Colorado Local Mortgage Brokers for Home Relocation Lending

Those that live here know that Colorado is one of the best places to live for outdoor adventure, education, transportation, and a healthy environment that springs a richer quality of life than most other places. You may know someone that lives in Colorado and if you do, I’m sure you will find that they can confirm what I say is true. If you or someone you know is moving to Colorado, whether it be through relocation or job transfer, please don’t make the common mistake of rushing the process. More than anything you want to make sure you use a local Colorado mortgage broker to help navigate you through the lending maze an ensure a smooth exceptional experience. Below are my top 5 reasons to use a Colorado local mortgage broker instead of a banker for you next relocation.

1. Extensive Lender List

Mortgage Brokers often have relationships with investors who specialize in certain niches. When applying for a home loan there are many variables to consider. Banks have so many guidelines, if your paperwork is with a banker at a bank, you better hope that loan got underwritten 100% correctly, and that you are able to close on time with them. I actually have gotten many loans because the banker couldn’t complete it on time due to all the guidelines.

2. Rapid Credit Rescore

If you have done something like max out some credit cards, or have some old listed on any of your 3 credit reports that is reporting incorrectly, it will end up drastically impacting your credit score in a negative way. This will be viewed as a red flag by most bankers who will tell you what you need to do before coming back in 60 days to repull your credit report again. Mortgage brokers already have existing relationships with credit reporting agencies whom will take your documentation and balance letters for any credit cards that you pay down or off. They submit it all to 3 credit bureaus within only 48-72 hours. A new credit report is issued after the report has been noted and now instead of a score of 600, you have a score of 660. When time is of the essence mortgage brokers can be very resourceful because they know how to adapt quickly to change.

3. Experience

It is no question that is extremely challenging in the market, to be a successful loan officer, however with all of the licensing, bonding, educational requirement, background checks, individual licenses, etc, comes great personal pride and integrity. The reason I say this, is that since the beginning of 2011, there has been a huge push for hiring loan officers, because they simply got tired of all these changes. Changes that make them educated in their chosen profession. Changes that will make them better loan officers. Banks are on a hiring frenzy to find loan officers looking to work for them, where those list of requirements do not exist. Working at bank, I guarantee you that their loan officers do not have;

A.) The required 20-hour yearly education to maintain their license through course material and training over the year.

B.) The individual NMLS# Unique Loan Officer Identification Number, that all independent loan officers need to reflect all the rigorous background, criminal checks to ensure you have had no run ins with the law.

C.) The Errors and Omissions Insurance and Bond that are needed to conduct business.

D.) How important it is to hold yourself personally responsible for things you say to your clients and the experience or the drive to learn independently of all the daily changes in this business.

I have received numerous loans from bankers, and received calls from clients, because a loan officer at a bank, took an application, over promised to the client that they could get the loan done, and could not deliver. They are also spoon fed Internet leads all day, so they don’t have to get off their butt to find business. Makes me think of the movie Boiler Room. Not bashing bankers, I’m simply stating that home ownership is one of the most important decisions you will make in your life. If you are making that decision with a banker with no qualifications, calling you from New York, I think you get the point. Work local, and get exceptional results. Work with an out of state broker, you are setting yourself up for disappointment. There is nothing wrong for asking for references for the last 3 clients that they have worked with, and closed with. A happy client in my opinion, is someone who will back you up, when you need a reference.

4. Compensation

Since April 2011, mortgage brokers or loan officers, are unable to get compensated from more than one person. This means compensation must come from either the lender or the seller. For example, let’s say you are buying a home and that you are under contract $200,000 with no paid closing costs to seller. In this example most banks will require (you) the buyer to pay their fee plus have you come in with some additional fees. As the buyer all you want to concern yourself with is the down payment. As a loan officer, depending on the structure of the loan, we can receive compensation from the lender, and also pay off your closing costs.

5. Locality

Lastly, locality I have listed within my top 5 reasons to choose a local mortgage broker over an out of state banker because your local mortgage broker will know the lay of the land. Lets say you fly out to Colorado with a pre-qual letter from the bank and agree to a sells price of $225, 000 to close in 60 days after meeting your Real Estate Agent at the house. When this happens it is important that everyone respects the timeline in the contract. This means that all parties will need to work together to get everything ready in time for the closing table. This must be done with no mishaps. Because realtors knows that there are many variables that can make things messy in preparation of the close a good realtor will want to get a background of who you are using for your mortgage financing. Lenders can have a habit of over promising or giving bad information to the client only to cause the client to not get the house they desired. If you work with a local Colorado Broker, the agent and mortgage broker will be able to correspond better and if an issue or problem occurs they will be able to rectify the situation quickly. Nothing is worse than dealing with an out of state, inexperienced banker or loan officer when your under contract or when you need something handled ASAP.

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