Archive for Mortgage Parker CO
Mortgage Parker Colorado: Three More Questions to Ask Your Colorado Home Loan Broker
Posted by: | CommentsFor today’s Parker Mortgage Tip, these are the last three questions to ask your Colorado Home Loan Originator. These questions will help you determine whether you should get your Parker Mortgage or Colorado home loan from him/her.
Three Final Questions – For Your Mortgage Parker Colorado Broker
Why Should I Get My Colorado Home Loan From You? If you get an answer that he will provide great service or that he will get you the lowest rate, don’t accept it. Most Mortgage Parker Colorado Originators will give you this sales pitch. Please do not fall for it. Ask exactly how he is going to do that and then watch him do a song and dance. If the Mortgage Parker Colorado Broker is worth anything, you should hear things such as: he is structuring the loan to match your financial goals, or he is setting expectations for you and him such as how he operates, his availability, how often he will update you, his client retention program, etc. If he is trying to “BS” you, it will be easy to detect.
How Do You Determine When to Lock My Parker Mortgage or Colorado Home Loan? He should quickly tell you the specific tools that he uses. If not, don’t trust him. You should hear names like Mortgage Market Guide, Mortgage Coach RATEWatch, RateAlert, or RateLink. These are the primary rate monitoring services. With rates being so volatile, you need to have what I call, a “Personal Rate Shopper” who monitors the rates for you. I use three of these services so I can properly advise my clients when to lock their mortgage Parker Colorado or Colorado home loan. I highly recommend that you use a Personal Rate Shopper. You do not want to get burned by being quoted one rate and then getting a higher one at closing.
What Colorado Home Loan Do You Recommend that I Get? If you get only one option, that Mortgage Parker Colorado Broker isn’t doing his job. You should get several options to choose from. For instance, you can save a lot of money when you compare options over time depending on the rate, the terms, the closing costs, etc. You should see the various options so you can make an informed decision. I’ve used special software for over 6 years that allows my clients to easily compare and understand what loan program will be best for them. I guide them through the process. Unlike most Colorado Home Loan Brokers, I do not churn my clients. I get them the right Parker mortgage the first time. Again, if the Mortgage Parker Colorado Originator you are talking to isn’t doing this, you are placing yourself at financial risk. Please protect yourself by getting professional advice.
The next Parker Mortgage Tip will put all these questions together for easy reference. They will come in handy when you are interviewing a Mortgage Parker Colorado Broker for your next Parker mortgage or Colorado home loan.
Mortgage Parker: Next 2 Questions – Selecting Your Parker Mortgage Broker (Cont)
Posted by: | CommentsIn 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.