Mortgage Colorado Springs CO: Selecting Your Colorado Springs Mortgage Broker (cont)

In today’s Colorado Springs Mortgage Tip, I will discuss two more questions to ask your potential Broker that will help you determine whether you should even consider getting your Mortgage Colorado Springs CO or Colorado home loan from him/her. 

Assuming you got satisfactory answers to the first two screening questions, ask these next two questions.

Two More Questions – For Your Next Mortgage Colorado Springs CO

How Long Have You Been Doing Colorado Springs Home Loans?  Idealistically you want a Broker who has at least five years of experience to do your Colorado Springs mortgage.  Why 5 years?  Rates go up and down in cycles.  I’m sure you have heard of Refinance Booms where rates are extremely low.  When this cycle occurs, it seems like everyone becomes a  Colorado Springs Home Loan  Broker.  They want to make a fast buck.  A Caveman can give you a lower rate because it doesn’t take any skill.   However, are you really getting the “Right” loan?  When rates are high, an inexperienced Colorado Home Loan Broker may not be able to properly advise you.  You need to get your Colorado Springs CO mortgage or Colorado home loan from a broker who has gone through these financing cycles.  Experience is vital!

What Loans Do You Offer and What Is Your Niche?  Colorado Springs Mortgage Companies normally have the same programs with the exception of Government loans i.e. FHA/VA.  The reason for that is you have to get approved to offer these programs.  Some Colorado Springs Home Loan companies won’t spend the time and money to get approved.   The first question is to put them at ease.  If they answer that they can do ALL loans and don’t have a niche or specialty, this is a Red Flag.  Look at the medical industry.  Would you rather see a Generalist or a Specialist?   It is very difficult to keep current on all the different loan programs.  That is why some Brokers specialize in Conventional loans while others will only do large JUMBO loans.  Colorado Springs mortgage companies are beginning to offer FHA loans because that is a hot trend.  I’ve been doing FHA Colorado home loans for over 11 years.  The way you get a borrower qualified is different and the paperwork is a lot more complicated than a conventional loan.  With all of the constant changes in underwriting guidelines, it is a challenge to stay proficient in all of the programs.  Unless you have prefect credit and a lot of assets, you will probably need a FHA/VA loan so you should seek out a mortgage Colorado Springs CO Broker who specializes in Government loans.

The next Colorado Springs Mortgage Tip will address the next couple of questions you should ask Colorado Mortgage Brokers when you shop for your next mortgage Colorado Springs CO or Colorado home loan.