If you are thinking about making a purchase on a home for sale in Broomfield Colorado, you might be looking for a new lender. Many agents will say that they do not know how to determine if a new lender they do not know is a good one, and this can be a tough thing to figure out. Here is a quick bunch of items to ask a new lender to determine if they are right for you as a home buyer in Broomfield Colorado.
First, do they quote interest rates without knowing the borrower's credit score, the amount of the loan that they will need, the amount of the down payment on the purchase, the type of property that they will handle their ownership (single family residence, condo townhouse), and what the buyer's credit score is at the present time.
Can the lender explain all of the closing costs, the amounts being charged, and for what the fees are applied to? They should also be able to explain the Truth-in-Lending Disclosure and any other disclosures to you as a future client. They should be approved by Fannie Mae, Freddie Mac, FHA (Federal Housing Administration), VA (Veteran's Administration loan), and CHFA (Colorado Housing Finance Authority.
When meeting with any new lender, be aware that they should not charge you an application fee. Find out if they review the final numbers with you as the borrower the day before you close on your purchase. And will they attend the closing? Do they have "in-house" underwriting? When a lender has this resource, the process will move along much more quickly.
With the changes in the 2013 State of Colorado Contract to Buy Real Estate, both the appraisal and the underwriting processes have become a little more involved in the Inspection Resolution for the loan and what exactly will be resolved, in essence, will have to be approved by both of these professionals before your Broomfield real estate loan will be approved. How your Broomfield agent and your chosen mortgage lender handle the inspection part of your process to buy real estate will definitely affect whether you qualify for your loan.
Ask your prospective new lender what their process is for pre-approval. A good question to bring up with your lender is to ask them if they use Fannie Mae or Freddie Mac underwriting software to give pre-approvals, or do they manually check the mortgage insurance guidelines and investor guidelines before they can say for certain if your loan would be approved?
Choosing a mortgage lender that you feel comfortable with and you can trust with what will probably will be the biggest purchase you might make in your lifetime is not an easy thing to do. So take your time and listen to your Broomfield real estate agent and follow these guidelines discussed here, and good luck in your home search!
Shaun Werkele has a lot of experience as a Realtor, specializing in residential real estate sales in the Broomfield area and new home construction along with much experience in the foreclosure market. He has built an outstanding reputation in the Denver area based on providing his clients with the very best customer service, including helping sellers to get the best sold price for their home and working closely with buyers to achieve the purchase of their home.
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