Top 5 Bankrate mortgage lenders in Colorado
- First Mortgage Direct
- Sage Mortgage
- Better.com
- Interfirst Mortgage Company
- LoanMonkey
Methodology
Bankrate helps thousands of borrowers find mortgage and refinance lenders every day. To determine the top mortgage lenders, we analyzed proprietary data across more than 150 lenders to assess which on our platform received the most inquiries within a three-month period. We then assigned superlatives based on factors such as fees, products offered, convenience and other criteria. These top lenders are updated regularly.
First Mortgage Direct
First Mortgage Direct is the online lending division of First Mortgage Solutions, a brick-and-mortar lender based in Kansas City, Missouri. The lender doesn’t charge origination fees or other hidden costs, nor participate in any gimmicky specials or limited-time offers.
Strengths:
- Borrowers assigned readily available loan officer to work with via phone or email
- No origination or hidden fees
- Loans for purchases, first-time homebuyers and refinancing
Weaknesses:
- Not available in every state
- Limited call center hours for general inquiries
Read Bankrate’s First Mortgage Direct review.
Sage Mortgage
Sage Mortgage is an online mortgage company that both underwrites loans and works with multiple wholesale lenders. The company can help you secure a preapproval in one to two days, and the typical closing takes 27 days.
Strengths:
- Works with multiple wholesalers to offer competitive rates and fast cycle times
- Dedicated loan officer works with borrowers throughout the entire process
Weaknesses:
- Doesn’t offer VA loans
- Doesn’t offer home equity loans or home equity lines of credit (HELOCs)
Read Bankrate’s Sage Mortgage review.
Better.com
Better.com is a direct online lender established in 2016 that provides a completely online process where rates, loan preapprovals and resources are available 24/7. The lender offers a variety of mortgage options, including conventional and jumbo fixed-rate and adjustable-rate mortgages and bridge loans.
Strengths:
- No commissions or fees charged
- Smart technology automatically looks for and applies discounts to eligible borrowers
- Automated process yields a preapproval letter in three minutes
- Will beat competitor’s offer or give you $100 (only available to applicants who go directly through Better)
Weaknesses:
- No branch locations
- No home equity lines of credit (HELOCs) or home equity loans
- Some government loans not available
Read Bankrate’s Better.com mortgage review.
Interfirst Mortgage Company
Interfirst Mortgage Company is an online-only mortgage lender headquartered in Chicago, Illinois. Preapprovals with Interfirst typically take one day, and closings usually happen in 30 to 45 days. Interfirst does not offer discounts to current customers, but it also doesn’t charge points, application fees, lender fees or other hidden fees.
Strengths:
- Online application process
- Speedy preapproval
- No points or hidden fees
Weaknesses:
- Doesn’t offer government-insured loans like FHA, VA or USDA loans
- Requires a higher credit score to qualify
- Does not consider alternatives to traditional credit scores, like rent payment history
Read Bankrate’s Interfirst Mortgage Company review.
LoanMonkey
LoanMonkey, a mortgage broker and lender, offers “The Online Everything Mortgage” that allows borrowers to manage their loan applications completely online. The broker and lender was founded in 2019 by mortgage industry veterans and animal enthusiasts Sean Marsh and Christopher Russow, and is headquartered in San Diego, California.
Strengths:
- Streamlined application managed online; takes approximately 15 minutes to complete
- Low overhead can yield lower rates
- Closings average 30 days
Weaknesses:
- Only available in some states
- Doesn’t offer some specialized mortgages, including construction and USDA loans
Read Bankrate’s LoanMonkey review.
Source: thesimpledollar.com