If you’re buying or refinancing in Durango, you have more choices than it first appears: a branch of a national bank, a local credit union, an online lender, or a local broker like me who shops many lenders for you. The right fit depends on your loan, your property and how much hand-holding you want. Here are the seven questions I’d ask any lender, including me, before you commit.
A bank or credit union lends its own money and follows its own rules. A broker sends your file to the wholesale lender whose guidelines fit you best. I can shop more than 200 wholesale lenders, then focus on the few that fit your situation. Ask each lender what happens if their one set of guidelines says no.
Durango deals bring things a big-city call center may not see often: wells, septic permits and private roads on rural parcels, condo project reviews at Purgatory, short-term rental rules on second homes, and appraisals with few comparable sales. Ask how many loans they’ve closed on properties like the one you want.
Not every lender offers every program. If you’re a veteran, ask about VA loans. Buying outside town in Bayfield or Ignacio? USDA may be worth a look. Higher-priced homes may need a jumbo loan, and homeowners 62 and older may want to understand reverse mortgages. A lender who only has one or two of these will steer you toward what they have.
The person who quotes you is not always the person who answers the phone three weeks later. Ask who handles processing, who to call when the appraisal comes in, and whether you can reach them in the evening when a contract deadline is close. With me, processing is local and in-house, and you get hands-on help through underwriting and closing.
Ask every lender for an official Loan Estimate on the same day, for the same loan amount, loan type and lock period. Then compare the whole page: lender charges in Section A, any points, and the cash-to-close figure, not just the headline number. If one estimate is far better than the rest, ask what’s different.
In a competitive Durango market, sellers and their agents look closely at who wrote your pre-approval letter. Ask whether your income, assets and credit were actually reviewed, and how fast the lender can update the letter for a new offer. My pre-approval checklist covers what to have ready.
Every loan originator and mortgage company has an NMLS number you can look up on NMLS Consumer Access. Read recent reviews from local clients too. You can find mine on Google.
I’ve been a mortgage originator for 28 years and have lived in Durango for more than 25. If you’d like a second opinion on an offer you already have, or want to see how mortgage lenders in Durango, CO compare for your situation, call or text me at 970-828-1610, stop by the office at 1099 Main Ave, Suite 305 (the clock tower building above Alpine Bank), or send me a note. I’m happy to run the numbers honestly, even if the answer is “wait.”
The Federal Reserve does not set mortgage rates directly. Here is what Fed decisions really mean for fixed-rate mortgages, HELOCs and adjustable-rate loans.
When should I refinance?
So that’s my goal here – to shed some light on what the Federal Reserve is and how it impacts your finances and investments.
How a HELOC or second mortgage lets Durango-area homeowners borrow against their equity without refinancing the first mortgage, and how to choose.
Thinking about a cabin near Purgatory, a place at Vallecito or a condo in town? Here is how second-home financing works and what to check before you make an offer.
Condos are some of the most practical homes around Durango: a place in town you can lock and leave, a ski condo near Purgatory, or a first home that costs less than a house on a lot. But condos come with one financing step that single-family homes don’t have. The lender reviews the whole building …
Peter Pritchard NMLS #404172 | Animas Mountain Mortgage Inc. NMLS #1742747 | CO license 100009365 | Equal Housing Opportunity