It is relatively easy to get loans for property purchases in Telluride, even though you would not expect this in such a small community. Among the many sources for mortgages right here in Telluride we have: Wells Fargo Bank, The Mortgage Store, a Chase Manhattan representative, 4 local banks, and 4 independent mortgage brokers.
To avoid problems during the contract period, it is important to get a lender or mortgage broker who is familiar with resort markets and with some of the local peculiarities of the Telluride market.
It is also wise to have a buyers' broker who is familiar with the lending process (and its possible glitches) so that protective clauses will go into your contract to purchase and will protect your earnest money.
Although appraisals sometimes take up to 3 weeks to acquire, we do have 5 local appraisers who are certified or accepted by a wide range of lenders nationwide. Often, buyers from out of town use their lenders from back home to finance purchases in Telluride; however, we are proud to recommend good lending services right here in Telluride, lenders who will get the job done without any last minute glitches that could put your earnest money at risk.
If you would like to figure out what your payments would be on a certain property, we provide you with a mortgage calculator right here. Most lenders will require a 20% down payment for homes and condos, and between 25% and 30% down payments for vacant land and commercial ventures.
Click here for a mortgage calculator
Please feel free to contact me for further information concerning mortgages for property in the Telluride area or for a recommendation for a good and thorough mortgage broker. A good mortgage broker can make all the difference in keeping a deal going smoothly and without great risk!