Purchasing in Colorado

 

 

What’s the Difference Between a Pre-qualification, a Pre-approval and a Conditional Approval?
Pre-qualification

A pre-qualification just means someone has glanced at your credit and income and has determined that you are able to purchase. 

Pre-approval

A pre-approved loan is one that has been run through an automated underwriting system which evaluates the homebuyers credit, income and assets. This automated underwriting system is used for FHA, conventional, VA and USDA loans. It is also important that the homebuyer provides paystubs to make sure their income is properly calculated. 

Conditional Approval

The loan is run through an automated underwriting system and then submitted to an actual underwriter for approval. Unlike a pre-qualification or pre-approval, to get a conditional loan approval, the borrower must submit ALL of their loan documents up-front. Since there is no property yet, the approval will be contingent on a few remaining items such as the appraisal, title insurance. For the most part the hard work is done and the homebuyer can begin their home search.

**List Of Required Loan Documents**

Let Us Help You Purchase Your New Home!

Get a huge advantage over other buyers by having your loan completely approved before you start looking at homes. Here are a few reasons why getting a conditional loan approval will put you ahead of the rest!

• Avoid delayed closings.
• No more feeling rushed.
• Focus on finding a home instead of whether you’ll get approved.
• Close in less than 30 days.
• Seller will be more willing to accept your offer over others.

What Makes Us So Good?

• We offer very competitive wholesale rates. This will help you get the lowest monthly payment and save you thousands of dollars over the life of the loan.

• Less than 20% down? No problem! We do conventional loans with only 3% down with or without mortgage insurance.

• Close your loan faster. Our processing department is lightning fast and we’re always working hard to make sure your loan is processed and closed in a fast and timely manner.

• Seller not willing to pay for closing costs? No problem! Get premium pricing to cover all your closing costs and submit a competitive offer to the seller!

What Documents Will I Need?
Check Out Different Loan Programs

First-Time Homebuyer? Let us guide you through your first home purchase

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