Denver CO Mortgage Tip: 2 Questions to Ask Your Colorado Mortgage Broker

In today’s Denver Colorado Mortgage Tip, I would like to share two questions to ask your Mortgage Denver Broker. They will help you determine whether you should even consider getting your Denver Mortgage or Colorado home loan from him. 

I’m only going to address the first two questions that you should ask.  They will help you eliminate the non-professional loan originator very quickly.  Have fun with it.

 Questions to Ask  -  Next Denver CO Mortgage

What is your rate for a FHA 30 year fixed loan?  You can change the question for any loan program, i.e. Conventional 30 Year or a 3 Year Adjustable Rate Mortgage, etc.  It doesn’t matter what the loan program, but what the response is.  If the Mortgage Broker gives you a rate without asking any questions, just thank him/her and hang up.  You do not want to do business with this person.   A true Denver mortgage professional will not quote a rate without first knowing more about you and the transaction i.e. W-2 employee or Self-Employed, Credit Worthiness, home value, loan amount, rate term or cash out loan, etc.  This would be the same thing as going into the doctor’s office and the physician prescribing you medications without knowing anything about you and your medical history.  That is “Malpractice!.  This physician would be negligent and the results could be fatal or a have long-lasting affect on your life.  In the mortgage industry, it is no different.  You could become financially bankrupt on your next Denver mortgage or Colorado home loan if you don’t work with a mortgage professional. 

Do You Own Your Home?   This is next question if the Mortgage Broker asked you a lot of questions to properly determine what your situation is and what your mortgage Denver or Colorado home loan goals are.  It’s a very revealing question.  The reason to ask this question is two-fold.  First, it will take the Mortgage Broker by surprise.  No one asks this question.  You want to see how he/she can handle surprises. Do they become defensive, do they ask why you want to know, do they give excuses for not being a homeowner, or do they simply answer with a Yes or No?   You can learn a lot about a person’s ability to handle surprises and stress.  The second reason is you want to work with someone who has personally gone through the home buying process. For example, it is like knowing the difference between being a mother who has actually gone through child birth versus someone who just read about it.   There’s a big difference!  After all, most of your financial well-being is going to be based on whether you get the “Right” mortgage Denver or Colorado home loan advice.  

The next Denver CO Mortgage Tip will address the next couple of questions you should ask Colorado Mortgage Brokers when you shop for your next Denver mortgage or Colorado home loan.