed and efficiency for every customer.  Upon loan approval, Capstone sends a copy of your commitment letter to all appropriate parties — you, your attorney, bank attorney, and realtor (if you authorize it).  Once all items are reviewed and satisfied, the closing date is scheduled

 

4. Closing & Funding

Before closing on your loan, you’ll receive a HUD-1 Form.  Carefully review these documents before proceeding to settlement.  Capstone is on call to answer any questions.

 

The closing package is e-mailed, and funds are wired one day prior to closing.  The closing attorney acts as escrow agent for the lender.  At settlement, the loan process is completed — you sign closing documents and pick up keys to your new home.  The parties involved may vary based on the property & transaction type (purchase or refinance), but it typically includes the buyer (borrower), seller, and closing attorney. All parties are welcome to bring an attorney to closing.

 

 

 

 

Copyright © 2017 Capstone Mortgage Company, Inc.

  NMLS Company ID #1445; MA Broker License #MB1445


Copyright © 2017 Capstone Mortgage Company, Inc.

  NMLS Company ID #1445; MA Broker License #MB1445