Finding a lender

[Jacques Caspi]

I am helping my brother in law find a lender in Colorado for his first home purchase. What are the important things I am looking for or considering when trying to find a lender for a primary residence?

[James Carlson]

Quote from @Jacques Caspi:

I am helping my brother in law find a lender in Colorado for his first home purchase. What are the important things I am looking for or considering when trying to find a lender for a primary residence?

If you're brother-in-law has a real estate agent in Denver already, they should have a lender or two they recommend. 

But if you're truly looking independently, I will DM you some Denver lenders I enjoy working with. And here are some things to look for. 

Communication. Do they respond? And respond quickly? Denver's housing market is the hottest in the country right now, according to U.S. News and World Report, so when time comes to offer on a house, you need everyone on your team communicating. 

Local v. National. Make sure the lender is in Denver or at least in Colorado. A) local lenders tend to be more communicative. B) Maybe because of 'A', sellers' agents prefer them so if you're in a competitive situation, you want all the help you can get.

General competence. Any lender can throw around possible rates, but that's not the same as getting you qualified. Ask them how long they've been in the business. I want someone with at least 5 years of experience. 

Rates. I put this last, because I think the first three are more important to actually getting a home. But once rates start to diverge by 0.5% or so, that's real money, so obviously this is a consideration. 

Good luck to your brother-in-law.