Linda Costello

Our Promise

At Cherry Creek Mortgage, there are no gimmicks. We value people above all else. We believe the best mortgage outcomes start with the best people.

For every customer and partner who walks through the door, we make this promise and we stick to it.

Our Vision

We play a significant role in serving America’s home ownership needs. In this process, we aspire to meet and exceed your expectations by delivering specialized services to help you find the right loan that meets your specific needs. We strongly believe, that this kind of service should be the standard for excellence in the mortgage industry.

Good words from clients

  • I would highly recommend Linda Costello for any and all mortgage services that you may require. She has helped me through several highly complicated mortgage processes and in each case has not only delivered what was promised but was able to lead me by the hand through gathering all the necessary paperwork, answer the required inquiries all the while showing nothing but professional courtesy and truly personal service. Her knowledge of the industry was amazing and in this day and age of less than scrupulous mortgage brokers Linda has proven to be a breath of fresh air.
    Susan K. Home Buyer
  • About the same time as our engagement, my husband and I purchased a house with the help of Linda Costello and her team of mortgage professionals. As the time of our wedding approached, they were again able to help us utilize our home's equity to ease the expense involved. With the help of a Certified Mortgage Planning Specialist, we were able to make the most of home ownership and will rely on our annual mortgage review to facilitate our financial goals as we continue to grow in our life together and start our family.
    K & C Wilson Home Buyer
  • Getting pre-qualified for a mortgage with Linda Costello and her team of mortgage professionals really helped me with my home purchase. They set me up with the "Home Scouting Report" and laid out a strategy that worked. I bought a home of my own and have a plan to meet my financial goals because I worked with a Certified Mortgage Planning Specialist at Cherry Creek Mortgage.
    J. Evans Home Owner
  • Designing and building a home is everyone's dream. Linda Costello helped me make my dream a reality. Starting first with a land loan, and then a construction loan, Linda explained process and policy in a manner and language easy to understand. She was always unassuming, professional, patient, friendly and readily available. From its conception, Linda took a genuine interest in the progress of my home, and celebrated with me its completion. By consistently backing up her words with actions, Linda earned my trust. Although my home is now complete, I still use Linda for various other financial needs. I've referred Linda to a number of good friends who have been equally pleased.
    Dominick M. Home Buyer
  • I never thought I could buy a home with my credit, but with the guidance of Linda Costello and her team of mortgage professionals I was able in improve my credit scores and eliminate some mistakes. The Certified Mortgage Planning Specialists that I found at Cherry Creek gave me great advice and helped me finance my new home and improve my credit.
    S&K Parker Home Buyers
  • Linda and her staff treated us like family. They went above and beyond to accommodate us and our hectic schedules. They let us come in on weekends to drop paperwork off. Linda even drove to my home to return original documents so we wouldn't have to wait to get them back in the mail. I was buying the home I grew up in from my parents. It was a great experience thanks to Linda Costello.
    Mrs. K J Quismorio Home Buyer
  • Linda Costello and her staff did an excellent job putting this deal together for me.
    J. Gray Home Owner
  • I want to thank you so much for all help your during this loan process. It is so nice to have someone so helpful and to take the time to explain everything to us. I know it was especially trying those last few days before closing. We really appreciate your diligence in keeping every one on task to get the loan processed in a timely manner. We are so happy and will definitely recommend you to anyone in the market for a loan.
    S & K Blackwell Home Owners
  • Linda's integrity and honesty and willingness to come to our home even though she is on the other end of the city was the most memorable aspect of our experience with Cherry Creek Mortgage and the Costello Champions team.
    Al M. Home Buyer

Passionate Lender

I understand that it's not just a house, it's your home. A home is one of the largest financial commitments that a person will make during their life. Many people view their home financing as meaning just another monthly payment. I can help my clients realize that their home is truly a valuable financial tool for wealth creation.

I will help them achieve the dreams and plans they envision for their future.

Our clients only think about home financing a few times during their lives...I think about it every single day. It's their home and their future. It's my profession and my passion. I am ready to work for their best interest. 

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FAQ

What happens once I am pre-approved?

You are ready to buy a home! After you receive your pre-approval, it’s very important to inform us of any changes to your financial picture or credit history as this could impact the amount or type of loan for which you’ll qualify once your loan is fully underwritten.

Why do I have to submit so much paperwork?

We are often asked why there is so much paperwork mandated by the bank for a mortgage loan application when buying a home today. It seems that the bank needs to know everything about us and requires three separate sources to validate each-and-every entry on the application form.

Many buyers are being told by friends and family that the process was a hundred times easier when they bought their home ten to twenty years ago.

There are two very good reasons that the loan process is much more onerous on today’s buyer than perhaps any time in history.

  1. The government has set new guidelines that now demand that the bank prove beyond any doubt that you are indeed capable of affording the mortgage.

During the run-up in the housing market, many people ‘qualified’ for mortgages that they could never pay back. This led to millions of families losing their home. The government wants to make sure this can’t happen again.

  1. The banks don’t want to be in the real estate business.

Over the last seven years, banks were forced to take on the responsibility of liquidating millions of foreclosures and also negotiating another million plus short sales. Just like the government, they don’t want more foreclosures. For that reason, they need to double (maybe even triple) check everything on the application.

However, there is some good news in the situation. The housing crash that mandated that banks be extremely strict on paperwork requirements also allows you to get a mortgage interest rate as low as 3.43%, the latest reported rate from Freddie Mac.

The friends and family who bought homes ten or twenty years ago experienced a simpler mortgage application process but also paid a higher interest rate (the average 30 year fixed rate mortgage was 8.12% in the 1990’s and 6.29% in the 2000’s). If you went to the bank and offered to pay 7% instead of less than 4%, they would probably bend over backwards to make the process much easier.

Bottom Line

Instead of concentrating on the additional paperwork required, let’s be thankful that we are able to buy a home at historically low rates.

How and why do interest rates change?

Many people are surprised to learn that rates change on a daily and sometimes hourly basis. Interest rates fluctuate in response to changes in the financial markets. The bond market is generally a good indicator of the trend of interest rates, with higher bond rates usually producing higher mortgage rates.

How do your loan officers get paid?

Our loan officers are paid from the loan itself. Cherry Creek Mortgage has relationships with many investors so we are able to customize products to fit your needs. Since we have access to a multitude of products and investors, it gives us the ability to find you the right loan, not just any loan. Our loan officers work with your financial goals in mind and customize a package, program, or solution for you.

Why can some borrowers qualify for lower rates than others?

Not everybody qualifies for the same mortgage rates. If you think about the times you have applied for a loan, you’ll remember that the interest rate the lender gave you was partly determined by your credit score, your debt to income ratio, and the amount of money you were planning to put down on the loan. These are some of the strongest factors that influence rates (though they’re not the only ones).

While home buyer John might qualify for a mortgage rate of 5% based on his credit score and other risk factors, home buyer Jane may only qualify for a rate of 6.25%. The offers you receive will be based on various factors, in addition to your credit score.

Much of it has to do with risk. The big idea here is that risk impacts the rate. A borrower who is considered a higher risk due to late credit payments, high debt ratios, etc., will typically end up with a higher interest rate than a borrower with a higher credit score, more income and significant assets.

Why does it take so long to get a loan?

There are some common scenarios that can lead to a longer processing time. Here are some factors that might cause a mortgage lender to take a relatively long time with processing.

  1. New mortgage rules require more verification.

In 2014, a new set of mortgage rules took effect, and they’ve had an impact on how lenders originate home loans. The Ability-to-Repay rule, for example, requires mortgage companies to thoroughly verify and document a borrower’s financial ability to repay the loan. As a result of these and other government regulations, mortgage lenders might take a long time to process and approve loans (longer than in the past, anyway.)

  1. There are lots of players and paperwork involved.

When you apply for a home loan, your application and paperwork might pass through the hands of half-a-dozen different people (or even more, if you use one of the “big banks”). Loan officers, processors and underwriters, oh my! And additional documents might be requested at each stage. Think of a snowball getting larger as it rolls downhill.

This is another reason why mortgage lenders can take a long time when processing loans. There are many steps in the process, many documents to review, and several different people involved.

Granted, some lenders have made big advancements with streamlining in recent years. This is especially true for those companies that put an emphasis on technology, web-based applications, and the like. But by and large, it’s still a cumbersome process with lots of paperwork along the way.

  1. Underwriters often request additional documents.

Home loan applications go through several screening processes. Underwriting is the most intense review. This is when the mortgage lender’s underwriter (or underwriting department) reviews all paperwork relating to the loan, the borrower, and the property being purchased.

Underwriters often request additional documents during this stage, including letters of explanation from the borrower. It’s another reason why mortgage lenders take so long to approve loans.

  1. Home appraisals and title searches can delay the process.

In a standard residential real estate transaction, the buyer’s mortgage lender will have the home appraised to determine its current market value. Additionally, a title company will usually step in to verify the seller’s right to sell (and transfer ownership of) the property.

Sometimes these things go smoothly — other times they don’t. For instance, the appraiser might decide the home is worth less than what the buyer has agreed to pay (in the purchase agreement). This can delay or even derail the mortgage process. The title company might have to find and fix problems relating to the title. All of this can make the process take longer.

Sometimes It All Goes Smoothly Let’s end on a positive note. I don’t want to give you the false impression that mortgage lending is always a slow process. Sometimes it moves quickly and smoothly, with no hang-ups or obstacles along the way.

Some lenders can process an application and approve a borrower in 7 – 10 days. This is especially true when there are no underwriting issues or conditions to resolve.

But if the mortgage company has a backlog of applications, and/or the borrower has a host of financial and paperwork issues, it can take a relatively longer time.

What is mortgage insurance?

Mortgage insurance is generally required in one form or another when the down payment is less than 20%, and it protects the lender in the event of loan default. The lower the down payment, the higher the risk for the lender, and thus the higher the monthly mortgage insurance premium. Depending on your particular situation, there may be loan options available that either don’t require monthly mortgage insurance payments or allow your monthly mortgage insurance payments to be dropped at some point in the future.

(Disclaimer: *BPMI = Borrower Paid Mortgage Insurance; LPMI = Lender Paid Mortgage Insurance. LPMI may not be cancelled by the borrower; it terminates only when the loan is refinanced or paid off, and it usually results in a loan with a higher interest rate than BPMI unless discount points are added to lower the rate. BPMI may be cancelled or terminated when the loan reaches 80% of the original value of the property.)

What is title insurance?

It is a policy provided by the title company guaranteeing the accuracy of the title work done on your home at the time of purchase. As a buyer, you are required to purchase a lender’s policy of title insurance as part of your standard closing costs, which only protects the mortgage company. You may also choose to purchase an owner’s policy, which would protect you against any loss in the event of any legal issues relating to the title of your home.

When should I consider refinancing?

Many different factors need to be analyzed to determine if refinancing is right for you, such as the length of time you intend to stay in your home, the type of loan you currently hold, or whether you’re currently paying monthly mortgage insurance. We are always happy to provide a recommendation for your particular circumstances.

Why should I use a real estate agent?

First and foremost, because you need an experienced professional working on your behalf. The AGENT’s commission is not paid by the buyer, but by the seller of the home being purchased, and it is in each party’s best interest to have professional representation. As a seller, profits are generally maximized by having an experienced AGENT market and sell your home, rather than dealing with the headaches of trying to do it all on your own.