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Get Your Mortgage Pre Approval Online

A transparent process that’s been adapted for your lifestyle!

Get Your Mortgage Pre Approval Online

A transparent process that’s been adapted for your lifestyle!

 

Capital Bank Home Loans helps make it easy to apply for a mortgage pre-approval whether you’re in the market for your first home, a family that’s outgrown your starter home, or a military veteran looking to settle down. It all starts with our QuickClose process. A pre-approved mortgage improves your chances of obtaining your dream home in a tight housing market. The online process is easy to go through and does not take a lot of time. Read below to understand the difference between a mortgage pre-qualification and a mortgage pre-approval application.

Matching your loan options to your budget

Your mortgage pre-approval application through QuickClose lets you get pre-approved – without doing any additional work.

 

  • Start from any device or computer
  • Automatically verify your income and assets
  • Speak with your mortgage loan originator and discuss your options
  • Match your loan options to your budget
  • Quick underwriter review
  • Voila! A pre-approval letter

Getting your offer to the top of the list

A pre-approval letter is a conditional commitment from Capital Bank for your financing. It gives the seller greater confidence in your ability to buy their home when the pre-approval letter is included with the offer. That’s because a pre-approval is based on an underwriter’s review of key financial information. We can help you get pre-approved for a mortgage online. Review your credit history by requesting a free credit report from one of the three national credit bureaus. You want to check for errors, which can be challenged. Late payments or other credit problems cannot be removed. You will have the opportunity to explain the credit issues during the online pre-approval application process.

What is the difference between pre-qualification and pre-approval?

New home buyers often overestimate how much house they can afford. One way to save time is to do your homework to understand the home buying process. A pre-qualification helps you estimate how much house you can buy, what down payment you need, loan terms, and structures. It is based on your credit score and basic financial information. A pre-approval is a deeper investigation by the lender. The bank pulls a full credit report and requires income verification, assets, and liabilities, and other monthly costs. The pre-approval letter is a valuable tool in the home buying process and often puts you ahead of other buyers who are not pre-qualified.

What Does Pre-Qualified Mean?

Early in the home buying process, you will need to know how much you would have to borrow from the mortgage lender to buy your house. Completing the pre-qualification application will give you an estimate based on your credit score and other criteria. You will need to know how much of a down payment you need, loan payments, debts, and the loan structure.

What Does Pre-Approved Mean?

The pre-approval is a more in-depth analysis of your finances. You need bank statements, evidence of income, and proof of a down payment. The pre-approval letter will indicate the type of loan, interest rates, and loan amount. The lender will complete the underwriting process prior to approving the mortgage.

When Should I Get Pre-Approved for a Mortgage?

A pre-approval will tell you how much of a mortgage you can afford. It is the first step in the home buying process and often puts you ahead of other buyers who do not have a pre-approval letter.

How Long Does a Mortgage Pre-Approval Last?

The mortgage pre-approval expiration date occurs after 60 to 90 days depending on the lender. After 90 days you will need to go through the approval process again. The mortgage underwriting process takes longer without the pre-approval since the lender doesn’t have your information on file.

Does Mortgage Pre-Approval Affect My Credit Score?

The pre-approval requires a credit history review. The lender requests a credit report from a national credit bureau (Experian, Transunion, or Equifax). This hard inquiry reduces your credit score by a few points. If no debt is assumed, the inquiry is removed from your credit report after two years.

When Should I Request a Pre-Approval from a Bank?

Pre-approval letters are valid for up to 90 days. It takes about 10 business days to process the inquiry, so it makes sense to wait until you are prepared to make an offer. If you apply too early and do not buy a house, the approval may expire and you will have to repeat the process.

QuickClose Online Pre-Approval Application Speeds the Home Buying Process

The home buying process is stressful for both first-time and repeat buyers. A pre-approval often provides an edge over other buyers without an approval letter. It tells the seller your offer is valid and conditionally approved by a trusted mortgage lender. Capital Bank removes the anxiety with their easy-to-use QuickClose pre-approval online application. In a few short steps, a bank officer will review your credit report, financial statements and provide a conditional mortgage offer. Once the purchase and sale are approved, the underwriting process will verify the value of the home and re-check your financial situation. The mortgage commitment is one of the final steps before closing the real estate sale.

Get Your Mortgage Pre-Approval Online

The home buying process is competitive and crazy. Qualified buyers can move to the front of the pack by obtaining mortgage pre-approval online. The process is fast and straightforward, helping you secure your perfect next home. Don’t wait. Apply today using our online application.

Online Mortgage Pre-Approval Process

The Capital Bank Home Loan QuickClose process helps you apply for a mortgage pre-approval online. Access the online form from any computer. Provide your personal and financial information, then upload your supporting documents. It is a simple and fast process. Our online process matches your loan options to your budget.

Speak to Your Home Loan Originator

Even though the online pre-approval home loan process is automated, you still have the option to speak with your mortgage originator. You can ask any questions about your home loan options or mortgage pre-approval online process.

Quick Underwriter Approval

Once your application is completed and documents uploaded, you will receive a quick underwriter approval, and then receive your pre-approval letter. Your next step is to call your real estate agent and find your new house. The pre-approval letter is a conditional offer from Capital Bank to provide a mortgage based on the underwriter’s review.

Don’t Confuse Pre-Qualified with a Pre-Approved Letter

A pre-approved mortgage is of a higher standard than a pre-qualification letter. The pre-approval process reviews your financial position and supporting documents. An underwrite reviews your qualifications and risks to provide you with the pre-approved mortgage online letter. Pre-qualifications are based on general guidelines and do not include underwriting. If you are bidding for a home, the pre-approval will be considered before a pre-qualification letter.

What Types of Mortgages Can You Apply for Online

You can apply for many mortgages with the online mortgage pre-approval process. Mortgages come in a lot of varieties. There are 10, 15, and 30-year fixed-rate mortgages. There are also variable-rate mortgages. These mortgages change based on the current interest rates. They can increase when rates are rising and drop when rates decline. Often you can lock in variable-rate mortgages after five or seven years. These are good mortgages to use when interest rates are falling. Your Capital Bank mortgage originator will help you understand your options before going through the online mortgage pre-approval application.

What Do You Need for Online Mortgage Pre-Approval?

You need to show a steady income by uploading your W-2 forms if you work full-time or provide income tax forms to show self-employment or business income. If you are applying for an online pre-approval, each party applying for the mortgage must provide financial documents. The underwriter will consider whether you owned a home and made regular mortgage payments on that home. The underwriter will also look at your credit score. An average FICO score of 640 or more is required for most programs. Buyers with FICO scores of over 740 will get better interest rates.

Debts and Expense Ratios

Mortgage underwriters look at your ability to repay your loan on a regular basis. One factor they consider is how much debt you have compared to your monthly income. They calculate a debt-to-income ratio which tells them if you can afford a specific mortgage payment. According to the Consumer Financial Protection Bureau (CFPB), “The 43 percent debt-to-income ratio is important because, in most cases, that is the highest ratio a borrower can have and still get a Qualified Mortgage.” Monthly utility costs, education costs, food, and other living expenses are all considered.

Assets and Liabilities

The online pre-approved mortgage underwriter will consider what assets and liabilities you have. Assets are other real estate, investments, and cash on hand. The more assets you have, the more confidence the bank will have to loan you money. Liabilities include the money you owe, such as car loans, other mortgages or home equity lines of credits, student loans, and credit cards. The bank will consider the minimum monthly payments you have to make and consider it in the debt-to-income ratio calculator.

Amount of Down Payment

Bank underwriters also calculate your ability to pay based on the amount of debt you have compared to the value of the property you are purchasing. Bankers call this the loan-to-value ratio. Many banks require a 20% down payment or an 80% loan-to-value ratio. Some loans will allow higher ratios, sometimes up to 97%. Banks will require homeowners to pay mortgage insurance on loans higher than 80% until the ratio drops below that level. These additional payments will also increase your loan-to-debt ratios, so saving some money up for a down payment will save you a lot of money over a long-term mortgage.

Other Fees and Expenses

Different property types include additional fees. Some neighborhoods assess homeowner association (HOA) fees to maintain lawns, plow snow and maintain common amenities like workout rooms, pools, and function facilities. These fees are assessed every month. Homeowners also need to acquire homeowners insurance and pay property tax monthly. Banks often wrap insurance and taxes into one payment. Property taxes are usually collected every quarter, so banks will place the money in an escrow (bank) account until the money is due. When you sell your house, the bank will pay you back any interest made on that escrow money.

The Online Pre-Approval Mortgage Process is Not Scary

Buying a new home is a very stressful and scary process. Trying to decide what town to live in or finding the perfect school district is a stressful experience. Finding the right bank is not. Capital Bank provides an easy-to-use QuickClose application process. You will be able to purchase your new home without worrying about a long, drawn-out mortgage pre-approval process, and focus on finding the best new home for your family. Remember to collect your financial documentation in advance, so you are not searching for tax documents or bank statements when racing your neighbors to buy the perfect house.

Real Customer Stories

Limited cash didn’t stop this first-time home buyer from moving into a new home, thanks to their experienced Mortgage Loan Originator at Capital Bank Home Loans. The client had good credit but little cash towards a new home. The current home he was renting was under contract to be sold, so he had to move. Their Mortg... Read Full Testimonial
Limited cash didn’t stop this first-time home buyer from moving into a new home, thanks to their experienced Mortgage Loan Originator at Capital Bank Home Loans. The client had good credit but little cash towards a new home. The current home he was renting was under contract to be sold, so he had to move. Their Mortgage Loan Originator suggested a Virginia Housing Development Authority (VHDA) loan and paired it with a Federal grant for first time homebuyers. Not only was the client able to purchase the home with no money down, he received 100% financing and 1.5% towards closing costs from the Federal grant.
A borrower, doing contract work, put a $50,000 earnest deposit on a home. Shortly before his closing, another lender decided against making the loan to the borrower. If he didn’t close on time, he would lose his earnest money deposit. Mortgage Loan Originator Jerry Weeda jumped at the opportunity to help the clien... Read Full Testimonial
A borrower, doing contract work, put a $50,000 earnest deposit on a home. Shortly before his closing, another lender decided against making the loan to the borrower. If he didn’t close on time, he would lose his earnest money deposit. Mortgage Loan Originator Jerry Weeda jumped at the opportunity to help the client – Fast! The client didn’t fit the standard mortgage investor guidelines, so Jerry was able to help him secure financing in a loan directly with Capital Bank. Later, Jerry was able to help the borrower refinance the loan into a loan that met standard investor guidelines with a lower interest rate.
A couple had trouble getting a pre-approval from other lenders due to work history. Mortgage Loan Originator Brian Martucci asked the right questions and discovered that the client’s mother was going to be living in the home with them. She had commercial properties and a couple of residential properties. Mom became a... Read Full Testimonial
A couple had trouble getting a pre-approval from other lenders due to work history. Mortgage Loan Originator Brian Martucci asked the right questions and discovered that the client’s mother was going to be living in the home with them. She had commercial properties and a couple of residential properties. Mom became a co-applicant and with her assets and income, it was a done deal!
A client wanted to purchase a multifamily property, living in one unit and renting the other. They were told initially that it required at least 20-25% down. He approached two lenders, but both said he needed a big down payment. With little cash in hand, they suggested a condo or small house instead. Mortgage Loan Orig... Read Full Testimonial
A client wanted to purchase a multifamily property, living in one unit and renting the other. They were told initially that it required at least 20-25% down. He approached two lenders, but both said he needed a big down payment. With little cash in hand, they suggested a condo or small house instead. Mortgage Loan Originator Brian Martucci said otherwise — the multi-family home was possible with a special loan program available in certain zip codes with 5% down. Although an option many lenders aren’t familiar with, Brian was — and so the client was on his way to home ownership.
A borrower was in the market for a new home in Washington DC. He had a house to sell but no cash for a new purchase. Although he qualified in terms of debt-to-income ratio to cover both his current mortgage and a new mortgage, lenders denied his application because he could not raise the cash for the down payment on th... Read Full Testimonial
A borrower was in the market for a new home in Washington DC. He had a house to sell but no cash for a new purchase. Although he qualified in terms of debt-to-income ratio to cover both his current mortgage and a new mortgage, lenders denied his application because he could not raise the cash for the down payment on the new property without selling his current property first. One said he should sell his current property first, then move into a temporary rental, and then buy a new property. Another asked if he had a rich parent and could get gift money. With both options off the table, he came to Capital Bank. Mortgage Loan Originator Brian Martucci suggested a bridge loan, a short-term loan on his current property to finance the purchase of a new property. The suggestion paid off, as the client was able to pay the old and new mortgages, and thanks to the bridge loan had enough for 20% down payment and closing costs, which was paid off after he sold his old property.
A first-time homebuyer was looking to get into a home with a VA Home Loan. Another lender told him that his residual income wouldn’t meet the standards to qualify. What he needed was to meet a Mortgage Loan Originator that was well versed in VA Home Loans. Enter Capital Bank Home Loans and their expert VA loan office... Read Full Testimonial
A first-time homebuyer was looking to get into a home with a VA Home Loan. Another lender told him that his residual income wouldn’t meet the standards to qualify. What he needed was to meet a Mortgage Loan Originator that was well versed in VA Home Loans. Enter Capital Bank Home Loans and their expert VA loan officers. The Capital Bank loan officer was able to secure a mortgage for the homebuyer by pairing the VA Home Loan with a grant from the Veterans Homeownership Down Payment Assistance Program. The other lender’s interest rate was a half point higher than Capital Bank, and with the grant funds, the Capital Bank loan officer was able to bring it down another half point, resulting in a mortgage loan that was a full point lower than the other lender. Plus, the homebuyer was able to pay off a credit card and put $2000 down on the home — all this without the homebuyer shelling out one penny from his pocket.
A veteran was buying a home from a large homebuilder with its own mortgage company. The builder was offering $15,000 incentive toward closing and escrow if you went with the in-house mortgage company. Six months later, the mortgage company quoted a rate with a 1% origination fee (about $7,000) and an interest rate 1% a... Read Full Testimonial
A veteran was buying a home from a large homebuilder with its own mortgage company. The builder was offering $15,000 incentive toward closing and escrow if you went with the in-house mortgage company. Six months later, the mortgage company quoted a rate with a 1% origination fee (about $7,000) and an interest rate 1% above market rate. The realtor referred the homebuyer to Mortgage Loan Originator Jerry Weeda. With a deadline of 21 days until closing, Jerry put the client into a VA Home Loan, and provided a lender credit of $10,000 and an interest rate about 1% lower. Since then, the client has referred seven people to Jerry.
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Attention Veterans!

The same straightforward digital process supported by a dedicated VA Mortgage Loan Originator with years of expertise. Check out our VA Home Loans and see what our customers are saying.

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