Sierra Pacific Mortgage Company, Inc-Colorado

Self-employed income can be used to qualify you for a mortgage loan. We will do a review of required documentation, as well as your credit score, and debt to income ratio to determine your loan eligibility.

Timing can depend on how soon you would like to buy a home. Our team will do a consultation and help plan out your home timeline. We can give you an accurate picture of what you can afford, and then when you are ready to home shopping, we pull the trigger on your pre-approval sometimes weeks or months in advance.

A pre-qualification is a basic review of your finances to determine if you can qualify for a mortgage. A pre-qualification is based off of unverified information and therefore is not a firm guarantee of a loan. A pre-approval is a verified review of your employment, finances, and credit check and supporting documentation requirements.

Your escrow account is an account that is attached to your mortgage that handles the expenses of your property tax and home owners insurance. At the time of closing, you will pay a prepaid portion into this account and continue to add to it with your monthly mortgage payment. Your taxes and insurance will be paid out of this account when they become due.

During your consultation and application phase, we will review your income and assets. Documentation requests will vary depending on your loan eligibility and income type. Be prepared to provide income documents, bank statements, and proof of your down payment and funds to close.

During your mortgage consultation, we will discuss your budget and financial goals. Your term can depend on how far you would like to stretch that budget. Shorter terms usually have lower rates with higher payments. A longer term can cost less per month, allowing you to afford a higher priced home.

Depending on a home purchase or refinance, we will provide you with different rate options based off today's mortgage interest rates. Once you decide which rate you would like to move forward with, we will lock it in for a predetermined period.

There are several different types of mortgages to choose from. During our consultation with you, we will ask specific questions pertaining to your credit worthiness, income type, down payment savings, military status, and area that you plan to buy a home. With this detail we can determine which mortgage type will be the best fit for your qualifications.

Closing costs can vary and they refer to the all of the charges that you will pay at the time of closing your loan. These charges can include loan origination fees, title fees, prepaid amounts for your taxes, insurance, and HOA, and more.

Credit scores do play an important part when buying a home. Our team can help determine if your scores will meet the minimum requirement or if some work needs to be done to boost up your score.

Sierra Pacific Mortgage offers home loan products that offer options from zero to minimal down payment requirements. We can help determine what loan product you can be eligible for or help you plan a timeline for savings.

We offer free mortgage consultations to help you accomplish your home ownership goals. Our team will work with you to strategize the best mortgage loan to fit your financial needs.