The Best Mortgage Lenders in Durango, CO
Compare verified mortgage lenders serving Durango, Colorado. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Durango
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated national mortgage lender with a strong local presence in Durango, known for its competitive rates and efficient online platform. They excel in customer satisfaction, offering a wide range of loan products and personalized service. With over two decades of experience, they have built a reputation for reliability and quick loan processing, making them a preferred choice for homebuyers in the Durango area.
Loan Types:
Fairway Independent Mortgage
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is highly regarded for its exceptional customer service and community-focused approach in Durango. They provide comprehensive mortgage solutions, including educational resources for homebuyers, and have a track record of smooth closings. Their experienced team and competitive loan options make them a standout lender in the region, with consistently high ratings for transparency and support.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is praised for its fast processing times and strong local involvement in Durango. They offer a variety of flexible loan products and prioritize customer education, ensuring a stress-free mortgage experience. With a commitment to community giving and reliable service, they have earned high customer satisfaction ratings and are a trusted option for both first-time and repeat homebuyers in the area.
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Frequently Asked Questions
Common questions about mortgage lending in Durango, CO
What are the current mortgage rates like in Durango, and how do they compare to the national average?
Durango mortgage rates typically run slightly higher than the national average due to its designation as a "resort" or "high-cost" area, reflecting the competitive and desirable real estate market. As of late 2023, you might see rates 0.125% to 0.25% higher. It's crucial to work with a local lender who understands this dynamic and can accurately price your loan for the area.
Are there any special loan programs for first-time homebuyers in Durango?
Yes, the Colorado Housing and Finance Authority (CHFA) offers first-time homebuyer programs with competitive interest rates and down payment assistance, which are accessible in Durango. Additionally, the City of Durango occasionally offers its own down payment assistance programs for income-qualified buyers, so it's worth checking with local housing authorities for the most current opportunities.
How does Durango's competitive housing market affect the mortgage process?
Durango's low inventory and high demand often lead to multiple-offer situations, making a strong pre-approval from a reputable local lender essential. Sellers frequently favor offers with local lenders who can close quickly and reliably. You may also need to be prepared for appraisal gaps, where the home's sale price exceeds its appraised value, requiring additional cash from the buyer.
What should I know about getting a mortgage for a Durango property with acreage or in a rural area?
Financing properties with significant acreage or those located in more rural parts of La Plata County can be more complex. While some may qualify for a standard loan, others might require a jumbo loan or a rural development loan through the USDA, for which parts of the county are eligible. Lenders will pay close attention to the land value and its usability, which can impact the loan terms.
Are there any city-specific fees or taxes in Durango that impact closing costs?
Yes, when getting a mortgage in Durango, you should budget for specific local fees. The City of Durango charges a Sales and Use Tax, which applies to some construction and renovation materials, and there may be specific transfer taxes or recording fees. Your lender should provide a detailed Loan Estimate that includes these local charges to avoid surprises at closing.
Why Choose a Mortgage Lender in Durango?
Local Market Knowledge
Lenders who understand Durango's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Colorado.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Durango and get competitive rates on your home loan.