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How to Choose a Mortgage Loan Officer in Denver, CO

Lisa Rennie
Published:
May 21, 2021
Last updated:
August 20, 2021
How-to-Choose-a-Mortgage-Loan-Officer-in-Denver
In This Article

Whether you are making a home purchase or refinancing your current mortgage, the proper assistance is key. The right Denver loan officer is a crucial part of the entire process, but how do you know if you found an expert loan originator for your needs and financial situation? In this article, we’ll go over several ways to know that you have found a great home financing partner.

As a prospective homebuyer making one of the largest purchases of your life, you will need someone who can find you a low rate and gets the significance and wants to help you succeed in the most affordable way. After all, the terms of your mortgage are going to impact your household finances for years to come.

Thus, recognizing the right individual takes meeting several, which you may want to do before you even start looking at homes. The right Denver loan officer will pre-qualify and pre-approve you, help you determine which mortgage programs are right for you, have experience in the specific market you are looking at, and more.

Telltale Signs of the Right Denver Loan Officer

In fact, you need a local loan officer that possesses several qualities such as an unmatched reputation, confirmed credentials, and an organized process. The right Denver loan officer should also welcome and encourage questions, be cooperative and willing to listen, plus understand your needs and financial situation.

Moreover, when you get a new loan, you will be entrusting your local loan officer with key documentation related to your financial history, which is why trust is important. You will also be working closely with your Denver loan officer throughout the transaction, so ideally, you want to find someone you are comfortable with in order to make things run smoothly.

Plus, it never hurts to discuss your communication styles upfront and how you would like to be kept informed throughout the loan process. A Denver loan officer who is right for you should have no trouble communicating effectively via your preferred method(s).

Your Loan Officer Should Understand the Local Market

Furthermore, as briefly mentioned, you want a local loan officer with knowledge of your community—one who can offer personalized expertise and information unique to the area you are considering.

If at all possible, they should also have great connections with other mortgage and real estate experts near you, which in turn can give you access to a resourceful network of housing contractors, financial professionals, and so on. This is especially important since Denver is experiencing a hot market this year.

Thanks to relatively affordable, family-sized homes, booming economies, and sunny weather, Denver is attracting a multitude of buyers currently. Plus, with record-low mortgage rates and the increased demand for living space, coupled with a surge of millennials buying their first homes, this market is expected to be red hot for the foreseeable future.

So, having a local loan officer to help you navigate the home market here, who is also focused on helping you make the best decisions for your financial situation and long-term homeownership goals, is key.

Your Denver Loan Officer Should Work With A Reputable Mortgage Company

Your relationship with your loan officer should not suddenly end at closing. If you are working with a good or reputable mortgage company, they should be concerned with your overall purchase experience and ask for your feedback. You should also feel comfortable knowing you can continue to rely on them as a resource for advice and expertise for all of your future lending needs. As a result, finding out who your loan officer works with is worth the extra research and due diligence.

In fact, you should make it a point to check everyone’s reviews. Online reviews or feedback, both positive and negative, should be readily available with a simple search of the internet. Not everyone can be made happy all of the time, but if it is a trustworthy company to do business with, reviews should be overwhelmingly positive. And the same should be said of your Denver loan officer.

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Your Loan Officer Should Have Access To Many Mortgage Programs

Additionally, if factors like student debt, low down payment savings, a short credit history, or other financial concerns might hinder you from getting a home loan, then it is crucial that you work with a local loan officer with access to a multitude of home loan programs. Of course, there is no one-size-fits-all mortgage, and you should work with a Denver loan officer who is capable of finding the right loan for your situation.

Ultimately, a good Denver loan officer should be a good listener that will act in your interest throughout the home purchase process, provide complete transparency, and above all, ensure you walk away with confidence in your mortgage decisions.

Remember, even though buying or refinancing a home might seem like a one-time transaction, you can better achieve your financial goals for the future with the right support. So, whether you decide to leverage equity for home renovations, college tuition, or other big milestones, your local loan officer can help make those dreams a reality.

Thus, when you come across a Denver loan officer with all the traits mentioned above and one who has a “lender for life” attitude and not just a one-time transactional approach, then you have likely found your home financing partner.

Loan Limits

You won’t necessarily be permitted to take out any loan amount. There are “loan limits” placed on mortgages that are dollar caps on home loan amounts, Any amount that exceeds this loan limit will mean you are taking out a “jumbo loan.”

Loan limits are adjusted every year to reflect the increase in home prices across the nation. Every county in every state will have its own loan limit set, though many counties may have the exact same loan limit.

Both conventional loans and FHA loans have their own respective loan limits based on each county. For VA loans, loan limits were eliminated in 2020. Having said that that, borrowers who already have VA loans on the go or have defaulted on a VA loan in the past may still be subject to loan limits.

Check out our mortgage loan limit tool for conventional, FHA, and VA loans.

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Ready to Apply For a Home Loan in Denver?

Are you curious about mortgages, or are you ready to apply for one to buy a home? If so, Sammamish Mortgage can help. We are a local mortgage company from Bellevue, Washington, serving the entire state, as well as Oregon, Idaho, and Colorado. We offer many mortgage programs to buyers all over the Pacific Northwest and have been doing so since 1992. Contact us today with any questions you have about mortgages.

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