Dave Cook

Our Promise

At Cherry Creek Mortgage, there are no gimmicks. We value people above all else. We believe the best mortgage outcomes start with the best people.

For every customer and partner who walks through the door, we make this promise and we stick to it.

Our Vision

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.

Good words from clients

  • We've had the best mortgage experience with Dave and his team. Everything worked efficiently and fast, just like a well-oiled machine. Every member of the team, including the underwriter, were pure professionals, who have made this is a positive experience, without cutting any corners. It has been a pleasure to work with this local team, which would beat any big bank handily. Thank you.
    Russell O. Home Buyer
  • We have used Dave Cook and his team at Cherry Creek Mortgage for all of our mortgage needs over the last 4+ years. (He actually came recommended by another mortgage broker that we worked with in Oregon when we asked who "the guy" is in Colorado.) Well... Dave is "The Guy." He and his team are proactive and responsive. Even in this crazy Colorado real estate market, they still find the time to provide personalized service, even if that means working until the wee hours. They made the process of collecting all the necessary documents easy and efficient, and kept us informed during each step while we were refinancing our home. They were able to provide us with several different scenarios as we looked for the best option for us. We have recommended, and will continue to recommend, Dave and the wonderful, trustworthy folks at Cherry Creek to our family and friends.
    Kyra M. Home Buyers
  • Working with Dave and his team was a real pleasure and really smooth. We had some hurdles to over-come and Dave (with his team) made each step painless and surmountable. Although we had a 30 day time crunch we got updates every Friday, and Cherry Creek Mortgage worked hand in hand with our title company right up and through the closing process.
    Michael T. Home Owner
  • Working with Dave was a pleasure. It was the first time my wife and I had bought a house and going through the mortgage application process was intimidating but Dave was very professional and kept us at ease. He answered all our questions timely and professionally. I would certainly recommend him to anyone.
    Clayton K. First Time Home Buyer
  • Cherry Creek Mortgage and Dave Cook exceeded our expectations! My husband and I worked with Dave on the refinance of our home. Dave and his team are confident and focused! They were flexible with our schedules and worked well together, which allowed for our whole refinancing process to appear flawless. We would absolutely work with Dave again in the future and highly recommend him and his team to anyone looking to buy a home or refinance!
    Laura J. Home Owner
  • As first time home buyers we were very lucky to work with Dave. He was recommended by our realtor and was a fantastic asset for us during the home buying process. His welcome kit included a letter reminding us that there are no stupid questions - this was a great reminder as we approached the steep learning curve of home buying!Dave and team are knowledgeable, flexible and available. Regardless of time of day, his team was responsive and ready to help. In this market, it is so important to know that your lender is available for you when needed. This is your future home and your lender should take that as seriously as you do! Dave and team will provide you the support needed to make sure that when you find the house you want, you are ready to go.
    Michelle L. First Time Home Buyer
  • I highly recommend Dave Cook at Cheery Creek Mortgage! We had a tough loan to process and the whole team at Cherry Creek worked above and beyond to ensure we closed on time.
    Maggie S. Home Buyer
  • It was a very positive experience in every aspect. You were very customer service oriented, paid close attention to detail and really know the mortgage industry well. You provided great guidance and were able to clearly articulate the different products in layman's terms. My experience was very positive and I will definately recommend you to anyone looking to purchase a home. You know your business very well and most of all understand customer service and really are able to deliver on what you promise. Thank you for all your help and guidance. You went way above and beyond for me and I truly appreciate it. Your expertise was very evident during this complex transaction and you were very flexible and fluid with all the last minute changes. You totally exceeded all of my expectations! I could rely on you and know that you would answer my questions honestly and in a timely manner, which means so much when making a major purchase!
    Kim V. Home Buyer
  • Continue with the same excellent service! Dave Cook completed everything he said he would in timely and professional manner. We recommend him to anyone! He is very courteous and open about all things. He was willing to discuss and recommend all possible options. Thanks again Dave.
    Dan B. Home Buyer
  • Dave Cook works with such integrity. I have really enjoyed connecting with Dave and see that he is very passionate about what he does. He always goes the extra mile and that makes a difference.
    Ashley K. Home Owner
  • Dave was easy to get in touch with and willing to explain anything we had questions on. You were friendly, patient and had a fast response time. Dave went out of his way to run numbers for us on a daily basis. Dave was knowledgeable and accessible on weekends and while he was on vacation. He was easy to get along with and not pushy or abrasive.
    Aaron S. and Shannon P. Home Buyers

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How do your loan officers get paid?

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.

Why can some lenders offer lower rates than others?

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.

Why do I have to submit so much paperwork?

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.

  1. The government has set new guidelines that now demand that the bank prove beyond any doubt that you are indeed capable of affording the mortgage.

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.

  1. The banks don’t want to be in the real estate business.

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.

Bottom Line

Instead of concentrating on the additional paperwork required, let’s be thankful that we are able to buy a home at historically low rates.

Why does it take so long to get a loan?

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.

  1. New mortgage rules require more verification.

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.)

  1. There are lots of players and paperwork involved.

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.

  1. Underwriters often request additional documents.

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.

  1. Home appraisals and title searches can delay the process.

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.