Back to Blog

11 Tips on Finding a Local Mortgage Lender in Colorado

Sammamish Mortgage
October 5, 2020
Last updated:
June 25, 2021
Tips on Finding a Local Mortgage Lender in Colorado
In This Article

Are you thinking of buying a home in Colorado?

If you’re buying a home in one of the many vibrant cities of Colorado and need a home loan to finance your purchase, the first thing you should do is find yourself a trusted mortgage lender. Taking out a mortgage means you will be committing yourself to making regular payments over the long haul, so you want to be sure that you not only take out the right mortgage product, but that you have the best Colorado mortgage lender to help you secure that home loan.

Mortgages can be complicated, but with a mortgage lender by your side, all of the complexities of mortgages can be alleviated. Do some homework on what’s involved in the mortgage process so you are more well-informed when it comes time to apply. Fortunately, online lenders can walk you through the process and may even provide you with a checklist of what you need to do to ensure a streamlined application.

These days, people are buying everything online, including mortgages. The convenience of being able to find a mortgage and apply online is something that attracts more and more borrowers.

Now, there’s no need for in-person visits. Instead, everything can be done remotely from the comfort of your home while your online mortgage lender in Colorado handles the rest for you.

Before you start the hunt for a home, begin the process by first finding the best Colorado mortgage lender to work with. Here are a few useful tips to do so.

1. Determine What Type of Buyer You Are

Different types of buyers may have very different needs when it comes to the mortgage they apply for. For instance, a first-time home buyer may have requirements that differ from buyers who are looking to purchase an investment property.

When looking for a mortgage lender in Colorado and a mortgage program, consider your situation and what your precise goals are.

2. Decide on a Mortgage Product

Once you’ve established your goals, do some homework on the various mortgages available to you. There are several types, so you want to make sure that you understand what your options are so you are more prepared with what your mortgage lender can offer you.

3. Find Out Your Credit Score

It’s in your best interests to find out what your credit score is. This number plays a big role in your ability to secure a mortgage, so you’ll want to find out what it is. You can do this by accessing your credit report from one of the three major lenders, which you can do for free once a year.

4. Repair Your Credit Score if Necessary

If you notice that your credit score is a little on the lower end after pulling your credit report, you may want to take some time to give it a boost before you apply for a mortgage with a mortgage lender in Colorado. Here are some ways to improve your credit score:

  • Have any mistakes on your credit report fixed right away
  • Don’t miss any bill payments
  • Keep your credit card balances well under the credit limit
  • Ask for a credit limit increase on your credit card
  • Make full credit card payments rather than just the minimum
  • Avoid applying for additional loans or lines of credit

5. Be Vigilant With Your Spending

Your mortgage lender will take your spending habits into consideration when determining your ability to secure a mortgage. They will also look at your deposit history. As such, you will have to explain any withdrawals from your bank account or deposits if they seem odd.

In order to be prepared for such questioning, you may first want to cut down on your spending. Further, you may also want to scan any updated documents when they come available so they’re ready for submission when requested.

6. Check Online Reviews

Peruse the internet in search of reviews of various mortgage lenders in Colorado to see what previous clients have to say about what it was like to work with them. Make sure to look only at reputable review sites that post real reviews, and read many reviews rather than just a few to get a bigger picture about the quality of the lenders mentioned.

7. Compare Mortgage Interest Rates and Fees

Use the internet to do some comparison shopping for interest rates and fees associated with various mortgage programs offered by different lenders. The rate you are charged will have a direct influence on how much your mortgage will cost you over the long run, and the fees will also impact how much you end up paying.

Obviously, the lower the rate and fees, the more affordable your mortgage will be. Luckily, comparison shopping is easy with the internet. A simple Google search will turn up a list of lenders and the rates and fees they charge.

Keep in mind that whatever is posted is not necessarily what you will end up with. The loan amount, the mortgage type, and your financial health will all play a role in the type of interest rate you will inevitably be able to lock in.

8. See How the Lender Interacts With You

When you get in touch with a mortgage lender, how easy is it to get in touch with a live person? Do they respond to messages promptly? Are their team members knowledgeable and helpful? Are they giving you the answers you need?

Use your better judgment when it comes to how the mortgage lender interacts with you and handles your queries, as this will be a testament to how they may serve you as an actual client.

9. Get All Your Paperwork in Order

Colorado mortgage lenders will need to assess your financial strength before you are approved for a mortgage. They will ask you to supply specific documentation when you apply. As such, you may want to help streamline the application process by getting all necessary paperwork together as soon as possible.

If you are applying online, you can scan your documents and save them on your computer until your mortgage lender is ready to receive them. That way you are not wasting anyone’s time as you scramble to gather everything you need. Experienced online mortgage lenders in Colorado typically have secure portals through which you can download your files and keep tabs on the progress of your application.

Generally speaking, mortgage lenders may ask for the following types of documents:

  • Tax returns
  • 401(k) statements
  • Pay stubs
  • Bank statements

10. Find a Mortgage Lender Who Offers a Wide Array of Mortgage Programs

Ideally, the Colorado mortgage lender that you work with will offer a wide variety of mortgage programs for you to choose from. That way, you can be certain that they will have exactly what you are looking for. A variety of programs will also mean more flexibility with down payments, since each type of home loan has its own requirements.

11. Look For Lenders That Offer Comprehensive Customer Service

You’d be well-advised to choose a mortgage lender in Colorado that offers all-encompassing customer support and service that you’ll need throughout the process. Choose an online mortgage lender that is already established in the virtual sphere and has a good reputation, like Sammamish Mortgage.

Online lending has completely changed the buying and mortgage application process for the better. Not only is it much more convenient, but it also saves plenty of time and hassle. Be sure to choose the right online mortgage lender in Colorado for you.

Loan Limits

Loan which are dollar caps placed on mortgages. Any loan that exceeds this loan limit means the mortgage is a “jumbo loan”. For conforming loans, loan limits are caps that are placed on loans that are backed by Freddie Mac and Fannie Mae. And for FHA loans, loan limits are dollar caps on loans backed by the FHA.

For VA loans, loan limits were eliminated in 2020. But some borrowers may still be subject to them if currently hold a couple of VA loans or have defaulted on a VA loan in the past.

Loan limits are assigned to every county in the country and usually increase at the start of every year to reflect the increase in home prices.

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

Get an Instant Mortgage Rate Quote Today

Need a Mortgage Loan or Have Questions?

Sammamish Mortgage is a local lending firm serving the broader Pacific Northwest region including Washington state, Idaho, Colorado, and Oregon. We are proud to offer a wide variety of mortgage programs and products with flexible qualification criteria since 1992. Please contact us if you have any questions or are ready to apply for a home loan.

Other Blogs You May Like
Average Down Payment on a House in Colorado in 2021 Average Down Payment on a House in Colorado in 2021
July 30, 2021

If you’re thinking of buying a home in Colorado but aren’t sure about how much to put down, this blog post will help you make that decision.

Read more
What’s Ahead For Mortgage Rates This Week – July 26, 2021 What’s Ahead For Mortgage Rates This Week – July 26, 2021
July 26, 2021

Analysts discuss the current housing market, builder confidence, home sales, and other pertinent economic news. The latest mortgage rates and jobless claims were also highlighted.

Read more

Show 47 more posts
from this category

Begin your home loan process today! Our mortgage advisors are standing by. Request a free personalized rate quote. (425) 401-8787