The Mortgage Process
Let’s not over-complicate this. Here is a little guide for how the loan process will go without all the confusing terminology.
The entire loan process at Cherry Creek Mortgage begins with one important step: a conversation. Mortgages are never a one-size-fits-all situation. By taking the time to review your big financial picture and goals, we can choose the best path forward with confidence.
Gather & Review Documentation
Getting a home loan unfortunately requires a lot of paperwork. We’re going to ask you for a lot of documents related to your income, assets, debt, and more. Each of these things helps us determine how much money you can realistically borrow - and pay back.
Next, we’ll need to order a credit report, a detailed history of your debts (car loans, credit cards, etc.) that is compiled by a third party. Your loan officer can help you figure out ways to improve your score or uncover and manage inaccuracies should they appear.
Review Loan Options
You may have already heard us talk about the right loan -that’s our belief that every borrower should get the best option tailored for their needs. We’re not interested in creating assembly-line loans to ship out the door at all cost.We want to do right by every borrower and every partner who trusts us with their business.
If you’re working with a real estate agent to find a home, at this point we will give you a pre-approval letter that proves to a seller you are qualified to buy their home. This helps a lot when making offers - especially in a competitive situation.
Once your offer has been accepted
After your offer is accepted, we’ll order an appraisal of the property. An independent appraiser will then assess the property’s value. This enables us to know whether the home is worth what you’re paying for it.
Underwriting is a fancy word for making sure your loan application fits our program guidelines. This is the moment when we review all the documentation we’ve gathered alongside third-party appraisal and title reports.
This is the part where we transfer the money to the seller. You will need to sign a lot of documents, but it’s worth it - now you’re a new homeowner.
Your dedicated local Cherry Creek Mortgage loan officer has the experience and integrity needed to help inform and guide your decisions.
- Why Pre-Approval Should Be Your First Step
- Where Are Interest Rates Headed?
- The Power of Pre-Approval for Agents
- No Lender Fees
- How Low Interest Rates Increase Your Purchasing Power
- Flipped Property Finance Options
- FICO Scores
- Duplex Financing Options
- Discount Points vs Premium Pricing
- Delayed Financing Options
- Jumbo - Credit Challenged
Home Buyer Tips
- What You Need To Know About VA Loans
- USDA-Wide Open Spaces
- The Perfect Home Loan Application
- The Mortgage Process
- Student Loan Debt
- Rising Rent - No Problem
- Rent vs. Buy
- Ready To Make An Offer? 4 Tips For Success
- Path 2 Buy
- Mortgage Insurance
- Look for a Luxury Home? Now’s The Time To Act!
- How We Safe Guard Your Information
- How to know if it’s a condo?
- Getting a Mortgage: Why So Much Paperwork?
- FHA 90 Day Property Flip Waiver
- Do’s and Don’ts During The Loan Process
- Condo Loans - Low Down Payment
- 5 Reasons Home Ownership is a Good Financial Investment
- 2 Myths That May Be Holding You Back From Buying
- Niche - Unique Mortgages
- Veterans Assistance Loan Benefits
- Reverse Mortgage
- Loan Programs - Pros & Cons
- Jumbo Loans
- HUD-184 Native American Program
- HomeStyle Renovation
- FHA 203k Streamline Rehab Loan
- FHA “Back-To-Work: Extenuating Circumstances” Program
- FHA - Home Ownership Opportunities
- FasTrac Approval Process
- 3 Reasons Why First-Time Home Buyers Love FHA
- Home Ready Program
- Jumbo Plus Loans
- Union Advantage
- NHF Platinum - Down Payment Assistance
- HomeScout: Your Unfair Advantage
- FHA - Refinance
- FHA - Limited Savings
- FHA - Benefits
- FHA - Credit Requirements
- Fannie Mae - 97% LTV
- Family Opportunity Program
- Jumbo - Medical Loan Program
- Luxury Home - 2 Million Max
- Non-Resident Alien Home Loan