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.
Brian is awesome. He has been on top of everything from the day I talk to him in distress about previous lender. I would recommend Brian to everyone I know. if your a slacker then Brian is not your guy because he's taking care of business and he needs you to be doing the same.Tonnette J. Home Buyer
From the bottom of our hearts we appreciate your fairness,humility,and steadfast approach regarding our new mortgage. We have a great intrest rate that we would not of received if you were not our loan officer.God bless you and your business.There are not enough people like you.We will be referring others to Cherry Creek.Adolph and Rose N. Home Owners
As first time home buyers, Brian Sewell was exceptional. He answered all our questions, was very knowledgeable and made the process a easy. He is an asset to the company and would be the reason we would use again and recommend.Jamil B. First Time Home Buyer
I just wanted to say...You are by far one of the best. You have made this homebuying experience painless for me. In times that I doubted myself, you would always say, 'don't worry' 'I got you' and that's not always the case with most. Your follow-through speaks volumes about your character. We need more people like you in this unpredictable economy. Thank you for everything!Eartha H. Home Buyer
Thank you, Brian, for all of your time and effort in working with me through this process. You professionalism and concern are impressive and necessary. I have and will continue to recommend your services. Thanks, again.Abraham B. Home Owner
I just wanted to say thank you so much for all of your hard work. It was a pleasure to have you there and have everything run so smoothly. You have made this experience very pleasant. I have heard so many horror stories over the years about how difficult the home buying and closing process can be, and to be quite honest, I did not know what to expect. But know for sure that if anyone comes my way that need to buy a house, I will surely send them your way because you are the BOMB!!!! (lol).Sharon B. First Time Home Buyer
Just a short note of THANK YOU for guiding our deal to closing. Cleaning up the buyers credit, no appraisal issues, great communication, and a one hour closing! AMAZING! That is the mark of a real pro making the amazing look routine. I only wish I had you on every deal. Again, thank you!Stanley B. Real Estate Professional
I am writing a personal recommendation letter for Brian Sewell. We have gotten to know each other over the past few months as business associates and have found him to be honest, dedicated, conscientious and very knowledgeable. When my husband and I decided to refinance our home we were extremely pleased with the efficiency and promptness of Brian's response. Beyond that, he was determined to take care of our loan as if it was his; we actually saw him go to bat for our rate on our loan while we were in his office. I have found him to be hardworking and extremely courteous. I recommend him immensely.Carolyn & Allen K. Home Owners
Brian made a completely intimidating process bearable! I would not hesitate to recommend Brian to a friend or family member.Sherylyne V. Home Buyer
Going through this process (at one point I thought this is never going to happen), but once I switched lenders and began working with you and your professionalism made it seem so easy. Its finally over, and I have you to thank for that, so again THANK YOU. If anyone is looking for a mortgage, I know who to refer them to.Kilwana J. Home Buyer
Thank you from my entire heart! You've made our dreams come reality!!! This is our first home purchase ever!!! I can't believe how amazing it feels to be a home owner!!! Freaking AMAZING!!!!! Thank you for all your time and energy you've put into this. I am so thankful for you and your enthusiasm! My hubby and I will definitely write a letter to your superior for the excellent above and beyond work you've done. Be proud of yourself because you have great work ethic and provide excellent service! You absolutely do your job well!Beti First Time Home Buyer
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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.
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. Lenders typically use risk-based pricing models when assigning interest rates. Simply put, this means they charge more interest for riskier borrowers (those with bad credit, high debt ratios, etc.). Low-risk borrowers, on the other hand, typically pay less over time by securing a lower rate.
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.