Choosing a mortgage company will be one of the most important decisions you will make during the first time home buying process.
Below are the criteria you can use when choosing your lender.
Types Of Loan Programs Available
What types of home loan programs are available through the mortgage company or bank? Do they offer FHA loans, VA loans, and competitive conventional loans? Can they find a loan for the type of property you’re interested in, if it’s a condo, loft, or townhome?
First Time Home Buyers Programs Available
What type of first time home buyers programs do they offer, and will you qualify? What are the limits on how much you can earn? What FICO credit score is required? How much down payment assistance and/or closing cost assistance is available?
What interest rate is the mortgage company offering you? Is it competitive with rates offered by other lenders?
What closing costs will the mortgage company be charging you, and how do those costs compare to other lenders’ estimates? You can ask for a good faith estimate, in writing, so that you can compare closing costs. Because closing costs can be 1%-2% of the amount of the home loan, it can be worth your time to shop around.
Responsiveness and Patience
Is the mortgage broker responsive, quick to respond to your e-mails, phone calls, and/or texts? Getting through the loan process for your first home can be stressful. You want to make sure that you have someone on your side, available when you need help. Ideally, your mortgage broker or lender will also be patient, willing to step you through the process, happy to answer any questions you may have.
For more information about mortgage companies, or to get a referral to one of the mortgage brokers or lenders we work with, please call (303) 222-0027, or e-mail firstname.lastname@example.org.
Note: We can help if you are looking into property costs in your favorite parts of Denver. Let’s talk, during a free consultation, about all of your options. Once we know what areas you like, we’ll send out free e-mail alerts regarding when properties go on the market.