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There are so many mortgage lenders serving the Denver area. How can you know if you're working with the right one? Here, we lay out five of our favorite mortgage lenders, what we like about them, and what you can expect as you apply for a loan.
Best for: Best for unique mortgages
Mortgage Maestro Group
Bottom Line
Unique, innovative lender with creative mortgages and bridge loans. Outstanding customer service ratings.
Min. Credit Score
Min. Down Payment
Key Features
Offers a wide range of mortgage options, including a mortgage designed for people who work in the cannabis industry.
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
Best for: Best for its online digital platform:
Guaranteed Rate Mortgage
Bottom Line
Guaranteed Rate does a great job with ease of usability, offering comprehensive loan information during your research phase, plus the option to securely upload and digitally sign loan documents when you're ready to apply. The lender publishes its rates for different loans online, making it easy to compare options.
Min. Credit Score 550 VA 560 FHA 620 Conventional 660 Jumbo
Min. Down Payment
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
Best for: Best for variety of loan options
Pennymac
Bottom Line
Pennymac specializes in government mortgages like VA and FHA loans. Pennymac offers rate transparency, help via phone or online, flexible loan terms, and a rate guaranteed to beat competitors. Pennymac is a great place for people to start looking for a mortgage.
Min. Credit Score 580 FHA and VA loans 620 Conventional loan 700 Jumbo loan
Min. Down Payment
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
Best for: Best for members of the military and their familie
Bottom Line
The fact that it is one of the largest VA home lenders speaks volumes. Veterans United specializes in VA loans for military members, and offers 24/7 customer service over the phone as well as free credit counseling service. But Veterans United also offers an array of terms and loan products, in addition to competitive rates.
Min. Credit Score
Min. Down Payment
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
Best for: Best for no lender fees:
LenderFi
Bottom Line
A great pick to consider for an online-only application experience. We also appreciate LenderFi's approach to cutting rates and fees.
Min. Credit Score
Min. Down Payment 0% (FHA and VA loans) 3.5% (FHA)
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
This Denver mortgage company receives praise from customers. In addition to traditional mortgages, Mortgage Maestro Group offers Colorado Housing and Finance Authority (CHFA) loans with down payment assistance, and special loans for cannabis industry employees.
Guaranteed Rate's robust online digital platform makes it easy to buy or refinance a loan from the comfort of home. The lender also offers a library of online tools to help educate and empower home buyers. Plus, Guaranteed Rate can close most loans in as little as 10 days, helping make it one of the best mortgage lenders in Denver.
As the second-largest lender in the U.S., PennyMac has the process down pat. From application to closing, home buyers are guided through the process. With tons of happy customers vouching for it, PennyMac is a safe bet for any Denver buyer.
Veterans United is not a one-trick pony. Though it's designed for veterans, it offers far more than just VA loans. One of the best things about this lender is the way it provides customer advocates from every branch of the military to make sure customers are treated the way they want to be treated. From the time they apply for a mortgage to the day they sit down to close on a home, home buyers know they aren't alone.
California-based mortgage lender LenderFi operates in 45 states, including Colorado. What we especially like about the company is the way it spells out the fees (and other details) associated with a mortgage loan before ever running your credit. And a big draw for LenderFi is that it charges no lender fees, a perk seldom found in mortgage companies.
You know you've found the best Denver mortgage lender when you land a loan that is bound to save you money over the years. But a good lender offers more than savings. Here are some other traits to be on the lookout for:
Being approved for a Denver mortgage is a stressful time for some. You can minimize the stress by following these steps.
Depending on the type of loan, it's possible to be approved for a mortgage with a credit score as low as 580 to 620. The problem with being approved for a mortgage with the lowest possible score is that you'll pay more due to a higher interest rate. If you're able, take the time to build your credit score before applying.
The amount you'll pay for a down payment depends entirely on the loan type. For example, a VA loan requires 0% down and an FHA loan requires a minimum of 3.5% down. Buyers who put 20% or more down on a mortgage loan are not required to pay monthly mortgage insurance. Mortgage insurance is a fee you pay to the mortgage company. The lender uses the fee to purchase insurance from a third party. That way, if you default on your loan, the lender can recoup the loss.
While some home-buyer programs are state-wide, others are offered specifically by the county. Here's a sample of the types of programs available in 2022:
Denver is a popular city, and as such, housing prices can soar. Try not to get so caught up in a buying frenzy that you're willing to spend more than you should. And think twice before sacrificing your financial security. Before house hunting, run the numbers to learn how much you can afford and stick to your budget.
If the current market is a little too hot for you, it's okay to wait. Waiting it out means more time to gather a larger down payment and to choose the lender that best fits your needs.
Lender | Best For | Next Steps |
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Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Best For
Best for unique mortgages |
|
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Best For
Best for its online digital platform: |
|
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Best For
Best for variety of loan options |
|
Veterans United
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Best For
Best for members of the military and their familie |
Check Rates for Veterans United
On Veterans United's Secure Website. |
LenderFi
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Best For
Best for no lender fees: |
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Where you buy in Denver is a personal decision with no one-size-fits-all answer. The answer will likely include an area you can afford, near people and attractions you like having around.
According to the Denver Metro Association of Realtors in March, the average price for a single family Denver home was just shy of $740,000.
While it's a negotiable expense, it's typically the home seller who pays title insurance in Denver.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.