Financing
Here at Colorado Home Explorer we pride ourselves on educating our clients through the home loan process. That is why we have put together a well-experienced list of mortgage professionals that have proved to be very beneficial to our clients.
All of our preferred lenders have four-year degrees at either The University of Colorado or The University of Northern Colorado, and have the experience that best fits our clients’ needs. Our brokers are signed up with over 90 lenders (banks) nationwide, and have access to hundreds of loan programs and they have extremely competitive interest rates.
Our preferred lenders are also signed up with the Federal Government to use federal loan programs such as FHA and VA loans. Our preferred lender is The Mortgage Network, led by broker manager Erik Aragon.
Below they have written a brief synopsis of how to get started on the home loan process:
Step 1: How Much House Can You Afford?
The very first step a potential home buyer should take is to contact a lender. A lender can determine whether you can qualify for funding and most importantly a loan. The initial application will give the lender a good idea of where you stand financially, and help determine other issues that need to be addressed before moving forward. Knowing how much funding you can qualify for can help narrow your search to finding a home and it will give you a good estimate of how much your monthly payment will be.
Recently, guidelines have drastically changed making the loan process a little harder, but not impossible. With a little effort and patience the loan process should not take any longer than a month!
To fill-out a quick application you can go to these secure sites:
www.comortgagelender.com/mortgagequote.php
Or if you would like to contact one of our preferred brokers by phone call Senior Loan Officer Erik Aragon at (303) 257-7232 or by e-mail at aragon.erik@gmail.com.
Step 2: Pre-Qualified vs. Pre-Approved
What is the difference between pre-qualified and pre-approved?
Pre-qualified means a borrower has qualified for a specific amount of funding and has met preliminary requirements for specific loan programs.
Pre-approved means a borrower has submitted all documentation to a lender and has met all requirements set by an underwriter who is approving the loan for a bank.
Step 3: What Do I Need For a Quick and Easy Approval?
Below is a check-list of a few items to have ready prior to loan approval. (Please note not all of these documents may be needed.)
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Past two year tax returns – W2’s
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Most recent bank statements – complete statements from all accounts
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Most recent pay-stubs – copies of two most recent pay stubs
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401k and other retirement information – Pension, IRA’s, Thrift Savings etc.
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Past and present employment information – addresses, phone numbers, names of contacts, and pay-rate
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Insurance provider – contact information
Step 4: How Important is My Credit Score?
Having a good credit score exercises your options and allows you to qualify for more loan programs and better interest rates.
Credit scores above 680 are considered to be excellent in the world of mortgages. Scores above 600 are still good but there are fewer options if you are a potential homebuyer. Fortunately, there are programs which do not require credit scores although there are specific requirements that must be met in order to qualify for borrowers who have scores below 600.
It is a good idea to check your credit score on a regular basis, although pulling your credit to often can lower your score. A good rule of thumb is not to pull your credit more than once outside of a 14 day period otherwise your credit score will take a negative hit. You can have one of our preferred brokers’ pull you credit for free at www.coloradomortgagefunder.com or you can go to www.myfico.com to see where you stand.
Click on the following link for more information on how to clean up your credit
Step 5: How Long Does it Take to Get Approved?
At Colorado Home Explorer we have a streamlined process in place with our preferred lenders. We can have you closed and in your home in a month. Whether you are a first-time home buyer, investor, or looking to relocate from out of state we have the services that have satisfied customers for years.
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