Here is today’s Colorado Springs Mortgage Tip.  I said yesterday it is better to first check with DORA before applying for a Colorado Springs mortgage or a Colorado home loan.  I’ve listed some more reasons why you should first use DORA for selecting your Colorado Springs Mortgage Broker instead of the local BBB:

• Your local BBB is a great resource for getting background information on businesses.  However, DORA is responsible for the licensing, the regulation and the enforcement for the appraiser, the realtor, and the mortgage loan originator.  You will need this specialized information so you can make an informed decision on your Colorado Springs mortgage or Colorado home loan.

• The local BBB solely reports on a business performance.  They do not report on their employees so you can’t find anything out the individual Colorado mortgage brokers.   However with DORA, you can easily see whether your Colorado Springs mortgage broker is licensed.   You don’t want to skip this first step in getting your Colorado Springs home loan.  

• A company can have a high rating with the local BBB, but that won’t protect you when you get a Colorado Springs mortgage or a Colorado home loan.   There are always bad and less competent employees in every company.  It is no different with Colorado Springs mortgage companies. What is really nice about DORA is that they will post denied Colorado mortgage brokers.  They also post information on the Colorado Mortgage Brokers who have or had disciplinary actions against them.  This is extremely important information.   You should only work with a licensed Colorado mortgage broker to get your Colorado Springs mortgage.  This is the bare minimum standard when you are selecting your Colorado Springs mortgage broker.  You don’t want any surprises when you get your Colorado Springs home loan, do you?   

I hope you now understand why I stress the importance of using DORA’s website instead of the BBB’s before applying for your Colorado Springs mortgage or Colorado home loan.   If so, please bookmark their website and share this information with everyone who is looking to buy or refinance the Colorado Springs home loan:  http://www.dora.state.co.us/real-estate/index.htm.  

The next Colorado Springs mortgage tip will address whether you should get your Colorado Springs home loan or Colorado home loan from a bank/credit union or from a licensed Colorado Mortgage Broker.