Home Loans In Fort Smith, Arkansas 

Welcome to Capital Home Mortgage – Fort Smith. Fort Smith is the third-largest city in Arkansas and is known for its mild winters and slightly humid summers. This is likely why the housing market in Fort Smith is still hot even with the pandemic still raging globally. 

According to recent reports, housing developments worth $100 million are on their way to Fort Smith. This project will bring affordable, midrange, and luxury housing to Fort Smith.

Are you planning on owning a home in Fort Smith, Arkansas? Let Capital Home Mortgage help you actualize your dream with the right home loan program. For starters, here are some basics you need to know about home loans. 

Home Loan Basics For Beginners

A mortgage is simply a type of loan used to purchase or maintain a real estate property. It is a binding agreement wherein you, the borrower, will repay the loan to the lender in installments over an agreed period. 

This repayment period is known as the mortgage term. In the United States, the most common mortgage loan term is 30 years. 

How Home Loans Work

As the name suggests, home loans are used to buy real property like land, home, or buildings. The lender takes a look at your financial history to determine if you are creditworthy. The lender’s underwriter will study how you use credit cards, find trends in your payment patterns, and look for signs of financial distress like defaults or repossessions.

Once they’re satisfied with their investigation, they either reject or approve your loan with reservations. They might ask you to submit more proof of income or prescribe a higher interest rate to compensate for the risks of lending money to you.

First-time borrowers often experience more scrutiny due to the lack of relevant financial history. But if you are able to maintain a stellar credit record, your future mortgages should generally be easier.

What Are Some Important Things To Look For In A Home Loan?

The main considerations in any home loan program are: 

• The loan amount; 
• The loan term;
• The interest rate and whether it is fixed or adjustable; 
• The Annual Percentage Rate (APR);
• The closing costs, which typically include the fees for application, home inspections, title insurance, homeowners association fees, and more;
• Whether the loan has any special conditions attached, such as prepayment penalties, negative amortization, and balloon clauses. 

It’s important to work with a reputable lender since getting the right financing is usually the most complex stage of the home buying process. 

Fort Smith, Arkansas Mortgage Lender

There are different home loan programs for different types of borrowers. If you’re new to mortgages, our home loan experts at Capital Home Mortgage can orient you through the different mortgage products, as well as the whole application process.

Capital Home Mortgage is a direct mortgage lender. This means that you’ll be applying directly to us and not to some mortgage broker. We do everything under one roof from origination to processing, underwriting to closing, and funding.  In this way, we can agree on terms faster and offer better rates and fees. 

We are committed to simplifying the home loan process in Fort Smith, from pre-qualification to funding. 

Find The Right Mortgage For Your Dream Home in Fort Smith

Partner with Capital Home Mortgage today to secure the right home loan for your needs. Simply give us a call at (501) 588-7399 to get in touch with our experienced Fort Smith loan officers. 

We thank you for visiting our page and look forward to providing your next home loan in Fort Smith, Arkansas.