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FAQ's

Frequently Asked Questions

Consumer Questions:

Q - What is the most efficient way to refinance my mortgage?

A - Click here to review our process.

Q -  How does the loan process work when I am purchasing a home?  Click here to see a flowchart of the process

A - The loan process can be broken down into 6 simple steps:

1)  Organize Your Documents

For purchasing or refinancing your home/rental property:

• If you are salaried: provide your last two years W-2's and one month of pay-stubs; (That's 5 paystubs if paid weekly, 3 if paid every 2 weeks, 2 if paid twice monthly, and 1 if paid monthly)
• If you are self-employed: provide your last two years tax returns (business and personal, all schedules) and a YTD profit & loss statement.
• If you own rental property, please provide rental agreements and mortgage statements. 
• To verify assets, please provide 3 months bank statements for each of your checking, savings & investment/retirement accounts.
• A copy of divorce decree, if applicable.
• A copy of your Bankruptcy Papers (all schedules including the discharge notice) if applicable.
• If you are NOT a US citizen, please provide us with a copy of your green card (front & back), or if you are NOT a permanent resident, please provide us with your H-1 or L-1 visa.
• If you're applying for a refinance or home equity loan, please provide a copy of your current mortgage statements AND a copy of your homeowners insurance declaration page. Click here to print a copy of this list.

2)  Get a NOLA!  (Notice of Loan Approval)

Getting pre-qualified before you apply for a loan can help you understand how much you can borrow, and when buying a house, you can get pre-qualified or pre-approved, but that's like being pre-pregnant - YOU'RE  NOT!  You can get pre-qualified over the phone or on the Internet in a few minutes.  A pre-qualification is not a NOLA, or Notice of Loan Approval, where you go through a more rigorous process including verification of your credit, income, assets and liabilities. We only issue our clients NOLA's. It is highly recommended that you get a NOLA before you start looking for a house. This will help you by:

• Finding out the maximum house you can buy, so you don't waste time looking for properties you can't qualify for.
• Putting you in a stronger position when you are negotiating with the seller, because the seller knows that your loan is already approved.
• Allowing you to close quickly, since your loan is already approved.
• Avoid all the last minute "just one more thing" issues that make the closing of most loans at other companies so stressful. We will close your loan "On Time, Under Budget, with No Surprises".

3)  Decide on the best Loan Program & Rate/Cost structure for your unique situation.

At the time you apply for a loan, we'll discuss with you available mortgage programs & pricing.  To make a more informed decision, regarding which program is more beneficial to you, you need to consider the following things:

• Think about how long you want to keep the loan.  If you plan to sell your house in a few years, you may want to consider an adjustable or a balloon loan and you should be especially conscious of the amount you will pay in closing costs.  On the other hand, if you plan to keep the house for a longer time you may want to look at fixed loans.  You need to pick the loan that best fits your lifestyle & future plans.  We will help you do that.
• Understand the relationship between rates and closing costs:  The closing costs you pay and your rate go hand in hand.  You cannot talk about one without the other -- this is the most misleading thing about all the mortgage ads you see and hear. Points (a point equals 1% of the loan amount) are considered to be prepaid interest and are tax deductible.  The more costs & points you pay, the lower the rate you will get.
• Keep an open mind regarding pricing options.  Remember this phrase: The total cost of the loan is what matters most.

4)  Apply for a loan

Once you've gathered all your documents & have spoken with us regarding loan program & pricing options, it's time to apply for the loan.  At the time of application, we will present you with a completed loan application & preliminary loan disclosure documentation for your signature, as required by Federal law.  You've made no permanent commitment here, you've just agreed to investigate whether you can qualify for your chosen program.  

5)  Obtain Loan Approval

Once your loan application & preliminary loan documents have been signed, we will start the loan approval process immediately. This involves verifying your credit history, employment history, assets (including your bank & investment accounts), and the value of the property in question.  Based on your specific situation, additional documents or verifications may be required. To improve your chances of getting a loan approval, be sure you:

• Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.
• Continue to make on-time payments on all credit accounts, even if you plan to pay off credit accounts in a refinance.
• Avoid making credit account purchases. Any credit debt increases may prevent you from being approved.
• Do not move money into your bank accounts unless it can be traced. 
• Plan to be in town around the closing date, as you will need to be available for signing documents. 

6)  Close The Loan

After your loan is fully approved & loan conditions have been met, you will need to sign the final loan documents. This is typically done at an escrow or title company.  Be prepared to:

• Bring a cashiers check for your down payment & closing costs (if a purchase). Personal checks are not acceptable.
• Review the final loan documents. Make sure that the interest rate and loan terms are what you thought the were, and that the name and address on the loan documents are accurate.

Colorado is a "Good Funds" state, meaning that your loan will fund the same day you sign the loan documents. That is the same day we will have your funds at the closing title company, and that you must have your "cash to close" funds available.  On owner occupied refinance & home equity loan transactions, federal law requires that you have 3 days to review the documents before your loan transaction can close.

Realtor/Affinity Professional Questions:

Q - What are the benefits of the Preferred Provider Program?

A -  Please see below:

Real Estate Professionals - Please Click Here for information.

Legal Professionals - Please Click Here for information.

Insurance Professionals - Please Click Here for information.

Financial Planners - Please Click Here for information.

Enrolled Agents/Tax Pros. - Please Click Here for information.

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