Mortgage 101 - Apply

mortgage process

 

Application

Formal loan application occurs once you have an accepted contract for your home purchase. Your Houston Capital lending officer will assist you to complete the loan application properly. Required Documentation must be supplied to us by this point, to avoid process delays or surprises. The loan application is the document where you supply your personal data and financial information. Inaccuracies here can result in underwriting issues later, so it is essential to review your information carefully.

Prior to writing a offer, let us prepare a closing cost worksheet for your review. This useful tool helps educate you on required costs of your purchase decision. It enables you to seek seller assistance, if needed, during your contract negotiations. Many loans allow the seller to contribute funds towards your closing costs. It's an easy way to provide you needed cash, with a minimal increase in sales price. This worksheet illustrates fees from all parties involved in the process. After application, within 3 days, you receive the disclosure package, including Good Faith Estimate (GFE) and Truth-In-Lending Statement (TIL), as well as many other disclosures. In 2010, the Federal GFE form was modified, resulting in a form without an accurate picture of total expenses. As a result, we provide the Houston Capital closing cost worksheet, in addition to required GFE & TIL forms. The closing cost worksheet is the document best reflecting total expense, payment and cash to close.

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