Demystifying The Mortgage Process

Buying a home ... it's exciting, right? You're ready to put down roots and start building some equity. But then it hits you... to get a house, you have to get a mortgage... 

If you've heard anything about mortgages, it's probably how many documents there are to sign and steps to get through. It's enough to overwhelm any buyer, first time or seasoned. But at Capital City Bank, we believe getting a mortgage doesn't have to be hard.

From application to closing, our bankers are focused on making the process easy and even fun, because after all, getting a mortgage should enhance your home-buying experience, not bring you down! And to help you prepare for what's to come, here's a brief overview of what you can expect during each phase of the mortgage process.


1. Prequalification


A prequalification is a great place to launch your home buying journey because it gives you an idea of how much you can borrow. Our calculator can help by providing a ballpark figure of what you might be able to afford. But for a figure you can "bank on," connect with a Capital City mortgage banker and obtain a prequalification. Your banker can offer a lot of helpful insight from understanding your loan options to settling on a realistic budget for your home search.

Key take-away: With your prequalification in hand, your search can begin for the home that checks all the boxes.

2. Application


Future home found, it's time to apply, and our online home loan application makes this step fast and painless. Upload documents, and even manage the process in real time as your loan moves through review and approval. Status updates ensure nothing gets lost in the shuffle, and you can even sign disclosures quickly, easily and securely from your application dashboard. 

Key take-away: It's important to remember not to apply for any new accounts from this point forward. A soft credit inquiry is required just prior to closing, and any new debt could cause a delay.


3. Financial & Property Review


After your application is submitted, your mortgage banker will look over your supporting documents to verify your application, and will let you know right away if anything further is needed. At this point, your lender orders an independent appraisal to make sure the property value aligns with the purchase price. Stay in the loop as these steps are completed and immediately see and respond to anything that needs your input via your online application dashboard.

If there are any special conditions to satisfy, those will come at this stage of your home loan.

Key take-away: Delays satisfying these conditions will delay approval of your loan, so keep an ear open for a call from your mortgage banker or stay tuned to your application dashboard.

4. Preparing to Close 


Once your home loan is approved, you'll get your final commitment letter from us, and it's time to get ready for closing! 

Key take-away: At this stage, you’ll want to check with your insurance company about homeowners insurance,

Meanwhile, your realtor will order a survey to comply with the closing title company's specifications, and your lender reviews the property title for accuracy and schedules your closing date.

A few days before your scheduled closing, your lender will share the closing disclosure with you. This document provides important information like your final interest rate, monthly payment and how much you will need to bring to your closing.

Key take-away: Though closing costs vary by lender and state, generally they include an origination fee, property taxes, charges for title insurance and escrow costs, appraisal fees, etc. 

5. Closing


With all the conditions satisfied and the paperwork ready, all that's left is signing and getting your keys! At closing, you meet with your settlement agent and sign your loan documents. Then you’ll pay your closing costs and the only thing left to say is, "Welcome home!" 


For most people, the mortgage process is daunting, but when you break down the steps and know what to expect, the path becomes more clear. And you can rest easy knowing you're not alone in this. Count on Capital City Bank and your mortgage banker to be there to guide you every step of the way.


Document Checklist

Be prepared with commonly requested documents. 

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