The Loan Application Process – Step 6: Loan Approval and Closing

Congratulations! You’ve made it through the five major steps of the loan application process. All that’s left is final approval and closing. After getting the thumbs-up from Underwriting, you’ve been approved for your loan to buy your new home… that’s it! The closing will take place on the date that is specified in the contract […]

The Loan Application Process – Step 5: Underwriting the Loan Application

Once all the details of the transaction (your credit, the property appraisal, the title work, etc.) have been documented and verified, the Processor submits your loan to an “Underwriter” for approval. The Underwriter determines whether your application meets the standards set by the financial institution that will ultimately own the loan (most loans are sold […]

The Loan Application Process – Step 4: Processing the Application

In order to get your loan processed, your mortgage broker will pass your completed application to the “Processor.” The Processor examines all the documentation provided, including pay-stubs, tax returns, account statements, etc. in order to verify your income, assets, liabilities, and employment. This is also known as the credit approval process. Your lender will then […]

The Loan Application Process – Step 3: Applying for a Mortgage Loan

Once the property is under contract, the exact details of the transaction are known, including price, terms, dates, etc. Now your mortgage broker can adjust the loan amount and terms of the loan to match up with the sales price. More importantly, you can now “lock in” the interest rate on your loan. Pay special […]

The Loan Application Process – Step 2: The Offer

Yesterday we discussed the first step in the loan application process: Pre-qualification. Today, we’ll concentrate on how submitting a purchase offer relates to the loan application process. Once you have found the property that meets all of your personal and financial criteria, you and you real estate agent will prepare an offer to present to […]

Pay Less to Sell Your Home: How to Negotiate with a Listing Agent

Zillow “user7509308” brought up the following scenario concerning paying less money to an agent to get their income property listed and sold quickly. Of course, saving money is crucial when selling a home, especially when you are a “motivated seller.” That being said, discount agents aren’t necessarily a deal at all. In fact, you could […]

New Construction Home Buying 101: Negotiating with a Builder

First thing’s first: GET A BUYER’S AGENT TO REPRESENT YOU WHEN BUYING FROM A BUILDER AND SAVE THOUSANDS!!! Negotiating the contract and upgrades: I recently helped clients purchase a Taylor Morrison home at Whisper Creek in Arvada, Colorado. The home was inventory, not a semi-custom build, so it was easier to get price reductions. However, […]

Boulder Home Values and Sales Statistics Since 1998: The Recession-Proof Jewel of the Front Range

Did you know that Boulder home values have increased year-over-year since 1998? That’s right! Even during the worst moments of the recession and housing bubble, Boulder home values continued to increase. Boulder is one of those unique places in the world that always remains in demand despite what’s going on in the rest of the […]