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What to Expect with your Mortgage Loan

What to Expect with your Mortgage Loan

If you’re looking to purchase a new home or refinance your current home, our mortgage loan experts are here to help! Once you’ve applied for a mortgage at one of our branches or online, together we’ll follow the steps below to get you the right mortgage in the shortest time possible. You will be matched up with a mortgage expert who will be your go-to person throughout the mortgage process. 

Step 1

We'll pull your current credit report and discuss your available loan options based on your credit. We'll calculate closing costs and payments and provide you with a Loan Estimate.

 

Step 2

We’ll request documentation to verify your income and loan eligibility. Here is a list of documents you may need:

  • Most recent 30 days of paystubs; or if self-employed, copies of your last two years' tax returns.
  • W2 from the previous year.
  • Most recent 2 months of statements for any new assets listed on the application.
  • Current home owner's insurance policy.
  • Most recent monthly billing statement for any existing loan against your property.
  • Contract to purchase. (If you are buying a new home.)

Required documentation will vary based on your application.

 

Step 3

We’ll invite you to utilize Credit Union of Colorado Application Tracker at mo.cuofco.org. Application Tracker lets you securely upload documents and will send you email and text updates regarding your loan status.

  Application Tracker

 

Step 4

The appraisal step is required for home buying and refinancing and is a safeguard against spending more on your home than it’s worth. Appraisers are third parties and will realistically appraise your property for its actual worth.

 

Step 5

After steps 3 and 4 are complete, we’ll complete the final underwriting, verify property taxes and homeowners insurance, and obtain final payoff on your current loan (if you are refinancing).

 

Time to close your loan!

We schedule your closing when you’re ready. We’re here to help make the closing process as quick as possible.

 

Our mortgage loan experts want to guide you through the home morgage process with upfront information on closing your loan. For more information and to speak with a mortagage loan expert, call 1-800-444-4816 or schedule an appointment at any one of our branch locations.

 

What to Expect with your Mortgage Loan | Credit Union of Colorado

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