You need to break free from the inherent restrictions of the traditional steps of prequalifcation-buy-apply. This timeline is followed by 92% of borrowers ... and is the source of almost all the anxiety in buying a home.
Many lenders offer so-called "preapprovals" or "prequalifications." What does that mean? Nothing, legally. The Washington Post recently wrote that many lender "pre-approvals" aren't worth the ink they're written on ... and cause costly delays and blowups for home buyers.
"Preapprovals" and "prequalifications" are simply informal assessments of your capability as a homebuyer and are not legally binding. You don't have a loan commitment.
Ask your attorney whether you are putting your earnest money at risk by relying on a non-binding "preapproval" or "prequalification."
You've either completed a mortgage application or your haven't. You are either approved or not approved.
HeadStart Mortgage™ Program
Our HeadStart Mortgage™ is the critical first step in increasing your buying power by allowing you to more effectively use financing to negotiate for your new home.
Cherry Creek HeadStart Mortgage™ can save you time. It can save you from anxiety. With HeadStart Mortgage™ you are a cash buyer. And that saves you money. The National Association of Realtors© says cash buyers negotiate 5%-7% better terms.
With Cherry Creek HeadStart Mortgage™ you have an approved, underwritten commitment for your mortgage. You have to find your dream home, then title has to be clear and an appraisal completed. But you will have no conditions that you have to meet.
Cherry Creek HeadStart Mortgage™ means you apply for and document your loan application before you begin looking for a home. You negotiate for your new home with the power of a cash buyer.
We'll help you prepare every step. So it's time to start getting prepared:
Review our preparation checklist.
Consultation Agenda
- When you meet with your Cherry Creek Mortgage Consultant, you need to look beyond the limited financial snapshot that is typically the subject of "pre-qualifying." Our agenda includes the following:
- Developing a plan to what we call the New Rules of Mortgage Financing: Yours.
- Determining the payment you can afford ... your "comfort zone" in a home payment. The bottom line isn't some formula of ratios to your income and obligations. It's about you knowing that your home payment fits your needs and your budget.
- Comparing available programs and program options to improve the buying power of your "comfort zone" payment.
- Cherry Creek Mortgage Company's exclusive MoveUp HomeBuyer's Tax Analysis™ that can reveal hidden cash-flow available to budget towards a new purchase.
- Selecting the right program for your needs.
- Power HomeBuying™ analysis to get the most home for your comfort zone payment.
- Choosing to pay or not pay points for a lower interest rate.
- Taking advantage of points a seller may pay on your behalf. Developing strategies to encourage a seller to do so. Examining unique tax benefits to you of this planning strategy.
- Managing interest rates and your long-term lock options using our exclusive Daily Market Report trend analysis with automatic alerts when opportinities arise to lock a loan, refinance an existing loan or plan ahead of a change in an Adjustable Rate Mortgage.
- Managing your assets and defining how much you should invest.
- Reviewing long-term amortization and ways to save you tens of thousands of dollars by managing your equity investment.
- Discussing benefits of income tax deductions available only to homeowners.
- Positioning your purchase as an investment.
- Avoiding compromises on the home you can truly afford.