We play a significant role in serving America’s home ownership needs. In this process, we aspire to meet and exceed your expectations by delivering specialized services to help you find the right loan that meets your specific needs. We strongly believe, that this kind of service should be the standard for excellence in the mortgage industry.
Rick is a great mortgage professional. I'm a real estate broker and he has served multiple clients of mine. I'm always confident when I refer people to Rick that he'll take great care of them and give them the best deal possible with the best service to match. Highly recommend him for anyone looking to purchase or refinance! He has closed 100% of our referrals on time and without complaints from the client.Joe P. Real Estate Professional
We were referred to you through friends of ours after starting our refinance with another lender. Rick Koble and his staff were able to get our loan closed quickly and for less than what we were going to pay with the other lender. We are very likely to refer Rick Koble to our friends and family as well.Chad and Aubrie D. Home Buyers
I have been using Cherry Creek Mortgage for as long as I can remember. Rick Koble was originally referred to us by our realtor and we have been using them ever since. I am always impressed by the amount of time that Rick takes to cover all of the options. I know we will be using your services again for our next loan.Michael B. Home Buyers
The refinance process, although frustrating at times, was done expertly by all that I interacted with at Cherry Creek Mortgage Company. They were referred to me by a real estate friend who I trust and in the end it was all worth it and I will recommend your service to others. Thanks for your diligence and hard work.Darlene C. Home Buyer
Rick was so helpful, informative, and organized. He quickly followed up on my questions and made sure that I understood all of the numbers. It was a pleasure to work with him.Vickie S. Home Buyer
I had called other lenders after speaking with Rick Koble I knew he would be able to deliver on our refinance. The process went very smooth and the updates from Rick were always timely and appreciated. I will recommend you to others.Glenn L. Home Buyer
Rick Koble was amazing. Closing costs were so much cheaper than other refi's we have done in the past. Time to close was much shorter than I previous experiences. We have referred Rick and CCMC to at least 8 friends and hope someone else takes us up on our offer and gets the same amazing experiences we did. THANK YOU!Megan and Christopher G. Home Buyers
My realtor referred me to Rick Koble after we had a couple of less than pleasant experiences with other lenders. Even though we had some challenges Rick communicated all of the options and steps that would be necessary to get our loan closed. I would recommend Rick Koble and Cherry Creek Mortgage.Catherine P. Home Owner
We had just moved to Denver and wanted to get settled quickly after selling our house in the previous location. Rick helped us navigate the mortgage process and we closed within two weeks! He kept us informed the whole way and helped us resolve some last minute bumps to get us in the new house before Christmas. I would highly recommend Rick as a mortgage broker. Also, he is easy to work with and a very nice guy.Paul and Christi H. Home Buyers
I purchased my first home with Rick Koble and Cherry Creek Mortgage. I felt like they did a great job of explaining the loan process to me. I have already referred several of my friends and will use Rick again for my next home.Rachel M. First Time Home Buyer
We wanted to say thank you for all your help in the mortgage process. We've heard enough horror stories when it comes to getting a loan, but you ensured everything from pre-approval to closing was as smooth as possible. You made it all very easy for us and as first time home buyers we really appreciated the time you took to make sure we understood all the steps.Ben and Christie Home Buyers
You are ready to buy a home! After you receive your pre-approval, it’s very important to inform us of any changes to your financial picture or credit history as this could impact the amount or type of loan for which you’ll qualify once your loan is fully underwritten.
First and foremost, because you need an experienced professional working on your behalf. The AGENT’s commission is not paid by the buyer, but by the seller of the home being purchased, and it is in each party’s best interest to have professional representation. As a seller, profits are generally maximized by having an experienced AGENT market and sell your home, rather than dealing with the headaches of trying to do it all on your own.
Not everybody qualifies for the same mortgage rates. If you think about the times you have applied for a loan, you’ll remember that the interest rate the lender gave you was partly determined by your credit score, your debt to income ratio, and the amount of money you were planning to put down on the loan. These are some of the strongest factors that influence rates (though they’re not the only ones).
While home buyer John might qualify for a mortgage rate of 5% based on his credit score and other risk factors, home buyer Jane may only qualify for a rate of 6.25%. The offers you receive will be based on various factors, in addition to your credit score.
Much of it has to do with risk. The big idea here is that risk impacts the rate. A borrower who is considered a higher risk due to late credit payments, high debt ratios, etc., will typically end up with a higher interest rate than a borrower with a higher credit score, more income and significant assets.
Our loan officers are paid from the loan itself. Cherry Creek Mortgage has relationships with many investors so we are able to customize products to fit your needs. Since we have access to a multitude of products and investors, it gives us the ability to find you the right loan, not just any loan. Our loan officers work with your financial goals in mind and customize a package, program, or solution for you.
We are often asked why there is so much paperwork mandated by the bank for a mortgage loan application when buying a home today. It seems that the bank needs to know everything about us and requires three separate sources to validate each-and-every entry on the application form.
Many buyers are being told by friends and family that the process was a hundred times easier when they bought their home ten to twenty years ago.
There are two very good reasons that the loan process is much more onerous on today’s buyer than perhaps any time in history.
During the run-up in the housing market, many people ‘qualified’ for mortgages that they could never pay back. This led to millions of families losing their home. The government wants to make sure this can’t happen again.
Over the last seven years, banks were forced to take on the responsibility of liquidating millions of foreclosures and also negotiating another million plus short sales. Just like the government, they don’t want more foreclosures. For that reason, they need to double (maybe even triple) check everything on the application.
However, there is some good news in the situation. The housing crash that mandated that banks be extremely strict on paperwork requirements also allows you to get a mortgage interest rate as low as 3.43%, the latest reported rate from Freddie Mac.
The friends and family who bought homes ten or twenty years ago experienced a simpler mortgage application process but also paid a higher interest rate (the average 30 year fixed rate mortgage was 8.12% in the 1990’s and 6.29% in the 2000’s). If you went to the bank and offered to pay 7% instead of less than 4%, they would probably bend over backwards to make the process much easier.
Instead of concentrating on the additional paperwork required, let’s be thankful that we are able to buy a home at historically low rates.
There are some common scenarios that can lead to a longer processing time. Here are some factors that might cause a mortgage lender to take a relatively long time with processing.
In 2014, a new set of mortgage rules took effect, and they’ve had an impact on how lenders originate home loans. The Ability-to-Repay rule, for example, requires mortgage companies to thoroughly verify and document a borrower’s financial ability to repay the loan. As a result of these and other government regulations, mortgage lenders might take a long time to process and approve loans (longer than in the past, anyway.)
When you apply for a home loan, your application and paperwork might pass through the hands of half-a-dozen different people (or even more, if you use one of the “big banks”). Loan officers, processors and underwriters, oh my! And additional documents might be requested at each stage. Think of a snowball getting larger as it rolls downhill.
This is another reason why mortgage lenders can take a long time when processing loans. There are many steps in the process, many documents to review, and several different people involved.
Granted, some lenders have made big advancements with streamlining in recent years. This is especially true for those companies that put an emphasis on technology, web-based applications, and the like. But by and large, it’s still a cumbersome process with lots of paperwork along the way.
Home loan applications go through several screening processes. Underwriting is the most intense review. This is when the mortgage lender’s underwriter (or underwriting department) reviews all paperwork relating to the loan, the borrower, and the property being purchased.
Underwriters often request additional documents during this stage, including letters of explanation from the borrower. It’s another reason why mortgage lenders take so long to approve loans.
In a standard residential real estate transaction, the buyer’s mortgage lender will have the home appraised to determine its current market value. Additionally, a title company will usually step in to verify the seller’s right to sell (and transfer ownership of) the property.
Sometimes these things go smoothly — other times they don’t. For instance, the appraiser might decide the home is worth less than what the buyer has agreed to pay (in the purchase agreement). This can delay or even derail the mortgage process. The title company might have to find and fix problems relating to the title. All of this can make the process take longer.
Sometimes It All Goes Smoothly Let’s end on a positive note. I don’t want to give you the false impression that mortgage lending is always a slow process. Sometimes it moves quickly and smoothly, with no hang-ups or obstacles along the way.
Some lenders can process an application and approve a borrower in 7 – 10 days. This is especially true when there are no underwriting issues or conditions to resolve.
But if the mortgage company has a backlog of applications, and/or the borrower has a host of financial and paperwork issues, it can take a relatively longer time.
Many people are surprised to learn that rates change on a daily and sometimes hourly basis. Interest rates fluctuate in response to changes in the financial markets. The bond market is generally a good indicator of the trend of interest rates, with higher bond rates usually producing higher mortgage rates.
Mortgage insurance is generally required in one form or another when the down payment is less than 20%, and it protects the lender in the event of loan default. The lower the down payment, the higher the risk for the lender, and thus the higher the monthly mortgage insurance premium. Depending on your particular situation, there may be loan options available that either don’t require monthly mortgage insurance payments or allow your monthly mortgage insurance payments to be dropped at some point in the future.
(Disclaimer: *BPMI = Borrower Paid Mortgage Insurance; LPMI = Lender Paid Mortgage Insurance. LPMI may not be cancelled by the borrower; it terminates only when the loan is refinanced or paid off, and it usually results in a loan with a higher interest rate than BPMI unless discount points are added to lower the rate. BPMI may be cancelled or terminated when the loan reaches 80% of the original value of the property.)
It is a policy provided by the title company guaranteeing the accuracy of the title work done on your home at the time of purchase. As a buyer, you are required to purchase a lender’s policy of title insurance as part of your standard closing costs, which only protects the mortgage company. You may also choose to purchase an owner’s policy, which would protect you against any loss in the event of any legal issues relating to the title of your home.
Many different factors need to be analyzed to determine if refinancing is right for you, such as the length of time you intend to stay in your home, the type of loan you currently hold, or whether you’re currently paying monthly mortgage insurance. We are always happy to provide a recommendation for your particular circumstances.