Qualifying for a Capital Home Loan

The idea of qualifying for a Capital home loan is new to many people who haven’t even considered home ownership. Joining in the ranks of many of the other lenders, Capital Home Loans or CHL Mortgage, has adapted the policy of online applications for both borrowers and intermediaries.

Qualifications

One of the most important factors that you need in order to apply for a mortgage through Capital Home Loan is a credit history. The importance of your credit history and credit score will be directly tied in with the type of home and amount of loan that you are seeking. However, if there are any unpaid bills on your credit report, you will more than likely be required to pay those before Capital Home Loan will extend a firm commitment for a mortgage. You will also need to qualify for the loan based upon your debt to income ratio. If you have too many outstanding bills, you may need to pay them off before you will be granted a mortgage. Any information pertinent to your income should be brought to the attention of Capital Home Loan such as pending increases in income or a promotion.

Application Process

It also seems that the application process is quite lengthy, which is why Capital Home Loan has the online process in place. If you take your time in the confines of our own home, the process seems to go much quicker. You can relax, take your time, and finish in your own time instead of sitting with a loan officer and knowing you have to complete everything right there. The process can sometimes be quite intimidating, especially if this is your first home purchase. You’re in a hurry to finish the paperwork so that the lender can approve your application, and you can move into your new home.

Don’t Rush the Lender

As much as you would like to find out the answer to your application as soon as you fill it out, it’s not a good idea to rush the process. Capital Home Loan needs time to verify the information and ascertain that you will be able to handle the payments on the home that you want to purchase. The last thing any lender wants is to approve a mortgage loan for someone who cannot really afford it and have to foreclose on the property within the first five years. The lender wants to look at all the angles and be reasonably certain that you will be able to live in your home as long as you wish to do so. Foreclosures cost lenders money, so they try to avoid them whenever possible. That means more investigation on the front end. Of course, they cannot predict things in the future, but if they are careful in the initial stages, the borrowers can usually handle any later issues that develop.

Author: John Mussi