Mortgage Lender Near You – How To Apply For A Mortgage.
At Elite Group Mortgage, We are the Mortgage Lender near you. This article will walk you through how to apply for a mortgage. We provide personal customer service, efficient processing, and competitive rates. We can help you achieve your vision for your future home!
Elite Group Mortgage is located in Grand Junction, Colorado. But we service all of colorado and even other states. If you are looking to find a forever home in or outside Colorado, follow our 6 easy steps on how to apply for a mortgage.
Step 1 – Getting Pre-Approved
Applying for a home loan and getting pre-approved is the first step when learning how to apply for a mortgage and homeownership. Pre-approval helps you find a price range for your home search and directs how much you should save for a down payment. In addition, the mortgage pre-approval process includes submitting a loan application and securing financing. It can accelerate the closing process. While a pre-approval letter doesn’t guarantee a home loan, it can make your offer stand out and make negotiations easier. It shows a seller that you’re a serious buyer. Many sellers require a pre-approval letter with your bid.
During this step, your Elite Group Mortgage Loan Officer will provide a timeline and let you know what you need for your application. Such as proof of income, tax returns, and asset statements. At this time, your loan officer will explain which types of mortgage loans you qualify for to help determine which loan is the best option for your situation.
If you want to start the pre-approval process, you can click here to contact one of our Elite Group Loan Officers.
Step 2 – Responding Quickly
Once your application is submitted, the Elite Group Mortgage team will make sure all the proper documentation has been gathered and is ready to move to the processing step. Additionally, we help prep your mortgage application to ensure the fees are accurate for your loan disclosures.
After that, one of our loan processors will assemble and verify your documentation and create a loan file. Lastly, our underwriters will evaluate your credit history, assets, as well as your employment, income, and current debts. We will also look at the value and condition of your purchased property.
Your responsibility during this stage is to respond quickly to your loan officer’s questions and requests for additional information to ensure everything can move forward on time.
Step 3 – Locking In Your Rate.
Locking your interest rate means the rate will stay the same from the time of the rate lock until the rate lock expiration date, regardless of changing market conditions. If changes happen before your loan closes, your final interest rate may be higher or lower than initially quoted to you.
Step 4 – Find Your Home And Make An Offer
After developing a list of what you need and want in a home, a real estate agent can compile a list of homes to visit that fit your criteria and your budget. An agent will also help you navigate the home-buying process, including coordinating with a team of professionals such as inspectors, title companies, and your Elite Group Mortgage Loan Officer.
Step 5 – Receiving Clear To Close.
Shortly after the purchase agreement is signed, Elite Group Mortgage will inform the appraisal desk when to order a home appraisal (when applicable). An appraisal is a process of evaluating a property’s fair market value, and Appraisal reports determine if a home’s sale price and your requested loan amount are appropriate. Your loan then moves on to the underwriter, finalizing all the figures and determining whether the loan is clear to close.
Step 6 – Closing Documents
Once the underwriter issues final approval, your Elite Group Mortgage Loan Officer will schedule your closing appointment and explain what to expect when you close on buying a home. Your loan officer will have your paperwork ready to receive and sign, including legally binding documents such as your Closing Disclosure and promissory note, the mortgage or deed of trust, and the deed.
During closing, you’ll pay for your down payment and closing costs and make an initial deposit in your mortgage escrow account. You’ll also need to show proof of homeowners insurance. With closing finalized, the transfer of ownership occurs, and you’ll be handed the keys to your house. This is the part we work so hard for!
Elite Group Mortgage Expert
Get a $650 Lender Credit Today
We would love to give you a free financial review. We offer a $650 Lender credit to anyone who qualifies to complete this form. There is no commitment when you get Pre-Qualified, and we will need more information to pull credit when you are ready.
Other Blogs and FAQs
Want to Learn More?
Check out some of our other blogs and FAQ pages to get more knowledge from the Elite Group Mortgage Team.
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