The Loan Process: Four Steps
No doubt, a lot involved when you get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in a single day by filling out a simple application. But Colorado Lending Team does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Step One: Determine how much you can borrow
A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step Two: Complete a pre-qualification
This is where the process really begins and you save the most money. You will provide info about your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing your information, we'll provide you with a pre-qualification letter. Your Realtor® should use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we are looking for the loan that best fits your needs.
Once you have signed an offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step Four: Funding
Your real estate agent and the sellers will work together to find a title company to handle the funding of your loan. We'll coordinate with this company to ensure the papers your lender needs are in order, and you'll probably sign everything at this company's office. We will work with the title company to set your date of closing. Because you won't have to coordinate this process, you can think about moving, painting, new carpet, and the details involved in getting your new house.
Once you've answered a few questions, given us lots of information, and applied, you'll be ready to move sooner than you think! We do the mortgage legwork so you can spend your time finding the new home that's right for you.