The Mortgage Experts at America's Mortgage

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Mortgage and Lending - The Mortgage Experts at America's Mortgage, a Division of Cherry Creek Mortgage Co. - NMLS #241555
RECENT BLOG POSTS
A lot of people ask us if it's OK to change loan programs after they have signed a sales contract to buy a house.  For example, can someone change from an FHA loan to a conventional loan?   Although the sales contract may stipulate which types of loans are acceptable, we have NEVER seen a seller ...
11/27/2012
When purchasing a house, the seller is allowed to pay for some of the buyer's closing costs, but there are limits to how much the seller can pay.  Here are the maximum amounts the seller can pay for various types of loans:   Conventional Loans ·     Primary residence or second home with less than...
11/27/2012
There are three credit reporting agencies: Experian, TransUnion, and Equifax.  When a lender pulls someone's credit, they get a score from all three agencies.  The score that is used to determine whether the borrower qualifies for a mortgage (and what their interest rate will be) is the middle sc...
11/02/2012
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Here's a list of the information that needs to be provided for a conventional loan when a borrower has to show that they have sufficient assets.  This is taken directly from the Fannie Mae guidelines:   Copies of bank statements or investment portfolio statements. The statements must cover accoun...
11/02/2012
Some title companies are now requiring that the cashier's checks that buyers bring to the closing be made payable to the title company only.  They no longer allow the checks to be made payable to the buyer, who then endorses the check over to the title company at the closing.   Make sure you che...
10/31/2012
Think you need 20% down to get a mortgage?  That’s just not true.  Here are the most recent down payment requirements for various types of loans.   For conventional (non-government) loans: 5% down for a primary residence (3% is allowed, but the rates are higher and the mortgage insurance is high...
10/31/2012
Everyone knows that when you first get a mortgage, most of the monthly payment goes to pay the interest and not to pay down the loan principal.  But how much exactly goes towards the interest each month?   Here's how to figure it out without a calculator - it's really pretty easy.   Mortgage inte...
10/31/2012
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Here are some recent changes to the CHFA (Colorado Housing and Finance Authority) loan program: The minimum borrower contribution of $1,000 may now come from a gift from the borrower's relatives. If the earnest money is more than $1,000, the excess can now be given back to the borrower at the clo...
10/31/2012
Many credit repair companies advise their clients to dispute accounts on their credit report, telling them the accounts will be removed from their report.  That is horrible advice.  Here's why:   When you dispute a credit account, lenders are now required to underwrite loans manually, rather than...
10/22/2012
We get a lot of calls from people who have looked at our blog and web site.  One of the most common is, "What does POC mean on a Settlement Statement?"  Here's the answer:   POC stands for Paid Outside of Closing, and refers to any fee that is not being disbursed at the closing. The two most comm...
10/22/2012
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