Denver Colorado Mortgage Tip: 7 Must Ask Questions When Selecting Your Colorado Home Loan Broker
ByToday’s Denver Colorado Mortgage Tip is a recap what you should ask when selecting your Colorado Home Loan Broker. Again, first check the Colorado DORA website, to make sure that he/she is licensed. These questions will help ensure that your next Denver Mortgage or Colorado home loan is not a “Bad” one.
7 Must Ask Questions - Mortgage Denver Broker
What is your rate for a FHA 30 year fixed loan? It doesn’t matter what the loan program you ask about, but what the response is. If the Mortgage Denver Broker gives you a rate without asking any questions, just thank him/her and hang up. You want a “Professional” Colorado Home Loan Broker, not “An Order Taker”.
Do You Own Your Home? This next question is if the Mortgage Denver Broker asked you a lot of questions to properly determine what your situation is and what your Denver or Colorado home loan goals are. You want someone who has been through the process.
How Long Have You Been Doing Denver Colorado Mortgages? You want someone who has at least five years of experience to do your Denver mortgage.
What Denver Home Loans Do You Offer and What Is Your Niche? As Brokers, we usually have the same programs available with the exception of Government loans i.e. FHA/VA. The reason for that is you have to get approved to offer these programs and some Denver mortgage companies won’t spend the time and money to get approved. If they answer that they can do ALL loans and don’t have a niche, this is a Red Flag. You want a Specialist.
Why Should I Get My Denver Mortgage or Colorado Home Loan From You? You are looking for details of exactly how he operates and not just he will provide great service and/or you will get you the lowest rate. Don’t fall for “BS”.
How Do You Determine When to Lock My Denver Colorado Mortgage or Colorado Home Loan? Unless he immediately gives you specific tools that he uses, don’t trust or use him. You should hear names like Mortgage Coach RATEWatch, RateAlert, Mortgage Market Guide, or RateLink. It’s not as important as to which service he uses, but that he is using at least one. You want to protect yourself from the big rate swings and get a good rate.
What Denver Mortgage or Colorado Home Loan Do You Recommend that I Get? If you get only one recommendation, don’t use him. You should get several options to choose from so you can achieve your financial goals and get the “Right” Denver Colorado Mortgage or Colorado Home Loan.
The next Denver Colorado Mortgage Tip will address the new HUD “Shopping for Your Home Loan” booklet that is required to be given to you by your Mortgage Denver Broker prior to your Denver Colorado mortgage or Colorado home loan.