Helping 1st time home buyers: Is lender a good fit?

This past week I have had the privilege of helping two 1st time home buyers.  Both wanted to be close to Durango for work but couldn't afford anything in that market.  After looking at several homes, Ben found the perfect home where he can live in the country, and have some critters.  Going thru the process of a VA loan, was tedious and he learned to have patience.  Got a great home with no down payment.

Stephanie found a home in downtown Mancos, which will fit perfectly since it's close to Phil's World, a favorite mountain bike trail for her.  Stephanie's loan was with a bank out of the area.  The process was very stressful and very little communication between the bank and her.  Even though she wanted to switch banks, the appraisal had already been done and starting with a new bank would require a new appraisal.  We finally closed, however the process could have been way better.  She did a get a home with only a 3% down payment.

Lesson learned is to always speak with 2 different lenders and ask valuable questions.  How long will the process take? After the appraisal is in, how long will it take underwriting to approve?  Do you have a local representative? Compare different loan options and interest rates.  If you don't understand something, ask questions.  Ask for referrals of buyers in your area.  

I highly recommend Alpine Bank in Durango and Dolores State Bank, which has a branch in Mancos, Cortez and Dolores.  Having a lender that you can see face to face sure helps ease much of the stress.

Mancos River not affected by the mine spill in the Animas River

While the mine spill in Silverton, Colorado has had huge affects on the Animas River, the San Juan, and  Lake Powell, we are very thankful that our river is safe! Mancos is located 30 miles west of Durango and is not in the same watershed.  

Colorado mountains are full of old mines so we need to count our blessings.  What can we learn by this disaster?  How can we seal old mines?  My heart goes out to everyone affected  by the Animas River.