Home Loans In Grand Forks, North Dakota 

Are you considering homeownership in Grand Forks, North Dakota? This charming city is the third-largest in the state and is home to the University of North Dakota (UND). As a college town, the housing situation typically fluctuates with the influx and exodus of students studying at the university. 

However, homeownership here does present some great benefits. Home appreciation in Grand Forks has gone up to around 37.0% over the last decade. 

If you’re ready to make a move, you’ll need the right financing partner. At Capital Home Mortgage, we provide a full-service lineup of home loans and mortgage products for residents of Grand Forks, ND. Let’s walk you through the main things to consider when applying for home purchase financing. 

What To Consider Before Applying For A Home Loan In Grand Forks, ND

Lenders look at several factors when evaluating applications for mortgage products. Understanding these considerations now saves you time down the line and improves your chances of getting approval on your application. 

• Your Income

Lenders will first want to know how much you bring in every month. They want the assurance that you have enough income to cover your mortgage payments and your other monthly expenses. 

You’ll need to present relevant documents to support your income information, such as payment slips, bank statements, tax returns, etc. 

• Your Credit Score

Your credit score tells lenders how well you have managed credit in the past. A high credit score also shows that you have made repayments on time and are, therefore, a reliable borrower. 

You’ll want to have a good credit rating before applying for a home loan. The higher the score, the better the chances of your application being approved. Most conventional loan lenders require a minimum FICO® Score of 620 points.

• Your Debt-To-Income (DTI) Ratio

The DTI ratio measures how much your monthly income goes into debt servicing. This figure is expressed in percentages. It tells lenders about your current debt obligations and whether you still have enough money to pay the mortgage. 

• Your Assets

If you’re a first-time borrower, having assets that you can use to secure your loan can significantly improve your likelihood of getting pre-approved. 

It assures lenders that you will be able to continue making your mortgage payments even in the event of a financial emergency. 

Grand Forks, ND Mortgage Lender

Capital Home Mortgage offers an extensive range of mortgage products at competitive rates and low fees. These include Conventional, FHA, Jumbo, VA, One-Time Close Construction, and Native American home loans. 

We oversee the entire loan process from application to funding and make all decisions. This enables us to deliver a more streamlined home financing process from start to finish. Ultimately, our goal is to make your home buying experience in Grand Forks as smooth and stress-free as possible. 

Find the Right Home Loan For You!

Today, contact our experienced loan officers at Capital Home Mortgage Grand Forks, ND. We’re happy to provide direction regarding what home loan products suit your needs and answer any questions about the application and approval processes. 

Call us at (701) 347-2822 to get started with a quick, no-obligation quote. Let us help you own that dream house today.