Mortgage Parker: Next 2 Questions – Selecting Your Parker Mortgage Broker (Cont)

In today’s Parker Mortgage Tip, I will share two more questions to ask your Broker that will help you determine whether you should even consider getting your Mortgage Parker or Colorado home loan from him/her. 

 If you got satisfactory answers to the first two screening questions, ask these two questions.

More Questions to Ask For Your Next Mortgage Parker Colorado

How Long Have You Been Doing Parker Home Loans?  You want a Colorado Home Loan Broker who has at least five years of experience to do your Parker mortgage.  Why do I recommend 5 years?   Rates go up and down in cycles. When rates drop where they are extremely low, it seems like everyone becomes a mortgage Parker Broker.  They want to make a fast buck.  Even a Caveman can give you a lower rate because it doesn’t take any skill.  However, are you really getting the “Correct” loan?  When rates are high, an inexperienced Parker Colorado Mortgage Broker may not be able to properly advise you.  You need to get your Parker mortgage or Colorado home loan from a broker who has gone through these financing cycles.  You don’t want to put your biggest asset and debt in the hands of a novice.   It could be financially fatal!

What Loans Do You Offer and What Is Your Niche?  Parker Mortgage Companies normally have the same programs.  The usual the exception is that some don’t have Government loans i.e. FHA/VA.  The reason for that is they have to get approved to offer these programs.  Some Colorado Home Loan companies won’t spend the time and money to get approved.   The purpose of the first question is to put them at ease.  If they answer that they can do ALL loans and don’t have a niche or specialty, this is a Red Flag.  Consider the medical industry.  Would you rather see a Generalist or a Specialist?   It is extremely difficult to keep current on all the different loan programs.  That is why some Colorado Mortgage Brokers specialize in JUMBO or Conventional loans.  Parker mortgage companies are beginning to offer FHA loans because that is a necessity to stay in business.  I’ve been doing FHA Colorado home loans for over 11 years.  The way you get a borrower qualified is different and the paperwork is a lot more complicated than a conventional loan.  With the constant changes in underwriting guidelines, it is a challenge to stay proficient in all of the loan programs.  Unless you have prefect credit and a lot of assets, you will probably need a FHA/VA loan so you should seek out a mortgage Parker Colorado Broker who specializes in Government loans.

The next Parker Mortgage Tip will address the next couple of questions you should ask Colorado Mortgage Brokers when you shop for your next mortgage Parker CO or Colorado home loan.