Choosing a Lender
About Choosing a Lender
It is recommended that you use a local lender in the area in which you wish to purchase. Local lenders are familiar with the subdivisions and have access to project approvals and knowledge of the types of loans available. Especially for a second home buyer, conventional or FHA loan primary buyer. Project approval is always necessary for an underwriter. You may know that you are approved, but your property must also meet certain criteria, that includes, but is not limited to the appraisal. You should always interview the lender. Although lenders have many questions, and sometimes even stringent, guidelines that you must conform to, do not forget that you too have the option of “interviewing” your lenders to make sure they meet your needs as well.
Questions When Interviewing a Lender
Here are some questions that you can, and should ask a prospective lender:
- Are both fixed rate and adjustable mortgages offered?
- Are both fixed rate and adjustable mortgages offered?
- Are there “points”? At this time in Summit County lenders generally do not charge “discount points” on a conventional loan.
- Can I “lock-in” the current interest rate if approved, and for how long?
- Is it possible to get an extension on the locked rate if necessary, and what is the fee?
- What are the other fees a lender may charge me in conjunction with my loan?
- How often can the interest rate be adjusted on a variable loan rate?
- Is there a maximum limit on each rate change?
- How often will the monthly payment be adjusted?
- Is there a cap on payment adjustments?
- Can the term of the loan be extended?
- Is there a pre-payment penalty?
- How late can a monthly payment be made before a late charge is assessed?
- What will happen if a payment is missed?
- If you sell your house will the buyer be able to assume your mortgage at the same interest rate?
- Will mortgage insurance be required?
You may choose to ask some or all of these questions (or others you may have) before applying for a loan, as a means of determining which lender can best meet your needs. Be sure to ask for a photocopy for your records any time you fill out any type of credit application (there may be a charge for a credit application to be processed). You can then attach their responses to the above questions, as well as any other notes you’ve made. Lenders are required by RESPA to give you a “Good Faith Estimate” on all of the charges that may be incurred in the loan process and the final loan approval. Make sure you receive it.
Local Lenders
Company | Contact | Office # | Direct # | |
BOK Financial | Darlena Marmins | 970-668-2200 | 970-390-6472 | [email protected] |
Sulquist Mortgage – Frisco | MF (Mary Frances) Ahlquist | 970-668-0239 | [email protected] | |
First Bank – Breckenridge | Hanna Thomas | 970-453-1000 | 970-547-3846 | [email protected] |
Mountain Equity Mortgage | Rene Kneller | 970-513-0934 | [email protected] | |
Movement Mortgage – Denver | Jack Laurent | 303-915-4452 | [email protected] | |
Anthem Capital Solutions, Inc. | Merle M. Klocke | 970-485-2586 | [email protected] | |
Lake Dillon Mortgage | Jim Doyle | 970-468-9402 | [email protected] |