Skip to main content
#
 
Email
HGR Properties
Search MLS
Free Reports
Site Map
our facebook page youtube
Getting A Mortgage 
Mortgage Application

When it comes to the loan process, there are several steps that one must go through. By making yourself familiar with it, you will better understand what is required of you and how you need to prepare. After all, the more knowledgeable you become the more comfortable and in control you'll feel.

1. Organize Your Documents

In order to obtain a mortgage, your lender will require certain documentation from you to make sure that you will have the ability to repay the loan you take out. Such documentation includes proof of employment, credit history, tax returns, pay stubs, bank statements, divorce and child support statements if applicable, and any other information that the lending company feels might be necessary.

2. Qualification

Before you apply for a loan, getting qualified will help you establish how much you can borrow. When purchasing a home, there are two options one may choose from to qualify for a loan. The first option, pre-qualification, is a quick process that usually happens in a matter of minutes. While pre-qualification is helpful, your other option – pre-approval – is more beneficial and gives you better leverage when negotiating with the seller. Getting pre-approved also lets you focus on homes within your price range instead of wasting time looking at homes that you won’t be able to afford. Finally, when it comes time to close, the process will go rather quickly since your loan has already been approved.

3. Find the Right Loan Program

While searching for the right loan program, there are many things to take into consideration. For example, you might want to think about how long you plan on keeping the loan. The length of your residence will determine the type of loan you want to get (i.e. adjustable or fixed). To figure out which loan program is the best, one will need to compare different programs and everything that each one involves such as rates, fees and points. The whole process can be tedious and difficult at times, which is why a qualified loan officer can help you make the right decision.

4. Obtain Loan Approval

The process of obtaining loan approval involves the following steps:

  • Review of loan application (Be sure to fill it out completely).
  • Verification of credit history, employment history, assets such as bank accounts and mutual funds, property value and any additional information that the lender might require.

There are also a few things that you can do to improve your chances of getting the loan approved.

  • For any requests of additional documents and information, respond promptly.
  • Do not make any major purchases such as a car or new furniture until the loan is closed. Increasing your debt can have the opposite affect on your application.
  • Make sure you will be in town for the closing date. If you cannot be there for the closing of the loan, you can carry out a power of attorney to authorize someone to sign on your behalf.

5. Close the Loan

Once the loan is approved, your next step will be to sign the final loan documents, which usually takes place in the presence of a notary public. Be sure to verify the information within the document, especially the interest rate and loan terms. Also check to see if your name and address are correct. Finally, don’t forget to bring a cashier’s check for your down payment and closing costs.

Site Mailing List 


Harris Group Realty, Inc.
7011 Campus Drive, Suite 210
Colorado Springs, CO 80920
Phone: 719-227-9900
Fax: 719-387-4591
Email Us: Info@HarrisGroupRealtyInc.com
www.HarrisGroupRealtyInc.com

Terms of Use - Privacy Policy - Contact Policy

Copyright© 2017 Harris Group Realty, Inc., All Rights Reserved.Site Map  Portions Copyright© Pro Step Marketing

WELCOME: COLORADO SPRINGS REAL ESTATE AND HOMES FOR SALE. 
Welcome:
Return to home page
COLORADO SPRINGS COMMUNITY INFORMATION: Colorado Springs CO real estate and Colorado Springs, Colorado homes for sale
About Colorado Springs:
Moving to Colorado Springs located in El Paso County, Colorado?
About 50+ Communites:
Moving to a 50+ community located in El Paso County, Colorado?
About Fling Horse:
Moving to Flying Horse in Colorado Springs located in El Paso County, Colorado
About Pine Creek:
Moving to Pine Creek in Colorado Springs located in El Paso County, Colorado?

50+ COMMUNITY CONDO INFORMATION: 
About Northern 50+ Condos:
Moving to a Northern 50+ Condo in Colorado Springs, Colorado?
About Southern 50+ Condos:
Moving to a Southern 50+ Condo in Colorado Springs, Colorado
About Eastern 50+ Condos:
Moving to an Eastern 50+ Condo in Colorado Springs, Colorado?
About Western 50+ Condos:
Moving to a Western 50+ Condo in Colorado Springs, Colorado?
Community Info:
Information on 50+ Condo Home Communities 

50+ COMMUNITY PATIO HOMES INFORMATION: 
About Northern 50+ Patio Homes:
Moving to a Northern 50+ Patio Home in Colorado Springs, Colorado?
About Southern 50+ Patio Homes:
Moving to a Southern 50+ Patio Home in Colorado Springs, Colorado
About Eastern 50+ Patio Homes:
Moving to an Eastern 50+ Patio Home in Colorado Springs, Colorado?
About Central & Western 50+ Patio Homes:
Moving to a Central & Western 50+ Patio Home in Colorado Springs, Colorado?  
Community Info:
Information on 50+ Patio Home Communities

50+ COMMUNITY TOWNHOMES INFORMATION: 
About Northern 50+ Townhomes:
Moving to a Northern 50+ Townhome in Colorado Springs, Colorado?
About Southern 50+ Townhomes:
Moving to a Southern 50+ Townhome in Colorado Springs, Colorado
About Eastern 50+ Townhomes:
Moving to an Eastern 50+ Townhome in Colorado Springs, Colorado?
About Central & Western 50+ Townhomes:
Moving to a Central & Western 50+ Townhome in Colorado Springs, Colorado?  
Community Info:
Information on 50+ Townhome Homes 
 
FOR HOME BUYERS:
Why Buyers Choose Us:
Why homebuyers in the Colorado Springs of Colorado choose Harris Group as their Realtors
Latest Listings: Get Harris Group's latest Colorado Springs listings of homes for sale first!
Find Your Perfect Home: Access Harris Group's easy to use home search tool to search for your ideal home and email you the newest Colorado Springs MLS listings of properties in Central Colorado.
Homebuyers: Are you a homebuyer in Colorado Springs, Colorado?
As top Realtors, Harris Group can guide your home buying search