Archive for Home Loan Colorado
Denver CO Mortgage Tip: Confession from a Big Bank – Relies on Mortgage Brokers!
Posted by: | CommentsIn today’s Denver Colorado Mortgage Tip, I want to share what a Bank Representative confessed on about their business operations. This will reinforce why it better for you to get your next Denver mortgage or Colorado home loan from Colorado Mortgage Brokers.
On Friday, a Bank Representative from Wells Fargo told our company that they are committed to their “Wholesale” business. Wholesale means that the Bank does not bring in the business, but it comes from outside sources such as Colorado Mortgage Brokers. He went on to say that 60% of their business is from Wholesale. This Wells Fargo Representative confessed that their Wholesale business is More Profitable and there is Less Fraud than their Retail business! Since Banks do NOT pay for any of the costs associated with getting that mortgage Denver or that Colorado home loan, they make more money. To understand why this is the case, please go back to the previous posts about the differences between Banks and Colorado Mortgage Brokers such as compensation, loan programs, interest rates, and qualifications.
There is also Less Fraud! This confirms the fact that you should consider getting your next Denver mortgage or Colorado home loan from Colorado Mortgage Brokers instead from the Bank. Banks depend on mortgage brokers to make money! They will not tell you this but it is the truth. That is why Banks give Colorado Mortgage Brokers better rates and special pricing incentives to bring your mortgage Denver or Colorado home loan to them.
The next Denver CO Mortgage Tip will address things you should ask Colorado Mortgage Brokers when you shop for your next mortgage Denver or Colorado home loan.
Denver CO Mortgage Tip: Dora vs BBB (continued)
Posted by: | CommentsIn yesterdays Denver CO Mortgage Tip, I shared why you should first check with DORA before applying for a Denver mortgage or a Colorado home loan.
Here are more reasons why you should first use DORA for selecting your Denver Colorado Mortgage Broker instead of the BBB:
- The BBB is a great resource for getting background information on general businesses. However, DORA is responsible for the licensing, the regulation and the enforcement for the real estate broker, appraiser and mortgage loan originator industries. You need this specialized information so you can make an informed decision on your Denver Colorado mortgage or Colorado home loan.
- The BBB only reports on a company’s performance. They do not report on employees or in this case, individual Denver CO mortgage brokers. However with DORA, you can easily see whether your Denver Colorado mortgage broker is licensed.
- A company can have the highest rating with the BBB, but it doesn’t protect you when you getting a Denver Colorado mortgage or a Colorado home loan. We all know that there are bad and less competent employees in every company. It is same with Denver mortgage companies. With DORA, they even post denied Denver Colorado mortgage brokers and those who have disciplinary action against them. You need this vital information. You should only work with a licensed Denver Colorado mortgage broker to get your Denver mortgage. This is the absolute minimum standard when selecting your Denver Colorado mortgage broker. If you don’t, you may regret it when you get your Denver Colorado home loan.
I hope that you can see the importance of using Colorado DORA’s website instead of the BBB’s before applying for your Denver mortgage or Colorado home loan. Bookmark their website for handy reference: http://www.dora.state.co.us/real-estate/index.htm.
My next Denver CO Mortgage financing tip will address whether you should get your Denver mortgage or your Colorado home loan from the local bank or from a licensed Denver Colorado Mortgage Broker. This is a frequently asked question and the answer may surprise you.