Getting the Best Financing
Finding the right home for you is your primary goal, but most home buyers also need to finance their purchase. We’ve worked with many mortgage brokers and lenders in the Denver area, and we’ll help match you with those that are the best fit for you and your financial picture. As always, we do not accept fees from lenders for our referrals - we just require that they give our clients the best personal service.
Contact The Kearns Team today so that we can help match you with a lender who understands your needs.
The "normal mortgage" – Just because there’s nothing unusual about your borrowing needs, and you’re getting a paycheck every week, that doesn’t mean that there won’t be differences in mortgages and lenders for your needs. Every mortgage broker and most lenders tend to work within their own requirements and procedures, and these may or may not be the friendliest terms for a salaried or hourly wage earner. We know which are going to treat you right and give you the best terms, and we’ll guide you to them.
The self–employed borrower – Since the mortgage and housing crisis that began in 2007, it’s become a grueling process for a business owner or self-employed person to get a mortgage. Documentation of income and expenses is much more detailed, and we can refer you to lenders offering great mortgages for the self–employed.
Less than stellar credit – All lenders have become more cautious in our current financial environment, and it’s easy to get a ding or two on your credit these days. It doesn’t even take a mistake or late payment, as credit scores are reduced for the amount and ratio of debt, as well as types of debt. Millions of people pay their bills on time and still don’t have those high end credit scores. We know local lenders in ready to provide good mortgages for less than high end credit scores, and we’ll tell you who they are.
ARMs and When They're Appropriate – Though most residential home buyers are buying a home they intend to occupy for a number of years, on average around the country at least eight, this isn't always the case. Also, investors may be looking at a shorter ownership time frame. ARMs, Adjustable Rate Mortgages, may be appropriate if the plan is to own a home seven or fewer years, particularly five or fewer. Because the lender is tying up their money for a shorter defined time period, they can loan at lower interest rates. ARMs can result in hundreds of dollars a month in lower payments in some cases.
Financial Disclosure and Deal-To-Closing Considerations – Especially after the mortgage and housing problems that began in 2007, lenders and their underwriters are scrutinizing financial, income and expense information much more closely than ever before. Be prepared to dig out a lot of documentation, and it’s best to be forthcoming with any financial information that impacts your ability to pay the mortgage payment. Even if it’s not asked for early in the process, be prepared for questions and requests for documents throughout the process. Also, it’s highly recommended that you not add any credit card or other debt between the purchase contract and the closing. Just before closing, most lenders will do another credit check and a check for any liens or encumbrances.
Watch the Fees and Question Them – There are a number of fees associated with getting a mortgage, and the total of origination and other fees is usually the highest closing cost aggregate item in the deal. Never hesitate to ask about all fees, why they’re charged and why they’re a certain amount and how they’re calculated. It’s your money, and you’re the customer.