Home Loans In Cheyenne, Wyoming 

Are you considering moving to Cheyenne, Wyoming? Perhaps you’ve been thinking about retiring here or relocating for new opportunities? Or, maybe you and your family just need a change of scenery to restart your lives? 

As the capital of Wyoming and its most populated city, Cheyenne offers an active housing market with diversified neighborhoods, uncrowded environments, and tons of outdoor recreational activities. 

At Capital Home Mortgage, we can help facilitate your homeownership in Cheyenne with the right home loan. If you’ve never applied for a mortgage product before, the process can be daunting. Let’s demystify the home loan process so you’ll know what to expect. 

Understanding The Home Loan Process In Cheyenne

Most home loan applications follow the same general process from pre-qualification to closing. A typical home loan transaction takes about 30 – 45 days to complete. Here’s a workflow of a typical purchase transaction: 

1. Gather The Required Documents 

These include documents relating to your identification, employment status, creditworthiness, funds to close, and any supporting documentation that a mortgage lender may want to see. Before talking to a lender, make sure you have the following ready: 

• Identification — A valid picture ID such as your passport, driver’s license, or state-issued ID. 
• Income — The most recent 30-day paycheck stubs, last two years’ W2s, 1099s, etc. You’ll need the previous two years’ tax returns for self-employed or commission employees.
• Assets — Most recent two months’ bank statement, recent retirement account statement, 401k, IRA, etc.

2. Initial Assessment

The lender will assess your application based on the documents provided to determine whether you qualify for their mortgage lending services. This process includes verification of your income, assets, employment status, and a credit check. 

3. Conditional Approval

Once the lender completes the verification process, your file will be submitted to either the Automated Underwriting System (AUS) or submit your file to the Underwriter for conditional approval.

If the underwriter is satisfied that you have met all the requirements, they will issue a conditional approval, also known as a pre-approval letter. Getting pre-approved is essential because it tells you the maximum loan amount the lender is willing to offer. The letter will also outline any conditions that need to be met before issuing an unconditional approval.

4. House Hunting 

Now that you know how much loan you can get, you can search for houses within your budget range. Sellers are more likely to take your offer seriously when you have a pre-approval letter. 

If you don’t know your way around Cheyenne’s housing market, we recommend working with a real estate agent to expedite and simplify the home search. 

5. Underwriting Approval

When you’ve found the right house and have made an offer to the seller, the next step is to execute a purchase contract. After the seller accepts your offer, an appraisal report will be ordered, and your file will go back to the underwriter for final approval. 

The underwriter will issue a “Clear-to-Close” on your file stating that all conditions have been met and that your file is ready to close and fund. 

6. Closing 

All parties involved in the home buying process will meet at the Title Company and sign all the closing documents. After both parties sign all documents, the seller should hand over the keys to your newly-purchased house. The closer at the title company will give you copies of all the documents you just signed.

Cheyenne, Wyoming Mortgage Lender 

Capital Home Mortgage is a direct lender, so there are no unnecessary middlemen involved in our home loan process. We handle every aspect of your loan application, from the initial consultation to funding. This allows us to provide a more personalized process for our clients and lower fees and competitive interest rates. 

Get Your Home Loan In Cheyenne Today

At Capital Home Mortgage, we are committed to providing you with a hassle-free home buying experience. We offer many Cheyenne home loans, including FHA, USDA, HUD 184, Jumbo, Conventional, and VA loans. 

Get in touch with our loan officers today by calling (307) 365-6001.