Loan Process & Products
What's The Process And Where Do I Even Start?
The first step is to complete an application. You can click on the “Apply Now” button and complete the application online or just call Tom at 303-495-9722 and he’ll take the application over the phone. Either way, it’ll only take about ten minutes and you’ll be asked about your job, income, and any assets. With your permission, Tom will pull your credit and based on the various lender guidelines, let you know how much you can pre qualify you for if you are purchasing, or how much he can save you if you are refinancing. At that time Tom will go over your options with the various loan types and suggest what he feels will be best for your personal situation.
What Are Some Of The Loan Products That Might Be Discussed?
Is the best loan for you a FHA loan (maybe you have some blemishes on your credit or you want to put down as little as possible), a Conventional loan, a Jumbo loan, maybe you served our country and want to use your VA benefits to buy a home, looking out in the country and curious about USDA, want to compare an ARM vs. a fixed rate loan? Do you have absolutely no idea which is the best option for you? Well don’t worry, Tom will go over the pros and cons of each.
Would It Be Possible To Schedule A Time So My Significant Other (or Parents) Could Also Be On The Call?
Absolutely! Buying or refinancing a house is a very big deal! Tom has a presentation that is very informative and not too boring. Even if it has to be nights or weekends, you can schedule that here
I've Applied, Now What?
Start gathering your documentation and items the lender will need to approve your loan. These could include: your W2’s, paystubs, ID’s, information on who you want to use for your homeowner’s insurance, blood samples, first born child, etc. Tom will review these items and issue a preapproval letter so you can begin shopping for your perfect home.
I'm Under Contract To Buy A House, Now What?
Well, now your head is probably spinning with so much to do and not knowing where to start.
One of the first things you’ll do is deposit your earnest money with the title company. You’ll probably want to order your home inspection right away (while YOU order the inspection Tom’s team will order the appraisal). Also be watching your email for a lot of disclosures (you’ll be receiving real estate disclosures, title disclosures, and time sensitive lender disclosures that will need to be eSigned).
Am I Done Submitting Documentation?
You wish, but probably not. Your initial documentation gets submitted to the lender’s underwriter who might need clarification from you. We’ll keep you posted if we need anything from you.
Now That I Have Final Approval, What Do I Need To Know?
We’ll review the final numbers with you and the title company will issue wiring instructions so you know where to send the money. When you go to closing, remember to bring two forms of ID, and to stretch your wrist because you’ll leave with writer’s cramp from so much signing. However, you’ll also leave with the keys to your house so it’ll all be worth it!
Fill Out An Application
Check your loan options and get started today!