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
Fannie Mae is trying to sell houses again, and they're making it easier for buyers and for real estate agents.  If you submit an offer for a Fannie Mae HomePath property and close by October 31, 2011, Fannie Mae will pay up to 3.5% of the purchase price towards the Buyer's closing costs, which sh...
06/22/2011
Fannie Mae has just tightened their underwriting guidelines regarding the use of retirement accounts as reserves.Borrowers are sometimes required to have reserves to get approved for a loan. Reserves are funds that the borrower has left over after paying for the down payment and closing costs. 60...
06/02/2011
First, get a copy of the loan application by clicking here.The Loan Application There are 4 pages in a mortgage loan application It is divided into 10 sections This tip will discuss Sections IV and V (both on page 2) NEVER complete the loan application by yourself. The lender should ALWAYS do it ...
05/12/2011
There are two distinct things that must be approved before a lender will give a borrower any money to buy a house: the borrower and the property.Getting the borrower approved is easy. Collect the right information, run it through the underwriting software, and send everything to underwriting to m...
05/12/2011
Here's some great news from Fannie Mae:Fannie Mae is currently offering buyers up to 3.5% in closing cost assistance through June 30, 2011, if they purchase a HomePath property. The buyer does NOT have to get HomePath financing to get the closing cost assistance.The HomePath property buyer must m...
04/13/2011
How would you like to get an inside look at mortgage underwriting? Now is your chance! We've just added a new free class to our offerings at Colorado Free University: Get Your Home Loan Approved!: FAQ's and Secrets of Mortgage Underwriting.Imagine if all the frustration surrounding loan approvals...
04/13/2011
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 usi...
04/13/2011
We received a number of calls in the past few weeks from prospective home buyers who had been told by various lenders that they were unable to qualify for a mortgage because their debt-to-income ratios (DTI) were too high. Most of them had been misinformed. Here are the real debt-to-income ratio ...
04/13/2011
What is a Rate Lock? When a loan originator (loan officer) locks the interest rate for a home loan, they are making a commitment to deliver that loan to the lender. When the interest rate is locked, it cannot go higher or lower until the rate lock expires. Do You Have to Lock the Interest Rate? Y...
04/13/2011
Some title companies are now requiring buyers to wire funds to their office if the funds due at closing exceeds a certain amount.  In the past, just about every title company allowed buyers to bring a bank check.  If your buyer doesn't know about this, it could delay the closing because it someti...
04/13/2011
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Chris Thomas

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