Cameron Becnel

Why do mortgage rates vary so much between lenders?

Mortgage rates are only part of the picture. Different lenders have different pricing models, fees, discount points, overlays, and loan products. Two lenders may advertise similar rates, but the total cost of obtaining that rate can be very different. That’s why I encourage buyers to compare the complete loan estimate and not just the advertised interest rate. The goal isn’t simply finding the lowest rate. It’s finding the loan that offers the best overall value for your specific situation.

Can retirees qualify for a mortgage using investment income?

Yes. Many retirees assume they no longer qualify because they don’t receive a traditional paycheck, but there are several financing options available. Depending on the loan program, retirement distributions, Social Security, pensions, investment income, or asset depletion strategies may all be used to help qualify. I’ve found that many retirees have much stronger financial profiles than they realize, they simply need a mortgage strategy that fits their situation.

What are the biggest mistakes people make when buying a home in Colorado?

One of the biggest mistakes is assuming they aren’t ready to buy without actually speaking with a lender. Other common mistakes include making large purchases before closing, changing jobs during the loan process without discussing it first, skipping a full pre-approval, and focusing only on the interest rate instead of the total cost of the loan. Buying a home is one of the biggest financial decisions most people will ever make, and having a plan early can prevent many of these issues before they happen.

Should I wait for mortgage rates to drop before buying?

Trying to perfectly time interest rates is extremely difficult. While lower rates are always welcome, waiting also comes with tradeoffs. Home prices can continue rising, inventory can change, and increased buyer competition often returns when rates fall. Rather than trying to predict the market, I encourage buyers to focus on whether purchasing makes sense for their personal finances and long-term goals. If rates improve later, refinancing may be an option. But finding the right home at the right time for your life is often more important than trying to catch the absolute lowest rate.

Can I buy a home with only 3% down in Colorado?

Yes. Many buyers are surprised to learn they don’t need 20% down. There are conventional loan programs that allow qualified buyers to purchase with as little as 3% down, along with FHA loans requiring 3.5% down and several Colorado down payment assistance programs that may help eligible buyers with upfront costs. The right program depends on your financial situation, but a smaller down payment doesn’t automatically mean you’re making a poor financial decision. Sometimes preserving your savings is the smarter move.

What’s the difference between pre-qualified and pre-approved?

A pre-qualification is typically a quick estimate based on information you provide. A pre-approval is much more detailed. Your income, assets, credit, and documentation are reviewed to determine what you can realistically qualify for. In today’s market, a strong pre-approval carries much more weight with sellers because it shows you’ve already completed much of the financing process. If you’re serious about buying, I almost always recommend getting pre-approved before starting your home search.

Is it better to put 20% down or keep more cash invested?

It depends on your goals. Putting 20% down can eliminate mortgage insurance and lower your monthly payment. On the other hand, keeping more cash invested may provide flexibility, preserve liquidity for future opportunities, or potentially allow your investments to continue growing. There’s no universal answer. I usually encourage clients to compare both scenarios and think beyond just the monthly payment. Sometimes keeping additional cash available creates more long-term financial flexibility than putting every available dollar into the home. The best decision is the one that supports your overall financial plan, not just your mortgage.

How does an asset depletion mortgage work, and who is it best for?

Asset depletion loans are designed for people who have significant savings or investments but don’t necessarily have traditional monthly income. Instead of focusing only on paychecks, these loans may allow certain investment assets such as brokerage accounts, retirement accounts, or other qualifying assets to help demonstrate repayment ability. This can be an excellent option for retirees, high-net-worth individuals, or people taking time away from traditional employment. It’s one of my favorite loan strategies because it helps clients use the financial strength they’ve already built without necessarily liquidating investments just to qualify.

Can I qualify for a mortgage if I’m self-employed in Colorado?

Absolutely. Being self-employed doesn’t automatically make it harder to buy a home, it just means qualifying looks a little different. Traditional loans often rely on tax returns, which can be challenging if you write off a lot of business expenses. Fortunately, there are other options, including bank statement loans, where lenders may use your business or personal bank deposits instead of taxable income. I’ve worked with business owners, contractors, real estate agents, freelancers, and entrepreneurs who assumed they couldn’t qualify, only to discover they had more options than they realized. Every situation is different, so it’s important to look at the full financial picture rather than just one tax return.

What is the best mortgage loan for first-time home buyers in Colorado?

There isn’t one “best” mortgage for every first-time buyer. It depends on your goals, credit, savings, and monthly budget. Many buyers assume they need 20% down, but that’s one of the biggest myths I hear. In reality, there are conventional loan options with as little as 3% down, FHA loans that can be a great fit for buyers with lower credit scores, VA loans for eligible veterans and active-duty military, and Colorado-specific down payment assistance programs that can make homeownership much more accessible. The right loan isn’t always the one with the lowest interest rate. Sometimes it’s the loan that keeps more money in your savings, has lower upfront costs, or gives you more flexibility in the future. My goal is always to explain the pros and cons of each option so buyers can make an informed decision instead of feeling like they’re being sold a loan.