The Four Steps of the Loan Process:
There can be no question that getting a mortgage loan is a complex process. You wouldn't be looking up loan information if you could get a mortgage loan in a single day by filling out a simple application. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a mortgage loan involves four major steps.
Step 1: Decide on your maximum loan amount
This is a function of a couple things. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can use the calculators on our website to determine your monthly payment amount, however, we'd prefer to meet with you so we can more thoroughly understand your financial picture. This allows us to best guide you to the right loan amount and best program for you. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step 2: Complete a pre-qualification
This is where Colorado Mortgage Company will begin to save you money. You will supply info about your current job, assets, and your residence history. You'll give us information on your employment, assets, and residence history. We will then pull your credit report and score (only after you give your permission). When we review this info we will give you a pre-qualification letter. Be careful with this letter — it can be a great tool when you make your offer! Your real estate agent will likely use the 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 your new home, we are researching the loan that best fits your needs.
Step 3: Apply now! We make it easy
Once you have made the offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan could not get much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step 4: Funding
Your real estate agent and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan. We'll coordinate with the title company to ensure all the papers your lender will require are in order, and you'll likely sign all these papers at the title company's office. We coordinate with this company to set your date of closing. Because you will not have to coordinate this process, you get to concentrate on the move, if you're going to repaint, new carpet, and the details involved in getting your new home.
You've answered some questions, given us lots of information, applied online, and before you know it, you're moving! We do the mortgage legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Colorado Mortgage Company at 719-357-6601. We answer questions about the loan process every day.