Tuesday, November 29, 2016

Denver Sale Isn't Final Until It's Funded

"Mortgage brokers"in Denver used to be far & few between, but they are making a comeback. They promise the moon and stars of lower interest rates and costs and yet cannot deliver. Denver s Professional Realtors always seem to have dependable, respected lenders, who will tell you the truth, not pump you full of promises. Rates are not the only savings a lender can offer you but read on, then call me at 720-989-6768 to discuss putting together a plan to get you moved into a new place here in Highlands Ranch, Littleton or Denver.We should talk!

Mortgage approval isn’t final until it’s funded.  Things can change prior to the loan being closed that can affect a pre-approval such as changes in the borrowers’ financial situation or possibly, factors beyond their control like interest rate changes.Denver Home Buyer

Good advice to buyers is to do nothing that can affect your credit report until the loan closes. Opening new credit cards, taking on new debt for a car or furniture or changing jobs could affect the lender’s decision if they believe you may no longer be able to repay the loan.

The benefits of buyer’s pre-approval are definitive: it saves time, money and removes the uncertainty of knowing whether the buyer is qualified. The direct benefits include:

  • Amount the buyer can borrow - decreases as interest rates rise
  • Looking at “Right” homes - price, size, amenities, location
  • Find the best loan - rate, term, type
  • Uncover credit issues early - time to cure possible problems 
  • Bargaining power - price, terms, & timing 
  • Close quicker - verifications have been made

It is a very common practice for mortgage lenders to require income and bank verifications and to re-run the borrowers’ credit one final time just prior to closing. Mortgage approval isn’t final until it’s funded.

My Denver area recommended lenders can be found at DenverRelocation.com/lenders.shtml. They won't let you down. And when they say you can get a loan, I believe them! Yet sometimes their personality may not fit you. If you are concerned, about that, reach out to me by clicking here so we can talk about what you are looking for in Denver.

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