The Mortgage Process Explained

Getting a mortgage can be a complex and daunting task. There are a wide range of mortgages to choose from and an even greater range of guidelines to follow.  The Colorado Mortgage Team was founded in 2011 with the mission to empower individuals with the information they need to thrive financially through real estate.  We engineer a 5-star mortgage experience through first class service, expert execution and by educating individuals along their unique homeownership journey and beyond. 

Step 1 - Get Pre-approved

The first step is always to get pre-approved so that you know what your purchasing power is and what that translates to in a monthly payment and cash out of pocket.

This is a 3-step process:  
1. Completing a loan application, 
2. Providing income and asset documents
3. Having your credit pulled and reviewed  

Step 2 - Schedule a Custom Mortgage Analysis

Once you are pre-approved, we will schedule a custom mortgage analysis with you.  This is a visual presentation we go through with you showcasing all your loan options side by side in easy-to-understand charts, graphs and breakdowns.  We explain all your options and make sure to answer all of your questions so that you know exactly what is available to you. 

Step 3 - Engage a Real Estate Agent

Next you want to find the right agent for you.  This can be a tricky process and you don’t want to just use the first one you run into or that distant family member.  Having the right agent in your corner can make all the difference so do your homework.  Remember experience is important but so is personality.  You want to choose the person not the resume.  Here are some helpful questions to ask prospective agents.

  • How long have you been selling real estate?
  • What is your average number of clients?
  • Ask them to tell you about their last buyer and how it went?
  • What areas do you cover?
  • Are you part of a team?
  • Ask for 3 references to contact.

Chemistry is key in this relationship.  Listen for passion, conviction and honesty.  You are looking for someone who has your best interests at heart not theirs.  You want someone who is compassionate and has strong core values.  Trust your instincts but do your homework.  Search them online, read reviews and test their responsiveness with text and email follow ups.  

We have a great list of solid professionals we work with.  If you want a few names to start out with all you have to do is ask.

Step 4 – Find a Property

Once you find a home you want to purchase you will work with your agent to draft up an offer.  We will plug in specific numbers for the property into your mortgage analysis to review.  This way you know exactly what your monthly payment and cash out of pocket will be when you make your offer.  You agent will present your offer to the other side and work to negotiate an accepted offer for you.

Step 5 – Going Under Contract

Once you have an accepted contract you are going to hire a home inspector to check out the condition of the property upfront.  At the same time a copy your contract will be sent over to us the lender. 

Step 6 – Processing of Your Loan Begins

Now that we have your contract your loan file will be submitted to processing.  Your processor will scrub your file and send you an updated list of documents and information needed.  They will order title work, your appraisal and anything else needed for processing.  You will be asked to shop for homeowners insurance and let them know the company you choose to go with.

Step 7 – Your Loan File Gets Submitted to Underwriting

Once you have provided processing with your updated documents they will prepare and submit your file to underwriting.  Once reviewed the underwriter will come back with a list of additional items needed called conditions and the processor will send that list along to you.  Upon providing those items back to processing they will submit once again for a final underwriting of your loan.

Step 8 –Clear to Close 

Once underwriting has received all your conditions back and has signed off on them your file is marked clear to close.  You are now able to schedule your closing time and location.  Your file is moved into the closing department and documents are prepared for the closing table.

Step 9 – Closing Day!

You made it!  You will come to the title companies’ office to sign your final paperwork.  One of us will be at your closing to ensure a smooth process and answer any questions that come up.  You get the keys to your new home and will be able to move in.

    7400 West Jefferson Ave #101 , Lakewood, Colorado, 80235
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