Best Denver mortgage lenders in 2022

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Editor’s note: The Bankrate Score considers a mortgage lender’s products and services only; it is not a reflection of a lender’s internal operations or practices. We continuously evaluate each lender we review to ensure the Bankrate Score is consistent with this methodology. If you’d like to consider other lenders, visit Bankrate’s lender review hub.

If you want to buy a home in Denver, you’ll likely need to act fast. Homes in Denver were only on the market an average of eight days as of November 2021, according to real estate brokerage Redfin. With that level of competition, it’s critical to have your paperwork in order to ensure you’re able to move quickly on an offer. One preparation to make: shopping around and getting preapproved for a mortgage. Here are some of the best mortgage lenders in Denver to consider.


Methodology

To determine the best mortgage lenders in Denver, Bankrate evaluated lenders based on several criteria, including affordability (APR, discounts and/or incentives); availability (approval/closing timelines, loan products); and experience (application process, customer service). In general, the best mortgage lenders have a high Bankrate Score and high ratings from borrowers.


Best mortgage lenders in Denver

Better.com

Better.com mortgage review

If you’re looking for a conventional or FHA loan, Better.com offers a lot of upside, resulting in a five out of five Bankrate Score. However, it doesn’t offer VA or USDA loans. The lender generally offers competitive rates, partly attributed to a lack of branch locations and lower overhead. Another plus: You won’t run into any application or origination fees with Better.com.

Here’s a closer look at what this lender offers:

Loan products
  • Purchase and refinance
  • Conventional
  • Jumbo
  • FHA
  • Bridge loan
Credit requirements
  • 620 for conventional loans
Pros
  • Entirely online experience
  • Human support available
  • No commissions or fees
  • Automated process for preapproval letter in three minutes
Cons
  • No branches
  • Not all loan types are available
Expected closing time 21-45 days

Veterans United Home Loans

Veterans United Home Loans review

Veterans United Home Loans offers conventional, FHA and USDA loans, but it specializes in VA loans. With 24/7 customer support and free credit counseling, this lender is dedicated to serving borrowers beyond the loan itself, including considering non-traditional credit data. This customer focus has earned Veterans United Home Loans a Bankrate Score of five out of five.

Here’s a summary of this lender’s offerings:

Loan products
  • Purchase and refinance
  • Conventional
  • Jumbo
  • FHA
  • VA
  • USDA
Credit requirements
  • 620 for conventional loans and VA loans
Pros
  • VA loan specialist
  • 24/7 phone customer support
  • Free credit counseling
Cons
  • No home equity lines of credit (HELOCs)
Expected closing time 30-45 days 

Direct Home Lending

Direct Home Lending review

Direct Home Lending provides borrowers in some states with conventional, FHA and VA loans. Although you won’t find a USDA loan option through Direct Home Lending, you can enjoy the possibility of closing in just 14 days (if purchasing a home). Additionally, some borrowers might choose to take advantage of a zero-closing cost option.

Here’s a closer look:

Loan products
  • Purchase and refinance
  • Conventional
  • Jumbo
  • FHA
  • VA
  • Investment property
  • Reverse mortgage
Credit requirements
  • 620 for conventional loans
Pros
  • Fast underwriting
  • Quick closing
  • Zero-closing cost option
Cons
  • No USDA loans
  • No HELOCs or home equity loans
Expected closing time 14-30 days

eClick Lending

eClick Lending mortgage review

Borrowers can pursue conventional, FHA, VA and USDA loans through eClick Lending. Although the process of starting your loan application can begin online, you’ll have to speak to a loan officer to learn more and finalize the details. With this lender, homebuyers can expect to close in 21 days, on average.

Here’s what eClick Lending offers:

Loan products
  • Purchase and refinance
  • Conventional
  • Jumbo
  • FHA
  • VA
  • USDA
  • Investment property
Credit requirements
  • 620 for conventional loans
Pros
  • Quick closings available
  • Borrowers report positive experiences
Cons
  • Must speak to a loan officer before preapproval
Expected closing time Average of 21 days

First Midwest Bank

First Midwest Bank mortgage review

With a Bankrate Score of 4.9 out of five stars, First Midwest Bank offers a valuable combination of loan options, affordability and customer experience. The bank makes loans in the majority of states, and depending on where you live, you might be able to work with a loan officer in-person at a branch, or apply online for your loan.

Here’s a closer look at First Midwest Bank:

Loan products
  • Purchase and refinance
  • Conventional
  • Jumbo
  • FHA
  • VA
  • USDA
  • HELOC
  • Construction and renovation loans
  • Physician loan
  • Portfolio loan
Credit requirements
  • 620 for conventional loans
Pros
  • In-person or online application
  • Rebate on closing costs for banking customers
  • Special loan programs for first responders
Cons
  • Branch locations in just four states
Expected closing time Within 35 days

Local Denver mortgage lenders

With a loan as significant as a mortgage, you might prefer to speak with a loan officer in-person rather than online. Here are a few local Denver mortgage lenders worth considering:

FirstBank

Housing supply is limited in Denver, which might get you thinking about new construction on a lot instead of buying an existing home. FirstBank, which is headquartered in Lakewood and has branches across the Denver metro area, offers a range of loans to help you break ground on your dream home, including land loans, interest-only construction loans and construction-to-permanent loans to help you avoid paying two sets of closing costs. You might also feel good about working with a bank seeking to make a difference in the area: FirstBank has helped raise more than $217 million for Colorado nonprofits.

Front Range Mortgage

Front Range Mortgage is a mortgage broker, which means it can help you compare multiple options from local lenders based on your credit criteria and loan service needs. It has access to a variety of loan programs, but Front Range might be an especially good pick if you’re a veteran, current service member or eligible family member eligible to secure a VA loan. Approximately 75 percent of Front Range’s customers are VA homebuyers.

Elevations Credit Union

Headquartered in Boulder, Colorado, Elevations Credit Union offers a wide range of mortgage programs for its more than 175,000 members. The most notable options include a no-closing-cost option (you’ll pay a higher interest rate, but the upfront expenses might be more manageable) and 80/10/10 combination loans that help you bypass mortgage insurance with just 10 percent down.

What to know when getting a mortgage in Denver

How much you need to borrow to buy a home in Denver depends on a variety of factors. Home prices can vary widely by neighborhood or specific ZIP code, so consider balancing proximity to your local commutes (an office or school for your children, for example) with a location that fits within your budget.

Additionally, it might be helpful to think ahead to how your property is expected to appreciate in the coming years. The September 2021 market report from the Denver Metro Association of Realtors (DMAR) cited key spots for growth in the next 10 years: Regis, Chaffee Park, Sunnyside and West Colfax. Now might be the time to be an early mover to the next hot spot in town.

If the properties you want are getting all-cash offers or disappearing from the market as soon as they’re listed, it might help to broaden your search to some of the properties that don’t fall into the “hot” category. Consider this advice from Andrew Abrams, a real estate agent in Denver and the chair of the DMAR’s Market Trends Committee: “If you are a buyer in a unique situation, whether you have less money to put down or are needing a longer close,” Abrams said in the DMAR report, “you may want to look at properties that have been on the market longer than a week.”

To give yourself the best chance, get preapproved for a mortgage to give your offer the credibility it needs in this seller’s market, and follow these tips to make your offer stand out.

Summary: Best Denver mortgage lenders

With additional reporting by Sarah Sharkey

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Written by
David McMillin
Contributing writer
David McMillin writes about credit cards, mortgages, banking, taxes and travel. David's goal is to help readers figure out how to save more and stress less.
Edited by
Mortgage editor
Reviewed by
Professor of finance, Creighton University
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