Service Details

Our Home Loan Products Elevate Capital Bank offers several types of home loans, each designed to cater to different financial situations and goals. Fixed-Rate Mortgage: This type of loan offers stability and predictability. With a fixed interest rate throughout the loan term, your monthly payments remain consistent. This option is ideal for those who prefer a stable budget and plan to stay in their home for a long time. Adjustable-Rate Mortgage (ARM): ARMs provide flexibility with a lower initial interest rate that adjusts periodically based on market conditions. This option is suitable for homebuyers who anticipate income growth or plan to move before the rate adjusts. Interest-Only Mortgage: For the first few years, you only pay the interest on the loan. After this period, you start paying both principal and interest. This can be beneficial for those with fluctuating incomes or who want to minimize initial monthly expenses. FHA Loan: Insured by the Federal Housing Administration, FHA loans require a lower down payment and have more lenient credit requirements. They are perfect for first-time homebuyers or those with limited funds for a down payment. VA Loan: Guaranteed by the U.S. Department of Veterans Affairs, VA loans often require no down payment and offer competitive interest rates. These are available to veterans, active-duty service members, and eligible surviving spouses. USDA Loan: Backed by the United States Department of Agriculture, these loans are designed for rural property buyers and usually require no down payment. They are ideal for those looking to live in rural communities. Jumbo Loan: For those purchasing high-value properties that exceed the conforming loan limits, jumbo loans offer higher borrowing limits with competitive rates. Key Components of Our Home Loans When you take out a home loan with Elevate Capital Bank, several key components come into play: Principal: This is the amount you borrow. Interest Rate: The cost of borrowing the principal, which can be fixed or adjustable. Term: The duration of the loan, with common options being 15, 20, or 30 years. Down Payment: An initial payment made at the time of purchase, usually a percentage of the home’s price. Monthly Payment: This includes both principal and interest and is paid monthly over the loan term. Amortization: The process of gradually paying off the loan through regular payments. Our Home Loan Process We have streamlined our home loan process to make it as simple and straightforward as possible. Pre-Approval: Begin by submitting your financial information to get pre-approved, helping you understand your budget. House Hunting: Work with a real estate agent to find a home that fits your budget and needs. Loan Application: Complete our online application or meet with our loan officers for personalized assistance. Loan Processing: Our team reviews your application and orders an appraisal to determine the property's value. Underwriting: We evaluate your loan application to ensure it meets our criteria. Closing: Sign the final loan documents and receive the keys to your new home. Factors for Home Loan Approval Several factors affect your home loan approval at Elevate Capital Bank: Credit Score: Higher scores typically result in better loan terms. Income: Steady and sufficient income is crucial for covering loan payments. Debt-to-Income Ratio: We look at how much of your monthly income goes towards debt. Employment History: Stable employment can enhance your loan approval chances. Down Payment: A larger down payment can reduce the lender’s risk. Benefits of Choosing Elevate Capital Bank Choosing Elevate Capital Bank for your home loan comes with several benefits: Home Ownership: Achieve your dream of owning a home with manageable payments. Equity Building: Each payment builds your equity, creating a valuable asset. Tax Benefits: You may be able to deduct mortgage interest on your taxes. Fixed Payments: Fixed-rate mortgages offer consistent payments, making budgeting easier. At Elevate Capital Bank, we prioritize your satisfaction with a seamless and transparent loan process. Our experienced loan officers provide personalized advice to help you choose the best option for your needs. With competitive rates and flexible terms, we are here to support you every step of the way. Contact us today to learn more about our home loan options and take the first step toward your new home..