Denver Mortgage Loan Quote | Colorado Mortgage Company | Mortgage Loan Pre Approval

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What is a the loan approval process?

The Colorado Mortgage approval process is fairly simple. The first step in getting you approved involves gathering some personal information such as where you work, how long you have worked there, how much you earn, what debts you currently have, details regarding any cash assets you might have such as savings, checking or retirement accounts, as well as your credit rating.

A reputable Denver Mortgage company will be able to "pre-qualify" you without pulling your credit, as long as you have a fairly good idea of your credit rating. To get actual loan approval or pre-approval, we will need to pull your credit, in which case we would need your social security number, birth date, full name and current address as well as the items noted above.

This information can be gathered over the phone, right here on our web site, or if you desire to meet with us in person, feel free to stop by our Denver Mortgage office at the address noted above.

For most Colorado Mortgage products, we can gather this information over the phone and submit it to an automated underwriting engine and within minutes we will be able to tell you if you have been pre-approved.

Once you have been pre-approved by our automated system, we will send you a loan package that has been filled out for you with the information gathered in the initial step. This package will contain the actual loan application as well as all loan disclosures as required by law. Also included in the package, you will find a borrowers checklist that outlines in detail any documentation required for loan approval, such as pay stubs, asset documentation, etc.

The loan package can be sent to you via email, fax or via regular mail. Once you receive the package you merely verify the information is correct, sign, date and return the package to us. We can receive loan documents via fax, regular mail, or you may scan and email them to us if you desire. Of course you are always welcome to stop by our Colorado Mortgage office located in Centennial Colorado at the address noted above.

Once you have returned the loan package to us, we review it for completeness, order verifications of employment, and loan payoffs when applicable. We will then submit your file to a Colorado Mortgage underwriter for final approval. The underwriter will verify that the information in the file matches the information entered into the automated system. After verification the underwriter will issue your final loan approval, and then we are ready to close your loan. In some cases, the underwriter may ask for additional documentation before they issue your final approval. You will be contacted if any further information is needed from you.

In some cases, you may not qualify for automated underwriting, which means you will need to return your loan package to us and a Colorado Mortgage underwriter will have to review your file prior to pre-approval and/or final approval. Most programs allow for automated underwriting, and we will let you know up front if your file must be manually underwritten.

During the loan approval process, we will be completing tasks in the background to complete your loan package, such as scheduling an appraisal if required, ordering title work, ordering current loan payoffs from your current lender, verifying your work history, contacting your insurance agent and HOA if applicable. All of these items are submitted either with your initial loan application or with any loan conditions that you may have been asked to fulfill.

Once these items have been presented to the underwriter and approved, you are then ready to close your Colorado Mortgage. We will contact you at that point to schedule the actual closing. For refinances, we can usually do this right in your home, or you can come to our title company's office if you prefer. For purchases, closings usually take place at the title company chosen by the seller.

From start to finish we usually request 3 weeks, however we can often complete the process much quicker, and in urgent cases we have closed loans in as little as 3 days. How fast we close a loan can often be greatly influenced by how fast the borrower sends us the required loan documentation. Returning an incomplete package can delay loan approval and closing.

Throughout the Colorado Mortgage approval process, we will keep you informed as milestones are completed, such as when your appraisal has been completed, when you have received loan approval and when we are ready to close. We will be available throughout the process to answer any questions you may have.

Our customers often tell us how pleased they are with our service and how easy the loan approval process is. Although we are happy to take all the credit, we'd like to recognize borrowers who return a complete loan package which leads to a quick and efficient loan approval.


 

 

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