Answers, not sales talk

Colorado mortgage questions, answered plainly

The questions buyers ask us most, with the short answer first. If yours is not here, call 720-386-4071 and we will walk through it.

What does a mortgage broker do that a bank does not?

A broker shops your file across many wholesale lenders instead of selling one menu of loans.

The Binger Team works with 70+ wholesale mortgage banks through the IMB network. We send your scenario out, compare the pricing that comes back, and place the loan where it fits best. A bank can only offer what the bank owns. Polygon Research found borrowers using an independent broker saved an average of $10,662 over the life of the loan compared with nonbank retail lenders, based on 2023 HMDA data. Those are market averages, not a quote.

How much money do I need for a down payment in Colorado?

Conventional loans start at 3 percent down, FHA at 3.5 percent, and VA and USDA can be zero down.

First time buyers often qualify for the lowest conventional option. Colorado also has down payment assistance programs that pair with these loans. The right answer depends on your credit, the property, and how long you plan to stay, so we usually price two or three options side by side.

What credit score do I need to buy a home?

FHA can work near 580, conventional usually starts around 620.

Score affects the rate and the mortgage insurance, not just approval. If you are close to a better tier, we will show you what a small change in balances could do before you apply. There is no charge for that conversation.

How long does it take to close a home loan?

Most purchase loans close in 18 to 25 days once you are under contract.

Pre-approval usually takes a day or two after you send income and asset documents. From there the appraisal and underwriting drive the calendar. We protect the contract dates and tell you what is happening at every step.

What are closing costs and who pays them?

Expect roughly 2 to 4 percent of the price in lender, title, and prepaid costs on a Colorado purchase.

Prepaid taxes and insurance are the largest piece for many buyers, and that money funds your escrow account rather than paying a fee. Sellers can often contribute toward closing costs, and lender credits can cover part of them in exchange for a slightly higher rate.

Should I get pre-qualified or pre-approved?

Get pre-approved. Colorado sellers take verified buyers more seriously.

Pre-qualification is a quick estimate. Pre-approval means we reviewed income, assets, and credit, so your offer carries weight. Our five question form starts the process and we follow up the same day.

Do veterans really get a zero down loan?

Yes. VA loans allow 100 percent financing with no monthly mortgage insurance.

There is a one time funding fee that is often financed, and it is waived for veterans with a service connected disability rating. Our VA hub calculates the fee, compares zero down against 20 percent down, and walks through getting your Certificate of Eligibility.

When should I lock my interest rate?

Most borrowers lock once they are under contract and the file is in underwriting.

Locks run 15 to 60 days. Longer locks cost a little more. If rates fall meaningfully after you lock, some lenders allow a one time float down, and we will tell you when that is worth using.

Which states can The Binger Team lend in?

We are licensed in Arizona, Colorado, Florida, Illinois, Iowa, Michigan, Tennessee, Texas, Wyoming.

Ben Binger, Sr. Mortgage Advisor at Alloy Mortgage, NMLS #1322594. Our office is at 6825 E. Tennessee Ave, Ste 415, Denver, CO 80224. Call 720-386-4071 or email Ben@BingerTeam.com to talk through your scenario.

Pre-qualification

Still have a question? Start here.

Enough for our team to tell you what's realistic and what the payment looks like.

No hard credit pull at this stage
Military status routes you straight to VA specialists
Same-day response during business hours

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