Mortgages are complex, but at Community Banks of Colorado we’re here to help. Whether you’re buying your first homerefinancing your current home, or buying your dream home, we’ll walk you through the process every step of the way.

Our Mortgage Bankers are passionate about helping families live a better life! And, along with their expertise, we’ve managed to simplify the mortgage process by tailoring it to fit your needs, and cutting down on approval time. So, what exactly goes on during the mortgage lending process? Go ahead and take a look at what you can expect.

 

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  • An Adjustable Rate Mortgage, commonly referred to as an ARM, is a loan type that allows the lender to adjust the interest rate during the term of the loan. A Fixed Rate mortgage in which the monthly principal and interest payments remain the same throughout the life of the loan. The most common mortgage terms are 30 and 15 years. With a 30-year fixed rate mortgage your monthly payments are lower than they would be on a 15 year fixed rate, but the 15 year loan allows you to repay your loan twice as fast and save more than half the total interest costs.

  • The APR on your loan is required by the Federal Truth in Lending law. The APR is designed to present the actual cost of obtaining financing, by requiring that some, but not all, closing fees are included in the APR calculation. These fees in addition to the interest rate determine the estimated cost of financing over the full term of the loan. Unfortunately, the APR doesn’t include all the closing fees. Do not forget that the APR is an effective interest rate-not the actual interest rate. Your monthly payments will be based on the actual interest rate, the amount you borrow, and the term of your loan.

  • You’ll receive a report of the appraisal of your property at your loan closing. An appraisal of your property is required to determine the value of your property. Appraiser’s qualifications and credentials are determined by national industry standards and most states have additional licensing requirements. It is not uncommon for the appraised value of a property to be exactly the same as the amount stated on your sales contract.

  • Yes, you need an appraisal and home inspection which are designed to protect you against potential issues with your new home. Home inspectors generally perform a detailed inspection and can educate you about possible concerns or defects with the home. This is your opportunity to gain knowledge of major systems, appliances and fixtures, learn maintenance schedules and tips, and ask questions about the condition of the home.