The Mortgage Process Timeline
This is the first step to getting your mortgage. You’ll want to find a mortgage lender, and have them put together a pre-approval to buy a home. This can take one to three days and will give you a good estimate for how much you can afford in your monthly payment - and ultimately the home you can afford.
Find a Home and Submit an Offer
Now it’s time to work with your Colorado Springs real estate agents to find homes that fit within your budget and your lifestyle. We can help you find something in the right area, for the right price, and after that, it’s time to submit an offer. This can take anywhere from one to four months - or more! It all depends on what’s available on the market and how that works with your stipulations.
Finalize the Loan Application
It’s time to finalize the loan application and update all of the documents. Purchasing a home involves a lot of paperwork, but that’s the advantages to having a mortgage company and a buyer’s agent. We can help you sort it all out and make sense of the red tape. This step will generally take anywhere from one to three days.
Process the Loan
Your lender is going to assign a processor who packages your file and keeps track of the progress, this can take somewhere between five and fifteen days. That all depends on your lender, though, so make sure you keep in contact with them.
Underwriting
An underwriter will verify that the loan fits all of the guidelines and then they will issue mortgage commitment. This could take up to twenty days, though, so even though you may feel like you’re in the home stretch, you’ll want to be prepared.
Pre-Closing
The last details are now finalized by the lender. This can include details like the title rundown and title insurance. This is typically a faster part of the process and normally takes between three and five days.
Finally, an attorney can finalize the paperwork, issue a closing disclosure, and now you can sign and take ownership! Expect this whole process to take between five and seven days, roughly.
Colorado Springs Real Estate
When buying your first home, all of the details can seem a little daunting - but that’s why you hire the best real estate agents in Colorado Springs. We are here to help you walk through the process, and come out on the other side with the home of your dreams. Visit our website to learn more about our buying process, as well as some information about lenders in the area.
Mike MacGuire
Colorado Springs Real Estate Agent
The MacGuire Team
6760 Corporate Dr
Ste 300
Colorado Springs, CO 80919
719-536-4324 or 719-660-6793
Mike@BuyWithMike.com
Comments