The home loan market in Denver isn’t going to go through significant changes in 2024, according to the latest expert expectations. While that’s good news in the sense of no major changes to the negative for homebuyers, it also doesn’t mean there are going to be any big adjustments to the advantage of buyers either. As a result, where prospective homebuyers are already finding the process challenging to get in coming out of 2023, many of the same conditions will still be in place now, in 2024. In these instances, help from a mortgage broker can really make a big difference.
Why a Mortgage Broker Can Help
The standard home loan market in Denver works off of the principle that homebuyers come into banks and ask for mortgage approval to buy a home. This then puts the applicant through the review process based on local market competition as well as the applicant’s readiness to take on the loan responsibilities.
However, the above limits the typical applicant to just what’s available or competing in Denver proper. Again, based on the current expectations, not much is going to change in Denver, so local lenders aren’t very motivated to do anything different. That also blocks out possible competition from lenders outside of Denver who can just as easily provide a home loan to an applicant as well. In short, following the standard route unnecessarily blocks an applicant from a greater pool of possible lenders.
A mortgage broker has access to a wide array of lenders, all of whom are eligible to lend to a homebuyer in Denver. As a result, a buyer working through this channel not only gets the benefit of more competition, there are more lenders who are willing to take on buyers with less stringent lending requirements that may be applied by local lenders in Denver alone. That advantage through a broker, like Rob’s Mortgage Loans in Denver, can mean the difference between finding a mortgage or not being able to borrow at all.
Falling Rates Opens Up More Competition
There is some minor drop in mortgage rates occurring now, which may make it a bit more attractive for buyers who have already been on the fence but not quite ready to jump in. In these cases, the window to take advantage of a rate drop, especially if it goes back up again in the summer with activity, tends to be short. Again, buyers working through a mortgage broker can take advantage of these opportunities and move quickly. It’s not so easily done through a traditional Denver lender or bank.