Shopping for Mortgage with a Variety of Companies

Hi Patty, You can always shop for a mortgage, but should make your final call on who you will be using around the time you have an accepted contract as it will be time to get things moving toward approval. The appraisal is a big part of this and you don't want to have multiple orders on that. It is very easy to not commit fraud, just tell the people you are working with that you are considering other companies. Most are going to be offering the same major options with slight variances in the rate and fees. I'm here in Denver and would love to be one of the lenders you allow to compete for your business. Feel free to email me at john.moran@cardinalfinancial.com or call me at 480-376-2191.

Hi Patty - without knowing the particulars on your previous application, I will concur with John Moran regarding the timing. A good loan officer should be able to gather all the correct documentation at the time of the application and run the automated approval. If for some reason the loan officer has to come back to you for additional documentation, then they did not submit a good application and it can run into problems down the road. We offer a program where you can get TOTALLY approved subject to contract and appraisal. In other words, you are totally credit/income/asset approved. If you are interested please give me a call at 307-267-0687 or email me at BrendaS@prmg.net.

You should talk to a few mortgage companies and get loan estimates and rate quotes. Be totally upfront about your income, assets and any credit issues and have your paperwork organized including w-2's, pay stubs and bank statements.. Pick the one that seems the best fit, and ask them to do a pre approval through desk top underwriting (that's a tool mortgage lenders all use). While you should shop for a mortgage lender, applying with multiple lenders at the same time can create confusion for all parties and keep in mind each will figure out pretty quickly you are applying with multiple lenders as they will see the credit inquiries coming in. You should also share whatever the issue was with your previous lender.One you have the desktop pre-approval and the property under contract the process should flow pretty quickly from there provided the appraisal and title work come in clean and acceptable.If you would like to call me at 970-748-0342 we can discuss your situation in greater detail. I'm located near Vail but have clients all over the state of CO.

Hi Patty, your best option would be to look for a Mortgage Broker. A broker is a Mortgage Company that works with multiple banks and lenders. They pull your credit once and shop your loan for you. They have a wholesale relationship with banks and lenders with offers better pricing than your standard, retail, one-stop-shop bank or correspondent. Satori Mortgage is a Mortgage Broker and currently in the process of finalizing the paperwork for our first office location in Boulder. Currently, we have 1 active Loan Partner who lives in Boulder and we would love to connect you both. He will be able to show you the ins and outs of how to shop, as well as offer our services. Email us at info@satorimortgage.com or go on to our website (www.SatoriMortgage.com) and click the Apply Now link. This will get us moving.

Shopping is a great idea, and if you do your due diligence, you should be fine.. Check with "Consumer Access to Nationwide Mortgage Licencing System" to check out both the loan office and their company to see if there have been any regulatory actions or complaints against them.. you can also check out your local BBB office.. But do this all before you go under contract.. Doing loans is really easy with the right company,, but add a few incompetent people, and it can be a night mare.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

It is imperative that the professional mortgage broker have a reputation for closing purchase loans consistently and on time. I never recommend contingencies be removed until an appraisal has been done and reviewed and I am certain your loan will got through to funding, That is generally early enough to satisfy the sellers. However, if due to an appraisal delay that causes us to go past the 10 day initial contingency, I have never had a problem in allowing for a few extra days. If you have to pull out of a home purchase it should never result in losing your deposit. I am sorry it happened to you and I hope you can interview preferred mortgage brokers/bankers licensed in Colorado. Getting the best rate and cost is important but not as important as getting a loan officer you can feel confident knows what they are doing and will communicate regularly with you and your realtor.