The Loan Application Process - Breckenridge Real Estate

The Loan Application Process - Breckenridge Real Estate

You've found the mortgage you want and you're ready for the next step - the loan application. The process costs anywhere from $100 to $350 and is usually nonrefundable. Lenders levy the fee to cover the costs of running credit reports, filling out mortgage-insurance applications.

What to expect

• You will need raw material, and lots of it, for the application: income and balance-sheet figures and evidence, copies of past income-tax returns and the title to your car. Take the paperwork you gathered during the prequalifying process with you.

• Be prepared to provide the name and phone number of someone who can verify your financial information - most likely your employer's personnel office. If you have substantial nonsalary income from investments, you'll be asked to substantiate this through an accountant, stockbroker, trust officer or similar source.

• Application forms are usually filled out during the interview with the help of a loan officer, but you could fill them out at home and return them.

• In addition to the application fee, you may be asked to pay a "loan origination fee" or "prepaid point" - typically 1 percent of the loan amount - when you apply, before approval is made.

• Find out what will happen to your origination fee if the lender decides not to approve your loan. Will the 1 percent origination fee be refunded? Get the answer in writing before you pay.

From the time you submit your completed loan application - and appraisal and credit reports are received - the lender has up to 30 days to approve or reject your request and inform you of its decision. Make sure you haven't been forgotten or put on the back burner. During the process, remind the loan officer of your settlement date and check on their progress.

Breckenridge real estate offers a wide variety of choices when it comes to finding the
right property. Luxury homes, mountain cabins, townhomes, condos and acreage are
available for home buyers looking to settle in this wonderful mountain town. To buy or
sell in the Breckenridge Real Estate area or any other area in Summit County, contact the
experienced real estate professionals at Ten Peaks Sotheby's International Realty.

If you would like more information about buying or selling in Breckenridge or any other
area in Summit County, contact the experienced local real estate professionals at Ten
Peaks Sotheby's International Realty. For Free listing alert updates check out our website
at www.TenPeaksSothebysRealty.com