Colorado Mortgage Loan Officer: Picking the Best Option for You

November 8, 2020
Last updated:
January 10, 2024
Post cover image
In This Article

Are you looking for a home in Colorado? If so, you need to work with a Colorado mortgage loan officer who understands your needs and can help facilitate the entire home buying process. We have some tips on how to find the right loan officer and why a salaried loan officer in Colorado is a key component to you closing successfully on your new home.

There are a few places you can find a local mortgage loan officer in the state of Colorado, including at a commercial bank, a credit union, another financial institution, or an independent mortgage company.

But just because you can find one practically anywhere does not mean they are the right loan officer for you.  Not only is finding the right loan officer an important step in the home buying process, but it’s also crucial if you want to secure financing and purchase the home of your dreams.

Why do I Need a Colorado Mortgage Loan Officer?

A local loan officer will take the time to compare and contrast multiple loan products, so you don’t have to. Moreover, a mortgage loan officer brings industry-specific knowledge and experience to the table. They know the right questions to ask about your current finances and can recommend the best home loan products for your situation.

What’s more, a Colorado mortgage loan officer will gladly assist you through the mortgage application process and offer you trustworthy advice from start to finish. For instance, if you need your Loan Estimate or closing costs and amortization schedules explained in detail, then your loan officer can absolutely help.

Similarly, the Colorado housing market remains consistently hot, thanks to low-interest rates. Nevertheless, it is still a seller’s real estate market throughout most of the state, especially in the lower price range, where it’s getting even more difficult for buyers to compete.

As a result, even if you think you can handle the home buying process in Colorado all alone without making common mortgage mistakes, you may want to think again.  The median sale prices keep rising, and buyers are having to find new and creative ways to be competitive. Thus, it is highly recommended that you work with a loan officer who can assist you with navigating the market conditions and trends.

What Does a Mortgage Loan Officer Do?

In general, a mortgage loan officer is your main point of contact. They gather basic information about you, your income, any co-applicants, and the size and type of loan you need—typically over the phone. Alternatively, if you’ve applied online, they’ll pick up where the online application process ends.

Based on this initial consultation, your loan officer can present you with the loan options that best fit your needs and finances and help you fill out your loan application. They might recommend a 20, 25, or 30-year fixed-rate mortgage and can walk you through your options and answer loan-related questions.

Questions to Ask Potential Loan Officers

So now that you know why you need a local loan officer and know exactly what they bring to the table, let’s go over at least four questions you should ask him or her to get a feel for whether or not they are the right loan officer for you.

What is your fee?

Even though you do not pay the loan originator’s fee directly, since it is embedded in the price of the mortgage, a good lender will not mind explaining his or her fee and how the structure works.

What lenders do you deal with?

An independent loan officer often works with several lenders, so you might have a certain amount of flexibility, but they’ll also likely work on commission, which can mean they aren’t always looing out for your best interest. Thus, you should make it a point to ask what options are available.

How long have you been in the business?

While you do not always have to choose a loan officer or lender who has been working or around for 40+ years, knowing how long they have been in the business can provide you with valuable insight. If the loan officer is new, then you might want to ask if there is another individual on staff who can provide additional insight—if you ever feel uncomfortable.

Do you have experience in the type of loan I am seeking?

If you are planning to obtain a VA or FHA loan, for instance, it can help to work with a loan officer as well as a lender that is experienced in that particular loan type.

Colorado Mortgage Rates

State Specific Programs to Discuss with Your Colorado Loan Officer

Along those same lines, you should make sure your prospective CO State loan officers discuss other important CHFA loan programs, including the Colorado rate advantage home loan, the cash advantage home loan, and Colorado down payment assistance. As a first-time homebuyer, you definitely want a loan officer who knows that and can assist you with finding out if you qualify for these programs.

Note, there are other programs available for non-first-time buyers as well, which means regardless of whether this is a starter home purchase or your second or third home buy, a local loan officer can help save you money.

What Should I Look for in a Mortgage Loan Officer in Colorado?

That said, when it comes down to selecting a mortgage loan officer in Colorado, there are a few things you should look for right off the bat.  For instance, you should look for a loan officer that is currently working with a well-known, reputable lender. Remember, reputation is everything these days. So, who your loan officer works with absolutely matters.

You should also look for someone who is cooperative, willing to listen, plus will work with you to understand your needs and financial situation. As briefly mentioned, there are many loan programs available, and a good loan officer will offer you a choice of ways to finance your home purchase. Other must-haves to keep in mind when searching for the right CO State loan officer are integrity, transparency, availability, a certain level of professionalism, as well as being committed and focused on the task at hand.

Ultimately, you want a loan officer you can trust and one that will guide you in the right direction during the home buying process.

Loan Limits Overview

When you apply for a mortgage, you won’t necessarily be allowed to take out any loan amount. Borrowers need to understand loan limits, which are dollar limits placed on a mortgage. Different types of loans have different limits.

  • Conforming loan limits are caps placed on loans that Freddie Mac and Fannie Mae guarantee.
  • FHA loan limits are dollar caps placed on loans that the Federal Housing Administration backs.
  • VA loan limits have been eliminated since 2020, but some borrowers may still be subject to them if they currently have a couple of VA loans or have defaulted on one in the past.

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

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

Get an Instant Mortgage Rate Quote Today

Why Choose a Sammamish Mortgage Loan Officer?

At Sammamish Mortgage, we strive for a personalized experience for each mortgage applicant. That’s why we employ a full staff of experienced, salaried mortgage loan officers, transaction coordinators, and processors.

Mortgage loan approvals is all we do, so every member of our team is highly experienced. If your personal loan officer is out for the day, or it’s the weekend and you need to talk to someone about your loan, someone will be available to you.

Sammamish Mortgage has been in business since 1992, and has assisted many home buyers in the Pacific Northwest. If you are looking for mortgage financing in the PNW, we can help. Sammamish Mortgage offers mortgage programs in Colorado, Idaho, Oregon, California and Washington.

Contact us if you have any mortgage-related questions or concerns. If you are ready to move forward, you can view rates, obtain a customized instant rate quote, or apply instantly directly from our website.

Other Blogs You May Like
Most Popular Cities For Relocating in WA To Get a Better Deal on a Home
February 14, 2024
6 min read
Most Popular Cities For Relocating in WA To Get a Better Deal on a Home
Relocating to different cities in WA is often motivated by the cost of home prices. People don’t...
Best Cities To Invest In Real Estate In Colorado
January 30, 2024
6 min read
Best Cities To Invest In Real Estate In Colorado
Making a real estate investment is a big commitment. Here are the three top cities you should...
Show 48 more posts
from this category

Connect with a Mortgage Advisor Today!

Whether you’re buying a home or ready to refinance, our professionals can help.

Compare Mortgage Rates in Your Area Instantly

No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.

Subscribe to our newsletter