The Mortgage Process Timeline

You’ve decided to take the plunge and buy your first home, but do you even know where to start? One of the first, and most important things you can do to get yourself started on the right foot is getting your mortgage squared away. This can be an intimidating process, and it can require a lot of preparation and patience - but when done correctly can help the purchase of your Colorado Springs home go much smoother. Here is a basic mortgage process timeline to help give you an idea of what will be required for you to get your first home in Colorado Springs.

Pre-Approval
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.

Close
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

SaveSave
Location: Colorado Springs, CO, USA

Comments

Post a Comment

Popular posts from this blog

The MacGuire Team & US Military

Image
Memorial Day is one day out of the year where we remember the men and women who have died for our country in the military. The MacGuire Team wants you to know that we also remember our military who are currently serving and their family. Because of this, we have provided the #1 Military Relocation Service in Colorado Springs . Moving can be stressful enough without having to add in other stressors like fast turn around times and another spouse who is left to handle everything. Here are just a few ways The MacGuire Team can make it easier with our  military relocation service . Colorado Springs Military Relocation Service Military families have special needs when they move. Distances are vast and time is of the essence. The MacGuire team understands that the 10-day window before reporting for duty at the new assignment is crucial to your relocation. Often, one spouse has the responsibility to choose a new home for the entire family. Or when selling, the remaining spouse must deal w
Read more

Mike McGuire's Real Estate Selling Strategy

Image
When selling your home, there are several ways you can accomplish it - but there are some ways that are better than others. When you hire the best real estate agent in Colorado Springs we use our 25 years of experience to not just sell your home, but to sell your home at the highest price possible in the shortest amount of time. Selling your home can be an overwhelming process, but our team is ready to assist you with ALL of the details. We have a very specific selling strategy that can give us the ability to make the most of your unique selling situation and sell your home as fast as possible. Here is how we accomplish this: Condition There are a few factors that go into selling your home: condition and price. The real estate market controls the price, but you can control the condition. Our team of agents can help you prepare your property for the market with advice that is time-tested. Our comprehensive listing enhancement services provide you with professional home stagi
Read more

Real Estate: We are NOT the Only Ones Saying You Should Buy

Image
By KCM Crew We have never hid our belief in homeownership. That does not mean we think EVERYONE should run out and buy a house. However, if a person or family is ready , willing and able to purchase a home, we believe that owning is much better than renting. And we believe that now is a great time to buy. We are not the only ones that think owning has massive benefits or that now is a sensational time to plunge into owning your own home.  Here are a few others: Benefits of Owning Joint Center for Housing Studies, Harvard University “Homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord…Having to make a housing payment one way or the other, owning a home can overcome people’s tendency to defer savings.” The Federal Reserve “Renters have much lower median and mean net worth than homeowners in any survey year.” Benefits of Buying Now Trulia “Buying costs less than renting in all 100 large U.S. metr
Read more