Denver CO Mortgage Tip: 2 More Questions – Selecting Your Denver Mortgage Broker

In today’s Denver Colorado Mortgage Tip, I would like to recommend two more questions to ask Colorado Mortgage  Brokers that will help you determine whether you should even consider getting your Denver CO Mortgage or Colorado home loan from him/her. 

If you got satisfactory answers to the first two screening questions:  “What is your interest rate and whether they own their home”, ask these questions.

More Questions – For Your Next Denver CO Mortgage

How Long Have You Been Doing Colorado Home Loans?  You want someone who has at least five years of experience to do your Denver mortgage.  Why five years?  There are cycles where rates go up and down.  When rates are low, it seems like everyone becomes a mortgage Denver Broker to try to make a quick buck.  It is easy to give you a lower rate. It doesn’t take any skill – a Caveman could do it.  However, are you really getting the “Right” loan?  When rates are high, an inexperienced Colorado Home Loan Broker will not be able to properly advise you.  You need to get your Denver Colorado mortgage or Colorado home loan from a broker who has gone through these financing cycles. 

What 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.   The first question is to put them at ease because they will be able to tell you them without thinking.  However, if they answer that they can do ALL loans and don’t have a niche, this is a Red Flag.  Think of the medical industry.  Would you rather see a Generalist or a Specialist?   It is very difficult to keep current on all the different loan programs.  That is why some Colorado Home Loan Brokers will specialize in JUMBO loans while others will only do Conventional loans.  Denver CO mortgage companies are starting to offer FHA loans because that is a hot trend.  I’ve been doing them for over 11 years.  How you get a borrower qualified and the paperwork is a lot more complicated than a conventional loan.  With all of the constant changes in underwriting guidelines, it makes it difficult to stay proficient in all of the programs.  Right now unless you have prefect credit and a lot of assets, you will probably need a FHA/VA loan so seek out a mortgage Denver Broker who specializes in Government loans.

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 Colorado mortgage or Colorado home loan.