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The 3S Approach

-The Setup

Types of Agents
How to Select an Agent
Prequalified or Pre-Approved
7 Reasons to buy a home
Moving with Teenagers

-The Selection

How to Find a Home
50 "Things To Watch"
when viewing a home

9 Types of Loans You Should Know

-The Sale

What is a Sales Contract
Finding Quality Inspectors
10 Ways to Ascertain a Down Payment
How Lenders Approve Loan Applicants
Definitions of Closing Costs

Buyers' Resource Section:

-How Lenders Approve Loan Applicants-



Excellent you have pre-qualified for a set amount of money. You have chosen a home. Now you need the lender to approve you for the loan on this purchase. You have the whole application "package" filled out. Why on earth does it take so long to get approved for my loan.

Well while you are anxiously awaiting word on whether you can have that house, your lending agent is doing the following things;

  1. Appraising the home to determine if the house is worth what you are paying for it.
  2. Verifying employment, credit history, debt paying ability, to determine the risk.
  3. Verifying accounts have adequate funds to satisfy closing and down payment responsibilities.
  4. Ordering a slew of inspections on the home to determine it's structural integrity, check completion of repairs agreed upon by seller and buyer, check for termite infestation, and more.
  5. Ordering the title search through some sort of legal representative. This ensures clear transfer of title to you after the purchase.
  6. Verifying hazard insurance coverage is adequate in the event of fire, smoke, hail, tornado, hurricane, etc. This step ensures the home investment is protected from major loss.

Once all of the hurdles above have been cleared, the lending institution's loan committee will review your application. This committee will either approve or deny your application. Once approved you will receive written confirmation of the amount, rate, and payment. The lending institution will then request a signed confirmation so that they have the final contract in writing.
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Karen Nichols - Realtor
REMAX Alliance Real Estate
Evergreen Colorado REALTOR
Direct:303-888-5766

Contact Karen - REMAX Alliance

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  © Broomfield-Designers.com in association with Karen Nichols - REMAX Alliance Real Estate Group - Evergreen, Colorado
  The information contained on this REMAX Evergreen Colorado real estate website is deemed reliable, but not guaranteed and does not constitute an offer to sell. Prices, availability and other Evergreen Colorado real estate information is subject to change without warning.