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How to Choose a Mortgage Loan Officer in Colorado

Sammamish Mortgage
November 8, 2020
Last updated:
June 30, 2021
How to Choose a Mortgage Loan Officer in Colorado

Are you looking for a home in Colorado? If so, you need to work with a local loan officer who understands your needs and can help facilitate the entire home buying process. In this article, we will go over how to find the right loan officer and why a loan officer in Colorado is a key component to you closing on your dream home.

In This Article

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 without the help of a local loan officer, 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.

What 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? – A loan officer often works with several lenders, so you do have a certain amount of flexibility. 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.

Live Colorado Mortgage Aug, 03, Tue, 2021

State Specific Programs to Discuss with your Local 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 homeowner, 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 your first home purchase or your second or third, 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

When you apply for a home loan, there is a limit to how much you can borrow based on type of mortgage you’re taking out and the county that you are buying your home in. If the loan amount you apply for exceeds this limit, the loan will be considered a “jumbo loan.”

Both conventional and FHA loans have their own specific loan limits that are modified every year to reflect the rise in home prices.

For VA loans, loan limits were eliminated in 2020. But some borrowers may still have to comply with loan limits if they have an active VA loan or a previous default on a VA loan.

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

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Why Choose Sammamish Mortgage?

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

Mortgage loan processing 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 Oregon State, we can help. Sammamish Mortgage offers mortgage programs in Colorado, Idaho, Oregon, 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.

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