In a standard residential real estate transaction, the buyer’s mortgage lender will have the home appraised to determine its current market value. If you think about the times you have applied for a loan, you’ll remember that the interest rate the lender gave you was partly determined by your credit score, your debt to income ratio, and the amount of money you were planning to put down on the loan. How can I get information on mortgage loan options? Like Cherry Creek Mortgage Company on Facebook, Follow Cherry Creek Mortgage Company on Twitter, Follow Cherry Creek Mortgage Company on LinkedIn, Check out Cherry Creek Mortgage Company videos on We strive to provide five-star service to every customer, making sure you not only find the best mortgage solution for you now, but the best financial plan for you and your family's future. NV, When is it time to stop renting and buy a home? is a wholly-owned subsidiary of JPMorgan Chase & Co. Chase's website and/or mobile terms, privacy and security policies don't apply to the site or app you're about to visit. The NMLS ID is a unique identification number that is issued by the Nationwide Mortgage Licensing System and Registry (NMLS) to each Mortgage Loan Originator (MLO). This is another reason why mortgage lenders can take a long time when processing loans. Cherry Creek Mortgage Co., Inc. does not manage or control the content of third party websites. We are often asked why there is so much paperwork mandated by the bank for a mortgage loan application when buying a home today. See our current refinance rates and compare refinance options. 21 likes. In 2014, a new set of mortgage rules took effect, and they’ve had an impact on how lenders originate home loans. Some loan products may not be available in all states. If you plan to be in your home for more than seven years, you may want to consider a fixed-rate mortgage, which offers predictable payments and long-term protection against rising mortgage interest rates. But if the mortgage company has a backlog of applications, and/or the borrower has a host of financial and paperwork issues, it can take a relatively longer time. When debating between renting vs. buying, you need to think about your lifestyle and finances. We offer pre-approvals, consultation, mortgage planning and refinance options to help you make the most of your home ownership journey. SAFE Act: Chase Mortgage Loan Originators. Consulta las políticas de privacidad y seguridad del sitio Web de terceros. Get convenient online access to view and e-sign forms, upload documents, track your status and communicate with your Chase home lending team. Here are some factors that might cause a mortgage lender to take a relatively long time with processing. Loan officers, processors and underwriters, oh my! There are some common scenarios that can lead to a longer processing time. It seems that the bank needs to know everything about us and requires three separate sources to validate each-and-every entry on the application form. These are some of the strongest factors that influence rates (though they’re not the only ones). Granted, some lenders have made big advancements with streamlining in recent years. If you have questions or concerns, please contact us through Chase customer service or let us know about Chase complaints and feedback. Cherry Creek Mortgage Co., Inc. NMLS #3001. Chase has home mortgage, low down payment, and jumbo loan options to purchase a new house or to refinance an existing one. Underwriters often request additional documents. Please review its terms, privacy and security policies to see how they apply to you. Rates shown are not available in all states. Our home equity line of credit lets you use a home's equity to pay for home improvements or other expenses. Keep in mind that with an ARM, your monthly payments have the potential to go up each time your interest rate adjusts. Please review its terms, privacy and security policies to see how they apply to you. Instead of concentrating on the additional paperwork required, let’s be thankful that we are able to buy a home at historically low rates. Think of a snowball getting larger as it rolls downhill. Rate, points and APR may be adjusted based on several factors including, but not limited to, state of property location, loan amount, documentation type, loan type, occupancy type, property type, loan to value and your credit score. Get started online, speak to a Chase Home Lending Advisor, or check out our Learning Center. All home lending products are subject to credit and property approval. Home lending products offered by JPMorgan Chase Bank, N.A. Copyright ©2020 Cherry Creek Mortgage Company. See our current mortgage rates, low down payment options, and jumbo mortgage loans. And additional documents might be requested at each stage. Whether you want to purchase a new home, refinance or access cash with a home equity line of credit, we offer a variety of options and expert advice to help achieve your goals.