How the Loan Process Works
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No doubt, a lot involved when you get a mortgage loan. You wouldn't be visiting our site if it were possible to complete a simple loan app and get an excellent loan funded in one day. But Front Range Lending does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-qualify for your loan
This step is where Front Range Lending will begin saving you money. You will supply details on your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. We'll go over this information and provide a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out your new home, we are researching the best loan for you.
Step three: apply for your loan
Once you've made an offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not be much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to find an escrow/title company to handle the funding of your loan. We'll coordinate with this company to make sure all the papers your lender will require are available, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with the title company on your date to close. Since you won't need to worry with this coordination, you can think about moving logistics, if you're going to repaint, new carpet, and the fun parts of moving into a new home.
You've answered a few questions, provided detailed information, applied online, and before you know it, you're moving in! Front Range Lending is in the business of loans; you're not — so take care of the details. Makes sense, doesn't it??