The home buying process is exciting, particularly for first-time homebuyers. Viewing homes, comparing neighborhoods, envisioning your family’s future – HGTV built a television empire off the appeal of this stuff. Do This Before Choosing a Mortgage Lender in Denver
The financial side of the process isn’t quite as glamorous, but it is every bit as important: If you are buying a home in Denver, or other pricey Colorado markets, you are going to need a mortgage lender. Here are a few strategies that make the search easier.
- Fix Your Credit. To qualify for a mortgage, you need good credit. There are hundreds of qualified mortgage lenders in Denver…but without good credit, you are going to narrow your options to only the least reputable of the bunch. Put simply, the better your credit score is, the more negotiating power you have, so it’s a good idea to pay off your debt ASAP.
- Understand Your Options. Borrowing money to buy a house is a big decision. Do you want to borrow from a major financial institution?
- Do you prefer a smaller credit union or mutual savings bank? There are benefits to all types of mortgage lenders, but it is important to know the difference between each before making a decision.
- Check Qualifications. One mortgage lender you don’t want to work with? A guy who pays you in a cash-stuffed envelope in the alley behind the drug store.
- That’s an exaggeration…but it is still important to make sure your mortgage lender is properly licensed. Borrowing in Denver from a mortgage lender licensed in Arizona is a recipe for disaster.
- Compare Rates. People generally shop around for big-ticket items like cars and computers, but you would be surprised how frequently they settle for the first mortgage lender that approves their loan. In a big city like Denver, Colorado there is no shortage of options. Make sure you find a mortgage lender that’s right for you.
- Ask Questions. Even after limiting the pool to qualified, competent mortgage lenders, you want to narrow things down to only your best options. The most prominent mortgage lender in Denver might not be the best fit for you and your family.
- You can ask about the lender’s communication method, availability, turnaround times, lender fees, down payment requirements, and more. Doing so will give you a much clearer read on the situation and help you find the right fit.
Speaking of questions…if you have any, our Denver-based team is here to help. Feel free to reach out to Expect Mortgage anytime.