MLS4owners has partnered with Cobalt Mortgage to provide our clients with the best mortgage advice available on the market today.  Consumers have many choices in selecting a company to handle the largest financial decision of their life, their mortgage.  Cobalt Mortgage has the power of a mortgage bank and the flexibility of a mortgage broker.  We approve loans locally and in a timely fashion.  Our knowledgeable loan officers are the conduit between the underwriter and you.

Foundation

Before one looks for a home, it's imperative to know what financial options are available.  The main issues to address are monthly budget, down payment, and assets available in the bank.  We feel our clients should have a solid financial base and understand the key concepts of money management. 

Pre-Approval Process

At Cobalt, we believe in giving you realistic expectations of what you can afford before you begin shopping for your home.  Knowing your budget and loan program strategy will give you confidence to make an offer that makes sense.  In the pre-approval process, you should be prepared to fill out a simple loan application, provide income and asset information, and have your credit reviewed.

Credit

Your credit score impacts all phases of the approval process.  Most lenders have minimum credit thresholds to allow you to qualify for a loan.  In addition, your credit score can save you thousands of dollars in interest and closing costs if you manage it correctly.  We also realize that some people have had credit problems in the past and they are working on getting their credit in good standing in order to purchase a home for their family.  Cobalt works with many credit types with the same goal in mind, helping our customers successfully purchase homes.  Our loan officers are skillful at analyzing your credit and helping you to maximize your score.

Loan Programs and Down Payment

Many products are available today which require less than the standard 20%.  In fact, we have a mixture of products from zero down to 5% down.  We help many customers with government lending programs including USDA, VA, and FHA.  Since each loan program has different requirements, we will combine your goals with the proper loan program and strategize to find the one that makes the most sense.  

Inspection

After a successful offer is accepted by the seller, a home inspection is highly recommended.  The purpose of a home inspection is to evaluate the condition of the property and ensure the home does not have any significant repairs needed.  The inspection will help give you peace of mind knowing your new home is in good condition.

Appraisal

Once the inspection is complete and everyone has agreed on the repairs, an appraisal is ordered to determine the value of the home.  In today's market, the appraisers are independent and not influenced by any of the interested parties.  Appraisers will look for comparable sales in the area and make an assessment of the value.  They also look for any obvious repairs which will be needed before you can close on your home.

Escrow Closing

Once your loan is approved your official loan documents are sent to escrow for your signing appointment.  The escrow officer completes the HUD settlement statement and delivers the final numbers for all closings costs and cash to close.  Once you sign the documents and they reviewed by the lender, the lender will send the proceeds to escrow and instruct them to record the transaction with the county.  After the loan is properly recorded, you are the official owner and will take possession of the home according to the purchase and sale agreement; usually within 3 business days.

You can reach Teresa Nye of MLS4owners Mortgage supported by Cobalt Mortgage at MLS4owners@CobaltMortgage.com or 253-380-4079