The Home Mortgage Process
The home mortgage process typically follows these key steps, from pre-approval to funding and closing. Here is a brief overview of each step:
1.) Pre-Approval
- Select your lender: “Capital Home Mortgage”
- Submit Documents: Pay stubs, W-2s or tax returns, Bank statements, Proof of assets and debts.
- Credit Check: The lender will evaluate your credit score and financial health.
- Pre-Approval Letter: Receive a letter showing how much you can borrow. Strengthens your home offer.
2.) Loan Application
- After your offer on a home is accepted, formally apply for the mortgage.
- Confirm loan type (e.g., Conventional, FHA, VA, USDA)
- Confirm terms (fixed-rate or adjustable-rate, loan duration, etc.).
- Provide any additional documents requested by the lender.
3.) Loan Estimate
- Within three business days of your application, the lender will provide a Loan Estimate, detailing:
- Estimated interest rate.
- Monthly payment.
- Closing costs.
4.) Processing
- Property Appraisal: The lender orders an appraisal to verify market value matches the loan amount.
- Verification: Lenders verify your employment, income, credit, and other financial details.
- Title Search: A title company checks for liens or issues with property ownership.
- Homeowners Insurance: You must select an insurance carrier.
5.) Underwriting
- An underwriter reviews all documents to assess risk.
- Ensure compliance with loan guidelines.
- Request additional information or clarification (referred to as “conditions”).
- Issues a conditional approval.
6.) Loan Approval (Clear to Close)
- Final Review of final by underwriter to review conditions
- Review of title commitment to ensure no outstanding liens existing.
- Review of final appraisal to confirm value of property.
- Underwriter issues a clear to close.
7.) Closing Disclosure
- At least three business days before closing, you’ll receive a Closing Disclosure.
- This document provides the estimated final loan terms and breakdown of closing costs.
- This CD must be signed and acknowledged to start closing process.
- Review with Loan Officer if you have questions.
8.) Closing Day
- Attend the closing appointment to:
- Review and sign loan documents.
- Wire Funds for Down Payment and closing costs
- Once the transaction is complete, the lender funds the loan.
9.) Funding and Recording
- The loan is funded.
- Deed is recorded with the county, transferring ownership to you.
- Receive the keys to your new home!
- Moving day.
10.) Specific Considerations
- Loan Limits: conforming loan limits may vary by county, including the high-cost areas.
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- Fannie Mae and Freddie Mac Loan Limits
- HUD Loan Limits
- USDA Loan Limits
- Native American Loan Limits
- Escrow: California uses escrow companies to handle funds and paperwork during the closing process.
- Disclosure Requirements: Different States require different lender disclosure laws to protect buyers.
Capital Home Mortgage Rates
Why Homeowners Choose Capital Home Mortgage
Close On Time
Complete Control from Application to Funding
Competitive Rates & Fees
Direct Lender with Complete Mortgage Programs
Exceptional Service
Customer Support Application to Final Payment
Capital Home Mortgage Company Reviews
Home Mortgage Programs
Home Purchase loans
Looking to Purchase a Home?
Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.
- Primary, 2nd Home, Investment
- Competitive Rates & Fees, No fee Options
- FHA, VA, USDA, Native American
- Conventional, Jumbo & Renovation
- Manufactured, Construction, Reverse
Renovation Home Loans
Looking to Rehab a Home?
Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not a renovation loan? Purchase the Perfect Home and make it your own.
- Remodel, Renovate or Repairs
- FHA 203K Streamline
- FHA Full Documentation Rehab
- Fannie Mae Homestyle Reno
- Freddie Mac Home Choice Reno
FHA Home loans
Great 1st Time Homebuyers
FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket. Call today to get started.
- Smaller Down Payments
- Flexible Underwriting Guidelines
- Higher Debt to Income Allowed
- Lower Credit Scores – Down to 500
- Down Payment Gifts Allowed
va Home Loans
100% Financing for Vets
Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.
- No Mortgage Loan Limits
- Simple Qualifying
- Higher Debt to Income Allowed
- Lower Credit Scores – Down to 500
- Manual Underwriting Allowed
Conventional Home loans
Flexibility for Homebuyers
Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a loan officer.
- Primary, 2nd Home, Investment
- Single and Multi-Family Properties
- Variable Mortgage Insurance Options
- Low Rates & a Variety of Terms
- Renovation Programs Available
Jumbo Home Loans
Non-Conforming Home Loans
Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits. Call today.
- Primary & 2nd Homes
- Variety of Mortgage Programs
- Simple Qualifying for Veterans
- Investor Specific Guidelines
- Credit Score Minimums
USDA Home loans
100% Rural Home Loans
USDA Loans are a great option for families wanting to live outside of the city. Call today to speak with a loan officer to discuss your personal loan options.
- Primary Residences
- No Down Payment Required
- New Manufactured Homes Allowed
- Closing Costs / Repairs Rolled In
- Geographic and Income Limits Apply
Native american Home Loans
Hud 184 Home Loans
HUD 184 Home Loans are solely for Native American and offer a variety of benefits. Call today to speak with a loan officer to find out more.
- Primary Residence Only
- Manual Underwriting for All Loans
- No Credit Score Requirements
- Tribal Grants Allowed
- Purchase, Refinance, and Renovation
Manufactured Home loans
Great Alternative Housing
Manufactured Home Loans offer options to purchase an existing residence or build your dream home on your own land. Call today to speak to a Loan Officer.
- Existing Purchase or Refinance
- New Construction
- One Time Close Land/Home Combo
- Lock at Contract
- FHA, VA, USDA, Native American
Reverse Mortgage Loans
Your Home at Work
Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.
- Primary Residence Only
- Simple Qualifying – Equity Based
- No Credit Score Requirements
- Minimum Age 62
- Purchase, Refinance, and Cash-Out
Non QM Home loans
Making Mortgages Possible
Looking for Non Traditional Home Mortgage Loan? Contact a Loan Officer Today to discuss the alternative mortgage options currently available.
- Purchase, Refinance & Cash-out
- Primary, Secondary, Investment
- Full Doc Programs
- Alt Doc Programs
- Corporations OK
One Time Close Home Loans
Build Your Dream Home
Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan. Call today to see how a OTC loan works.
- Primary Residences Only
- One Time Close
- Lock Rate at Closing
- Traditional Final Mortgages
- No Payments During Construction
Refinance Mortgage loans
Rate & Term Refinance
Refinancing can be a hard decision and may result in finance charges that may be higher over the life of the loan. Consult with your loan advisor for details.
- Lower Monthly Payment
- Shorten Mortgage Term
- Streamline Options Available
- Appraisal Waivers Allowed
- VA IRRRL’s
Cashout Mortgage Loans
Equity Mortgage Loans
Cash-Out Mortgage Loans make use of the equity in your home. Refinancing may result in finance charges that may be higher over the life of the loan. Consult with your loan advisor.
- Debt Consolidation
- Investment Opportunities
- Home Improvement
- Dream Vacation
- Higher Education
