Are you looking for information about mortgage lending in Denver? Are you worried about the high cost of property ownership? For more than 26 years, Stacey Dowling from Synergy One Lending (NMLS# 196631) has had a consultative approach to the home loan process, understanding that acquiring a home loan can be one of the most stressful in your financial goals.
Do you want to get a mortgage loan?
A mortgage is a long-term home loan where you borrow money from a bank or other financial institution to pay off another person or entity (the lender) for the purchase of a house or property. If you are thinking about buying a new home, then you should definitely consider investing in a mortgage. The good thing is that a mortgage is very affordable even if you are a first-time buyer. Also, it’s important to note that a mortgage is also a great way to save money because you don’t have to pay interest rates on top of the principal amount.
Mortgage lending is relatively simple. In order to qualify for a mortgage, you only need to meet certain requirements such as having a steady source of income and being able to afford a down payment. There are two types of mortgage loans, fixed-rate mortgages, and adjustable-rate mortgages.
- Fixed-rate mortgages are generally better options if you plan to live in the same place for a long period of time.
- Adjustable-rate mortgages are usually better options if you plan on moving at some point during the life of the loan.
3 Life-saving Tips About Mortgage Lending
- Do not underestimate your home’s value
The best way to find out how much money you need to qualify for a loan is to have a real estate agent conduct a market analysis of comparable homes that are currently listed for sale. This will allow you to compare the listing prices of similar homes, and determine what price range you can expect to receive if you decide to sell your home.
- Get pre-approved
Once you have determined your budget, contact several lenders to get pre-qualified for a mortgage. Pre-approval allows you to shop around for the best rate and terms. When you apply for a mortgage, your lender will use this information to calculate your interest rate and fees. A pre-qualification letter from a lender will tell you whether they would approve your application. If you are getting multiple quotes from different lenders, ask them to give you their reasons behind the rates.
- Shop around
You should always check with at least three local lenders before finalizing a deal. While some lenders may offer competitive mortgage rates, others might charge higher upfront costs. Always pay close attention to the closing cost breakdown included in your quote. Some loans include appraisal fees, title insurance, credit report, etc., while others don’t. Make sure you’re aware of everything associated with your loan.
Expert device and the best financing process in Denver
At Synergy One Lending they have one simple mission: Help consumers find the right financial products to meet their needs by providing unbiased advice based on objective analysis. Call Stacey’s team at (720) 637-1956 to make it clearer in this competitive housing market, they have your back when looking for a mortgage lending option in Denver.