Home Loan Process
|
1. Loan
Application is completed and all pre-approval items are collected
|
|
2. Credit
Report is ordered and missing documents are gathered
|
|
3. The
complete file is submitted for Pre-Approval
|
|
4. Appraisal,
Flood Certification, and Title Report are ordered
|
|
5. All
final conditions are reviewed and Final Loan Approval is issued
|
|
6. Loan
Documents are prepared and delivered to the Title Company.
Final closing figures are called out.
|
|
7. The
loan funds are disbursed after the documents are signed by
both parties - You're Done!
|
|
We'll work with you every step of the
way to ensure your transaction goes smoothly!
|
Avoid the 7 major Home Buying Mistakes
Be careful to avoid these common errors…
- Ignoring the tax implications of your down payment
Because there are so many different financial situations, the
tax implications of buying a home will be different for everyone.
Consider the after tax benefits of putting more or less money
down. In some cases, you can actually save money by changing
the amount of your down payment. Your tax advisor, working in
conjunction with your Loan Officer, can help you calculate the
most beneficial combination for you.
- Overbuying
Many people go into the home buying process without a clear
understanding of what they can afford or want to spend. As a
result, they end up looking at (and/or purchasing) homes they
can't afford. Get your mortgage FIRST to save time, money and
aggravation! Getting pre-approved FIRST provides you with the
security of knowing your loan is already in place and provides
you with a strong negotiating tool.
- Working with the wrong people
With few exceptions, buying a home is one of the biggest financial
purchases you'll ever make. You'll want to select your home
buying team carefully to ensure your home not only puts a roof
over your head, but is also working to fulfill your long-term
financial goals. Choose an experienced Realtor and Loan Officer
who knows your area, and they will provide valuable guidance
from the search through negotiations, inspections and closing.
- Choosing the wrong loan program
Many different mortgage loan types exist to meet all kinds of
different financial needs. You'll need to work closely with
your Loan Officer to select a program that will help you meet
your short term and long term financial goals.
- Not Understanding your credit
It is a good general practice to review your credit report on
an annual basis to make sure it reflects accurate information.
If you uncover any errors, contact the credit bureaus immediately
so they can begin to research the information and make the corrections
necessary. Make an effort early in the loan process to obtain
a copy of your credit report (this is especially important if
you have not reviewed your information recently).
- Making a buying decision based on rate instead of APR
Because you may be paying loan discount "points" and
other "prepaid" finance charges at closing, the APR
(annual percentage rate) disclosed is often higher than the
interest rate on your loan. This APR figure can be compared
to the APR on other loan programs to help you compare the cost
of credit for each type of loan. Fees vary greatly between lenders,
so be sure to compare the APR on like products to ensure you
are comparing apples to apples.
- Not understanding the agency relationship
Real Estate brokerage relationship definitions and responsibilities
vary by state. It is important to define exactly what you expect
from your Realtor in order to choose the appropriate relationship
and ensure your legal interests are protected. Consult your
local Real Estate Commission to obtain a current list of definitions
and responsibilities.
15 Questions to Ask Your Lender
- HOW MANY YEARS HAVE YOU BEEN IN THE MORTGAGE BUSINESS?
- HOW MANY LOANS DID YOU CLOSE LAST YEAR?
- WHAT PERCENTAGE OF YOUR CLOSED LOANS WERE PURCHASES? REFINANCES?
- ARE YOU A BANKER OR BROKER? WHAT'S THE DIFFERENCE?
- HOW DO YOU GET PAID?
- ARE YOU AN FHA APPROVED LENDER?
- WHEN CAN I LOCK MY LOAN?
- DO YOU GUARANTEE THE CLOSING COSTS?
- DO YOU REQUIRE AN APPLICATION FEE?
- HOW DO YOU DETERMINE THE INTEREST RATES?
- DO YOU UNDERWRITE YOUR OWN LOANS?
- DO YOU CLOSE YOUR OWN LOANS?
- WILL YOUR COMPANY USE THEIR OWN MONEY TO FUND MY LOAN?
- COULD YOU PROVIDE ME WITH THREE REFERENCES FROM PAST CLIENTS?
- COULD YOU GIVE ME A COPY OF YOUR PERSONAL RESUME?
About Cherry Creek Mortgage Company
Thank you for your interest in Cherry Creek Mortgage Company.
We are pleased to provide you with our Company Profile outlining
our recent performance and plans for the future. Cherry Creek
Mortgage Company has worked hard to build a successful business
while staying dedicated to our core values and our customer-centered
culture.
As a result of our professionalism, our market share on a national
basis is ten times greater today than it was at the end of 1988.
In addition, at the end of 2001 National Mortgage News had ranked
Cherry Creek Mortgage Company as the 59th largest retail lender
in America.
How exhilarating to look back through time, from the origin of
the company until now, and recognize how determination, dedication
and loyalty to our employees and our customers sets us apart from
our competition. Since inception, our growth has averaged 54 percent
every year, outpacing the national market in growth by nearly
40 percent.
We have implemented first class technology, provided on-going
training for our employees, and continually initiated creative
marketing programs in order to regularly set the standard for
the mortgage industry. Ultimately, we want to make a difference
in the lives of those who come into contact with our organization
and help them achieve their utmost personal and financial dreams!We
trust that you will find our Company Profile interesting and valuable.
|
