The housing market is tight today, because there are more people looking for homes than there are homes available. Added to this reality is the fact that new home construction is stalling. Therefore, it’s more of a seller’s market now than a buyer’s market. This can make it tricky to find a good mortgage when you finally do find the home of your dreams. That’s why it’s important to remember these five things when you are shopping for a mortgage:
Trust your local, Colorado only mortgage team at Front Range Mortgage
Our Colorado only team lives and works in Colorado and only work on Colorado loans! After 22 years in the Front Range we have deeply learned the ropes of Colorado mortgage lending, for new purchase or refinancing your present home. If we can help – we are here for you!
Be Sure to Get a Pre-Approval Letter
You have found your dream home, but now you need the right funding to buy it.
The pre-approval letter will give you a good idea as to how big of a loan you will likely receive from a lender. You will also be in a better position to close the deal on the big day. Either you or the mortgage company will provide the lender with certain documents that will verify your total income and personal assets.
Evaluate The Quality Of Customer Service
Loan companies are providing you with a valuable service when they evaluate you for a loan. The truth is that larger companies are better at providing great service, but smaller companies can provide great rates. It does, therefore, pay to do your ‘homework’ before choosing a lending company. Be sure to pay attention to things like rates and level/quality of service that each lender provides.
Keep in mind that rates can change on a daily basis. That’s why you want to get quotes and rates on the same day whenever possible. Be inquisitive as to how fast the lender can process your loan. Also, be sure to rate their customer service reps for responsiveness, knowledge, and professionalism.
Your Mortgage Experts at Front Range!
Yes, you’re making a huge and life-changing decision so you want to make sure that you make the right decision the first time around. That’s why it’s crucial to do your research and homework and choose a lender for the best deal possible.
Call us for a brief consultation and see how we can help you find a competitive mortgage that fits your needs!
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