The Steps To Getting A Colorado Mortgage - Page Three ...
Step Two:
Choose a mortgage consultant you can trust, whom you are confident can meet your needs, determined from fact-finding time.
Remember, you always have options: You might decide to get your mortgage
on your own or
you might decide to do nothing. After learning about your mortgage options
you might decide that buying doesn't make sense. Any of these options is fine.
You should never feel any pressure to buy.
Step Three:
Move forward with loan application and getting preapproved.
What's the difference between pre-approval and prequalification?
- Preapproval means you have applied for your new home loan and your application
has been approved.
- Prequalification means your mortgage consultant has given their opinion about your qualifications for getting a home loan, but you have not yet been approved.
Bring the appropriate documents to your first appointment with your mortgage consultant. For a list of documents needed, you can email here (this is an autoresponder I set up for my potential clients).
Evaluate all of your options with your mortgage consultant.
Make sure that you are qualified for the mortgage and loan amount that you are looking for.
Once approved, you can look for a property with your real estate consultant.
Once you're under contract on your new home:
- Your mortgage consultant should take care of the details of staying on
track for you - and keep you well informed.
- Don't forget - taking care of your credit once you've started the mortgage process is critical! Make sure all payment to existing debts are paid on time. Don't open new lines of credit once you have applied for your new home loan.
- Taking care of your job situation is important as well - changes to your
employment status could adversely affect your mortgage approval. Be sure
to communicate all changes to your mortgage consultant - since they'll be
confirming your employment once you're approved!
- Don't buy anything! New purchases can affect your cash to close/reserve
requirement - as well as your credit. Once you're closed you can buy the
new refrigerator, a new car - whatever you want! Just wait until closing
is complete!
- Closing!
- A couple of days before closing, your mortgage consultant should review
your HUD-1 (the final version of the good faith estimate - also know
as a final settlement statement) and closing documents (all of your
loan documents) with you. This will ensure no surprises at the last
minute, as well as to inform you of how much money to bring to closing.
Don't forget, you must bring Certified Funds (cashier's check - made
out to you - you'll endorse it over to the title company at closing)
and your driver's license to the closing table.
- Once closing is complete, you own your new home! It's time to move!
- A couple of days before closing, your mortgage consultant should review
your HUD-1 (the final version of the good faith estimate - also know
as a final settlement statement) and closing documents (all of your
loan documents) with you. This will ensure no surprises at the last
minute, as well as to inform you of how much money to bring to closing.
Don't forget, you must bring Certified Funds (cashier's check - made
out to you - you'll endorse it over to the title company at closing)
and your driver's license to the closing table.
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