Are you in the market for a new home in Denver? If so, finding a dependable mortgage company plays a crucial role in securing the home loan you need to buy the home of your dreams.
If you are a first-time homebuyer, the chances are good that you have several questions about how the lending process works. We’re here to answer your questions.
Getting a prequalification for your home purchase is a critical element in the loan process. When prequalifying for a loan, this serves as an estimate for the amount you might expect to get approved for a home loan once formal paperwork gets filed with lenders.
During this step of the loan process, you’ll work with experienced loan professionals who will evaluate multiple aspects of your finances and credit report to determine eligibility for a home loan.
Loan prequalification is advantageous for many reasons. If you’re thinking about purchasing a home, this helps to prove to home sellers, agents or realtors that you have a high chance of getting the house loan needed to close the deal.
After prequalification, the next step is formally applying for the home loan. While a prequalification gives you a good idea of what amount of money you might expect to get approved for, it isn’t a promise of loan approval.
During this step of the home loan process, you will need to submit legal forms, including your W2 forms, tax returns, savings, checking and investment accounts. Additionally, the mortgage company will run and review your credit report. After collecting and examining these documents, the loan officer will turn the application over for processing through the underwriting department.
Underwriters are responsible for verifying assets, checking credit scores and confirming tax returns before your home loan gets approved. In some cases, this loan process can get completed in as few as a couple of days. However, this step in the loan process can take as long as a business week.
Once the underwriter clears the way for approval, you can browse potential new homes with even more confidence knowing that you have the financing in place to pay for the home purchase. You’ll also likely find that real estate agents and realtors are more willing to work with you to find you the perfect property.
Buying a new home when fixed rates are low helps to keep your mortgage payment at an affordable price. At CFI, we offer a broad range of home loan services to help our customers meet their objectives.
People who already own a home and wish to take advantage of low fixed rates might consider refinancing their homes. Refinancing is a favorable way to consolidate higher interest rate credit cards, to pay off balances or to change the terms of your mortgage loan to a shorter time.
Other related home loan products available through CFI include home improvement loans and reverse mortgages.
Home improvement loans with a fixed or variable rate provide homeowners with the funding they need to upgrade their existing homes with renovations or other types of required improvements. If your home needs a new roof or a different kind of expensive upgrade, a home improvement loan helps you to access the funds you need to make the repairs.
Reverse Mortgage loans are also available through CFI. To qualify, homeowners must be over the age of 62, and the home must hold equity. A reverse mortgage offers a way to tap into the cash equity of the house without paying extra taxes, which can be very helpful for people who live on a fixed income.
If you have residential financing needs in the Denver area, contact us today.
Use our calculators to help you estimate how much you can afford on a new loan or what you could save with a refinance.
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EQUAL HOUSING LENDER. License may be checked at www.nmlsconsumeraccess.org
License(s): Alabama Consumer Credit License 21433 | Colorado Mortgage Company Registrant | DC Mortgage Dual Authority License MLB112516 | Arkansas Combination Mortgage Banker/Broker/Servicer License 101560 | Florida Lender License MLD129 | Florida Mortgage Lender Servicer License MLD1715 | Georgia Residential Mortgage Licensee 21045 | Illinois Department of Financial & Professional Regulations MB.6761311 | Kansas Mortgage Company License MC.0025032 | Louisiana Residential Mortgage Lending Licensee | Maryland Mortgage Lender License 18626 | Michigan 1st Mortgage Broker/Lender FL0017515 | Mississippi Mortgage Lender 112516 | Missouri Residential Mortgage Broker License 19-2051 | New Mexico Mortgage Loan Company | North Carolina Commissioner of Banks L-181551 | Pennsylvania Mortgage Lender License 32852 | Oklahoma Mortgage Lender License ML010110 | South Carolina BFI Mortgage Lender/Servicer MLS-112516 | Tennessee 109381 | Texas SML Mortgage Banker Registrant | Virginia Mortgage Lender/Broker MC-5371
TEXAS COMPLAINTS: CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND ORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.
As a family-owned business, we are deeply devoted to delivering exceptional customer service. If at any time you feel you are not receiving this level of service, please feel free to contact Sara Christensen Adams, VP & Director of Operations at 407 641-0994 or by email: sca@cfimail.net
Christensen Financial, Inc. | NMLS ID # 112516 is an Equal Housing Lender - ©2019 All Rights Reserved.