Understanding the Loan Process

Getting pre-qualified will greatly improve your purchasing power. Real estate agents will feel more confident negotiating a contract if you are pre-qualified. Your chances of getting financing will be greatly enhanced. The real estate transaction can go much smoother when parties are educated on the current purchasing power. Also, when you know exactly which houses are in your price range, your buying process becomes immensely easier.
A pre-qualification does not constitute a loan approval but rather is a preliminary assessment of your current creditworthiness.

Finding the home of your dreams can be a long, frustrating task when done on your own. That’s why at NFM Lending - Colorado Springs, CO - Branch 357, we recommend working with a licensed, reputable real estate agent that has local housing market insights that can save you time and find the homes that best fit your requests.

While the home selection process can prove to be a daunting task, securing the loan that matches your needs can be much more stressful. We’re here to help you select the right loan product to fit your needs. Our licensed mortgage loan originators are highly trained to guide you through your options and help you pick the loan that’s right for you. You can count on our expertise and high attention to detail to find the perfect fit for you.

Specific details in a loan application are extremely important, and we’re here to answer your questions and ensure all forms are properly completed for optimal results. You’ll always disclose personal information on all individuals’ names on the loan as well as your income and the value of the property being purchased. With all the necessary information provided, we’ll be able to determine what your approximate mortgage payments will be.

Once all application forms are completed and submitted, your loan request will be submitted to processing. Once a title search is completed, an appraisal of the property will follow, and your application will be sent to underwriting.
All documents are then reviewed, and your loan eligibility will be evaluated upon your credit, payment ability based on debt-to-income ratio, property value, and any capital. Once you are approved, a clear-to-close is processed, and a schedule can be set for your closing date.

Your mortgage closing is where all the paperwork between the buyer and seller is completed. Following a walk-through of the home, you’ll receive a closing disclosure that includes all the details and terms of your proposed mortgage loan. The closing can also include the disbursement of funds that may apply. Closings can take place in a title company office, attorney office, or be completed electronically online.