The Mortgage Experts at America's Mortgage

Mortgage and Lending - The Mortgage Experts at America's Mortgage, a Division of Cherry Creek Mortgage Co. - NMLS #241555



Two credit reports are now needed for conventional loans. A conventional loan is any loan that is NOT a government loan - if a loan is not an FHA loan, a VA loan, or a USDA loan, then it is a conventional loan.If the loan is a conventional loan, lenders are required to refresh the credit reports ...
Fannie Mae (the ruler of conventional loans) is making some changes to their underwriting guidelines that will affect many real estate deals. Here are the two changes that will get the most press: The minimum down payment for one-unit, primary residence loans is being lowered to 3%. This does not...
We are often asked what POC means on a Final Settlement Statement. Quick quiz - does POC stand for: Primary Occupancy Charge Pickled Onion Curry Ponies On Causeway Paid Outside of Closing POC stands for Paid Outside of Closing, and refers to any fee that is not being disbursed at the closing. The...
Here's how mortgage brokers get paid.We can make money in one of two ways. The first is by charging the borrower directly for fees. This is known as front-end compensation. The second way we get paid is by receiving a payment from the lender. This is known as back-end compensation.Here are some e...
Now that FHA mortgage insurance is going up from .55% a year to .90% a year, conventional loans will become more attractive to many borrowers.  If a borrower has good credit, their monthly mortgage payment might be cheaper with a conventional loan than it would be with an FHA loan.  However, it i...
When we run someone's credit through the software that tells us exactly what to do to raise their credit scores, the most common recommendation is to lower the percentage of the person's credit limit that is being used.    Here are the percentages that affect credit scores: If the balance is more...

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