You may wonder what your lender is doing while you are out shopping for a property.  Here is a snapshot of what your lender may be doing for you.  In Denver’s aggressive market your lender will be reaching out to the listing agents on any offers you are putting in on a property.  As the lender, we want to be proactive and contact those agents letting them know you are a qualified buyer.  We let them know all your assets & credit have been reviewed.  We work together with your Real Estate agent in making your offer as strong as possible. We are your team, backing you up every step of the way.   Showing them that we have done the vetting process and possibly have done a credit approval.  Credit approved is when your file has been sent to underwriting, which can may your offer as good as cash.

If you haven’t been offered a credit approval from your lender already, then you should ask your lender about this process. I highly suggest getting it done.  This way, while you are out shopping you can be tackling any credit conditions that an underwriter may need.  It is better to get those items cleared out of the way before being under contract because it will make your purchase much smoother, with less stress.  When you are under contract you are on a timeline and its “crunch” time so wouldn’t it be great to have half the work completed prior to going under contract?  Yes.

If you are credit approved than all that is left is the property.  Getting an inspection, appraisal and the title.  Which leaves little to nothing left for you to complete.

If you have any questions or would like to learn more about credit approval, give us a call.