If you’re shopping for a mortgage, you probably wonder which lender offers the best Colorado home loan rates, right?
After all, everyone wants to pay as little interest as possible, so how do you find the right lender?
Here are a few tips.
You don’t have to use a lender that pre-approves you for a mortgage, but by getting pre-approved you’ll know what they will charge you. When you apply for the loan, all lenders must send you a Loan Estimate within 3 business days. This document shows you everything you need to know about the loan and makes it easy to compare to other loans.
Shop with at Least 3 Lenders
I always suggest my clients get at least 3 quotes. This way they know the deal they get is the best for their situation. If you only shop with one lender, how will you know which offer is the best?
When you compare loans, make sure you’re comparing apples to apples. For example, don’t compare a fixed-rate loan to an ARM or a 30-year term to a 15-year term. Keep all things equal except the lender’s rates and costs to compare.
Provide Good Qualifying Factors
If you’re trying to get the best Colorado home loan rates, you must put your best foot forward. Lenders won’t give you a ‘good’ interest rate if you don’t have good qualifying factors. Give them something to work with and they’re more likely to give you the best rates they can.
This means having a good credit score, a low debt ratio, and solid employment. This is the trifecta of what lenders want when you apply for a loan.
Negotiate the Rates
Did you know you can negotiate rates? Lenders can work within your budget and make the loan work for themselves too. You’ll have more luck negotiating your rate and terms if you have good qualifying factors and if you work with a willing lender.
Not all lenders will negotiate, but if they won’t, they aren’t worth working with. You want a lender that will understand your financial needs and help you achieve them while looking out for their own back too.
Final Thoughts – Finding the Lender with the Best Colorado Home Loan Rates
It can feel a lot like finding a needle in a haystack when you’re looking for a lender with the best Colorado home loan rates, but it’s possible.
You must put in the workshopping for a lender, asking questions, and ensuring you have the best qualifying factors. If you aren’t sure where to turn or how to get the best rates, contact me and let me walk you through the process. I understand how overwhelming it can feel to get a mortgage, but I’m with you every step of the way, allowing you to see your options and to ensure you get the mortgage that helps you the most.