Loan Application for a Denver Home

In Order to get you the best deal we recommend you do a complete loan application and get loan approval BEFORE ever looking at homes. This allows you to be a "CASH BUYER" in the eyes of the Seller and is by far the most effective negotiating tool we have in our tool bag.

Once the purchaser(s) and the seller(s) have agreed on the price and terms of a contract, the next step is the formal loan application Pete Doty & Company can recommend several lenders who have earned our trust and with whom we’ve had good experiences in the past.

At that time, a loan application is completed with a loan originator. The loan originator’s goal is to expedite all the necessary paperwork and information, including ordering a credit report and appraisal of the property. It is very important for you to get the appraisal as soon as possible. You will need to furnish the lender with the information as outlined on the items needed for loan application page.

The information you provide the lender is confidential. The application generally takes place at either the lender’s office or at Pete Doty & Company’s office. All people who will be on the title as new owners should be present. The application normally takes about one hour. At this time, you may be required to pay in advance for your credit report (usually $45-50) and the appraisal (usually $250-$350), which is required by the lender to determine that the amount of the loan does not exceed the value of the property. These are normally the only charges required by the lender prior to the closing.

Your loan originator understands your concerns and is there to help with the approval of your loan. Feel free to ask questions at the loan application about anything that you do not fully understand. Also, you will receive a GOOD FAITH ESTIMATE OF CLOSING COSTS at this time so you won’t have any surprises at the time of closing.

Total time from loan application to loan approval averages between 15 and 45 days or more, depending on the loan type, market conditions and/or the complexity of verifying the borrower’s information and qualifications.

Go to: ITEMS YOU WILL NEED FOR A LOAN APPLICATION

Homeowner’s (Hazard) Insurance

A Homeowner’s Insurance Policy (or a Binder), also referred to as Hazard Insurance, will be required to be brought to and paid for at closing. This is true in absolutely all cases when financing of any type is involved. Even if you are paying cash for the home, and no one is requiring the insurance, it would be foolish not to protect your investment with Hazard Insurance. There are many variables to consider in choosing which insurer and which policy best meets your individual needs and preferences. These variables should be carefully discussed with your insurance agent before purchasing the policy.

Pete Doty has been a full time, licensed, Colorado Real Estate Broker since 1985
7851 South Elati Street, Suite 204, Littleton, Colorado 80120
Office 303-794-8900 Direct: 303-880-5585
email: Pete@DenverRelocation.com

Relocating? Denver, Colorado is a great place to live. Click here for a free Denver Relocation Guide.

Highlands Ranch Real Estate

Concerned about the process? Need someone to talk to? Contact me.
It's what I do.

Search For Homes Below