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Shop for a Loan

How to Find a Lender

Today, lenders can be found through a variety of sources. In addition to calling on ads in the newspaper, you can also find and apply to lenders over the internet, and through referrals from your REALTOR. We would be happy to suggest lenders we have used successfully, who have proven themselves competitive and capable even with problem properties or poor credit.

Choosing the Right Lender

Interview several lenders to evaluate the following:

  • Ability to explain things clearly and return your phone calls in a reasonable time period
  • Competitiveness of interest rates, costs & fees.
  • Availability of loan programs that suit your credit profile and desired property
  • Access to local loan approval committee that understands the kind of property you are buying

Choosing the Right Kind of Loan

Today there are so many types of loans on the market that it is beyond the scope of this page to list or explain them all. Your lender is the best person to help you select a loan program to suit your needs. Below is a summary of the three most popular loan types we see in practice; for more detailed information click the link at the end of this page.

  1. Fixed loan: The fixed rate loan assures your monthly payments will stay the same over the life of the loan, which is typically between 15 and 30 years. Fixed rate loans may be best if you intend to hold the property for a long period of time, say over 7 years.
  2. ARMs (adjustable rate mortgages): ARM’s may be suitable if you plan to sell or refinance your home within the next few years. The starting interest rate is typically lower than a fixed rate loan, saving you money initially. However, it is important to understand the index, the readjustment interval, the capitalization rate and downside risks of an ARM before making a final decision to use this type of loan.
  3. Intermediate ARMs: Also called Hybrid Loans, these loans can offer fixed interest rates for the first 3, 5, 7 or 10 years after which the interest rate adjusts with the market every 6 months or year thereafter.
Testimonials
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When it comes to buying a home, Gabi is someone who knows how to strike the balance between what you want in a home and what is possible in your budget.She stayed with us for nearly a year staying on top of the market and sending us homes to review. ...

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Gabi is top-notch! We were buying remotely and she went the extra mile to personally video the property for us to see. Her professionalism, knowledge, honesty, integrity and hard work ethics were very much appreciated. You have questions, just ask he...

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Gabi was personable, responsive and professional in all aspects of the selling of our home. We felt confident that she was working in our best interests, and it was a pleasure working with her....

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Gabi has helped us with several real estate transactions over the years. She is ALWAYS attentive and handles all the details in very professional manner. She is very thorough and we know she has our best interest at heart. We highly recommend her...

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Gabi helped us purchase our first home in the midst of this historic and difficult market. She put us at ease with her honest and direct communication, and we felt so lucky to be in her very capable hands throughout the entire process. She is very re...

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Gabi has been both our buyers and sellers agent in Durango. She is an expert in the local market and succeeded in getting our house sold several years ago when other listings for identical homes were not moving. Recently, she found us the perfect,...

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My husband and I were fortunate to be connected with Gabi at the suggestion of his employer when we were relocating to Durango from out of state. Throughout the whole process, Gabi could not have been more friendly, helpful, and knowledgeable in assi...

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We worked with Gabi to sell our rental property in Durango, CO. We were selling remotely, and Gabi was more than just our agent. She expertly managed all the details needed to get the house ready for sale. She kept us informed of the decisions we ...

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We've worked with Gabi as our agent for both buying and selling homes. I can't recommend her enough. She takes the time to give attention to each client, whatever is required so that the transaction is smooth. She is highly professional, responsive, ...

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Gabi was fantastic to work with. She helped us through the buying process and allowed us to explore many different property types and locations before we found the perfect home to buy. She was incredibly responsive, professional, informative and he...

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Gabi Bergstrom Durango Real Estate Remax Logo
970.946.7522 GabiBergstrom(at)gmail(dotted)com RE/MAX Pinnacle
1221 Main Ave. Durango, CO. 81301
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