Before you start looking for a home to buy, it’s a good idea to meet with your Loan Officer to get pre-approved for a loan amount. At this stage, the lender gathers information about income, assets and debts of the borrower (you) to determine how much house you may be able to afford. This includes a credit report, W-2 forms, pay stubs, Federal Tax Returns and recent bank statements. There are a variety of different loan programs, so make sure to get pre-qualification for the specific programs that best suit your needs.
I have been closing mortgage loans in Colorado for 15 years. I have successfully completed over 1800 transactions. I am an expert in VA, FHA & Conventional loans. We have access to El Paso County TurnKey, CHFA, AND CHAC, which provide grant money, low interest and Interest free loans toward down payment for those who qualify. I have a team of Loan Officers and assistants here to assist my clients from the information phase all the way to closing.
Rich Dillman 719-201-8193 or 719-694-5310 Caliber Home Loans
When you find property you’re ready to buy, your lender will help you complete a full mortgage loan application, and talk you through the various fees and down payment options. The application is submitted to processing, where the documents are reviewed and appraisals and title examination are ordered. Then the loan is sent to an underwriter, who reviews and approves the entire loan if it meets compliance.
Don’t be surprised if you’re asked for additional documentation or clarification throughout the process. Once your loan is approved, don’t forget to set up homeowners insurance. Your documents will be sent to the title company, where you’ll sign for the new home and pay any remaining costs. Then the loan is recorded and you get the keys. Congratulations, happy homeowner!