Mortgage Colorado Springs CO: When Interviewing Your Colorado Springs Home Loan Broker – Ask these 3 Questions (cont)

For today’s Colorado Springs Home Tip, here are the last couple of questions to ask your Colorado Home Loan Originator.  These questions will help you determine whether you should get your Colorado Springs Mortgage or Colorado home loan from him/her. 

 Three More Questions – For Your Colorado Springs Mortgage Broker

 Why Should I Get My Colorado Springs Home Loan From You?  Should you get an answer that he will provide great service and/or he will get you the lowest rate, don’t accept it.  It’s all fluff!   Most Colorado Springs Home Loan Originators will give you this sales pitch.  Do not fall for it.  Ask exactly how they are going to do that and then watch them squirm.  If the Mortgage Colorado Springs Broker is worth anything, you should hear things such as: he is structuring the loan to match your financial goals, or he is setting expectations for you and him such as availability, when he will update you, his post closing retention program, etc.  You can tell if it is “BS”.  

How Do You Determine When to Lock My Colorado Springs Mortgage or Colorado Home Loan?   He should give you specific tools that he uses.  If not, don’t use him.  You should hear names like Mortgage Market Guide, Mortgage Coach RATEWatch, RateAlert, or RateLink.  These are the main rate monitoring services.  With rates being so volatile, you need to have what I call, a “Personal Rate Shopper” who monitors the rates for you.   I use three of these services so I can properly advise my clients when to lock their Colorado Springs Home Loan or Colorado home loan.  I recommend that you use a Personal Rate Shopper.  You do not want to get burned by being quoted one rate and then getting a higher one at closing.

What Colorado Springs Mortgage or Colorado Home Loan Do You Recommend that I Get?  If you get only one recommendation, that Colorado Springs Home Loan Originator isn’t doing his job.  You should get several options.  For instance, you can save a lot of money when you compare options over time depending on the rate, the terms, the closing costs, etc.  You should see the various options so you can make an informed decision.  I’ve used special software for over 6 years that allows my clients to easily compare and understand what loan program will be best for them.  I guide them through the process.  Unlike most Colorado Springs Home Loan Brokers, I do not churn my clients.  I get them the right Colorado home loan the first time.  Again, if the Colorado Springs Mortgage Originator you are talking to isn’t doing this, you are placing yourself at financial risk.  Please protect your biggest investment by getting professional advice. 

The next Colorado Springs Mortgage Tip will put all these questions together for easy reference.  They will be handy when you are interviewing a Colorado Mortgage Broker for your next Colorado Springs mortgage or Colorado home loan.