What are Your Options? Banks, Brokers, or Something else?
Many homebuyers choose to work with a local bank to get a mortgage, but this route is far from your only option. In addition to getting a loan from a bank (whether you choose your local bank or a national name), you could also consider working with a credit union. The good thing about credit unions is that most of them are local. Locally based lenders are going to be your best choice.
Alternatively, you could work with a mortgage broker. Mortgage brokers operate independently of commercial banks and usually offer more financing options than banks. The drawback to brokers is that they lack some of the underwriting control and timeline control that will certainly be things you will need in most cases.
There are also Mortgage Banks who are not associated with commercial banks that offer quick service, more financing solutions, and the underwriting and timeline control you are looking for. 5280Lend.com is a Mortgage Bank with decades of experience and a team completely local to the Denver Metro Area.
Perhaps the most obvious thing to compare is the interest rates offered by each lender. The main thing to keep in mind here is that interest rates can change by the day, so the rates you see one day may be completely different the next week. The interest rate you ultimately agree to will only be locked in once you’ve finalized your application with your preferred lender.
In addition to the interest rate, there are other fees you’ll encounter with any mortgage loan. Some lenders will list out each fee that they charge, while other lenders will lump them all together as one large payment. Be sure to ask your prospective lenders about any fees they charge, such as underwriting costs or application fees. You may be able to negotiate these fees if you’re comparing lenders.
Of course, you’ll also want to consider your down payment amount. While it’s important to put down a sizable down payment (helping you save on interest and have lower monthly payments overall), you ideally don’t want to drain your entire savings. Ask your lender if they offer any assistance programs to help with your down payment. You might also ask if you’ll need to purchase private mortgage insurance (PMI) if you make a smaller down payment.
Consider 5280Lend.com as Your Denver Mortgage Lender
Finding a Denver mortgage lender is one of the most vital parts in ensuring that your home buying process runs smoothly. The right mortgage lender will be readily available to answer your questions, ensure you get an interest rate that works for you, and work quickly to help you purchase your dream home. 5280Lend.com is proud to meet these qualifications. We look at each client as the unique person or family that they all are and we make it our goal to provide a comprehensive solution to the financing needs that they came to use with.
5280Lend.com has more than 25 years of experience working with Denver home buyers to provide mortgage loans of all kinds. Whether you’re a first-time home buyer or have purchased property in the past, our team is happy to walk you through the process and always keep you informed. We will work with you to determine your eligibility and secure the most favorable terms possible for your mortgage loan. Contact 5280Lend.com today to get started!