Golden, CO Mortgage and Home Loan Process
Living in a house that's yours, all yours — it's a mission that unifies all kinds of people! And it's a process that you can get assistance with along the way. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Golden, CO. Our mortgage professionals can help you work through your unique situation and suggest the best options for you at every turn.
Our mortgage professionals can even lend a helping hand as you begin your hunt for a new house. They can get you started with Mr. Cooper® Agent Assurance, a large group of industry-respected real estate agents who can assist with the buying and selling process. And if you'd rather search at your own pace, you can get started on the Mr. Cooper StreetSmarts site. On the MLS site, you can compare Golden homes, check your home’s value, and set up Home Alerts to find your dream home. And guess what? If you choose to buy a house with a Mr. Cooper mortgage, we'll pay for your move (up to 50 miles).
Before we get too far down the rabbit hole… You're interested in the home loan process in Colorado. Why might a person need a home loan in the first place? A home loan helps you buy a house sooner than you might otherwise be able. In some situations, it can also offer tax perks. Plus, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. These facts apply to the home loan preparation process everywhere, not just in Golden, CO.
The Golden real estate scene is a busy one, and you probably want to move fast — especially if you found a house you can't live without. We get it! Here are a few of the most important steps in the CO mortgage loan process.
Start by thinking about how long you'll be in your new home. Is this a soon-to-be investment property? Or will you be planting some deep roots in Golden? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. The interest rate on a fixed-rate home loan doesn't change (unless you refinance). But if you're planning on being in and out fast, then you might want to go the adjustable-rate route for your Golden mortgage. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. After that deadline, the rate can go up or down at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.
Next, complete your CO lender's loan application process. The process varies from lender to lender. Usually, though, you'll need to provide the following information: Social Security numbers, pay stubs, income sources, purchase contract, credit check authorization, the address of the property you'd like to buy, banking details, and the amount of money you're looking to borrow.
From there, your lender will provide you with a loan estimate. The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Remember that your loan estimate doesn't mean you've been approved or denied for a mortgage in Golden. It's a bit of preview, and you can get multiple loan estimates to compare and select the right loan for you.
Work with Mr. Cooper when going through the mortgage process in Golden and we'll look at your situation and give you a Verified Approval letter — a super-accurate estimate of what you can borrow! This letter carries weight with realtors and home sellers because it shows you are serious and can buy a home. Not every lender offers Verified Approval letters as Mr. Cooper does.
Just ask! It's normal to have questions about the home loan process. The FTC urges home shoppers to inquire about additional fees, the loan's annual percentage rate, any special programs, and whether the quoted rate is the lowest for the week or day.
The Final Step for a Home Mortgage in Golden, CO
The ball is in your court at this point! Compare your mortgage offers and choose the one that's best for you. Think about the nuances of each, from the loan term to the interest rate. A Mr. Cooper mortgage professional can even help you weigh the benefits and drawbacks of each. Following your selection, your lender may approve your loan and send over a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Colorado. A Closing Disclosure is a more formal write-up of your initial estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.
Closing on a House in Golden, CO
Once your home loan is approved, it's time to close on the home you want in Golden! At this stage of the home loan process, your broker and closing attorney are brought into the loop to verify the closing costs. Depending on your location, you may also be required to work with a closing attorney in Golden who will schedule a time with you to sign your loan documents. You never have to worry about your closing date flying by and leaving you in a pinch. We guarantee we’ll close your loan on time, or your first month’s mortgage payment (principal + interest) is on us*.
You're in the home stretch once you've signed the documents! You've completed the mortgage process in Golden, and it's time to celebrate. Your Golden house is now your home! Does that all sound too easy? Call Mr. Cooper. We strive to make the Golden mortgage process an easy one.