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home financing

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Buying a Home, Financing & Insuring

The Benefits of Pre-qualifying for a Mortgage

April 19, 2016

If you’re about to begin your new home search, you may want to consider getting pre-qualified—or even pre-approved—for a home loan. Although pre-qualification isn’t a mandatory step on your journey to homeownership, it does offer several benefits. Following are just a few advantages of pre-qualifying for a mortgage before you begin your house hunt.   It helps to establish a budget. Not sure how much home you can afford? Getting pre-qualified for a home loan is a wonderful way to find out! Not to be…

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Buying a Home

New Year’s Resolution: Saving for a Down Payment

January 5, 2016

It’s a new year, and you know what that means. It time, once again, for resolutions. If you resolve to leave your landlord behind—or to move into a larger, more luxurious home—this year, you may have to provide a down payment of up to 20 percent of the home’s sale price, which can be challenging. Here are some strategies to help put you on the path to homeownership. Know your numbers. The first step in saving for a down payment is establishing your budget. Examine…

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Financing & Insuring

A Simplified Guide to Mortgage Options

August 25, 2015

Buying a home soon? Be sure to weigh your mortgage options. Click on each loan type in the chart to see if it might fit your situation. Remember, this is just a simplified starting point. Multiple loan options may be available to you. Your best resource for loan shopping is your loan officer.   Please note: HomeAmerican Mortgage Corporation’s principal offices are located at 4350 S. Monaco Street, Suite 200, Denver, CO 80237. HomeAmerican Mortgage Corporation (NMLS Unique Identifier #130676; NMLS Consumer Access website: http://www.nmlsconsumeraccess.org),…

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Financing & Insuring

What is a Conventional Loan?

August 11, 2015

A conventional mortgage loan is one of a class of generic loans that can be originated by any lender, as opposed to loans guaranteed or issued by a government agency—like FHA, USDA or VA loans. Because more entities originate conventional loans, they can come in a variety of packages. Types of conventional mortgages Conforming May be an easier qualification process than non-conforming loans. If a single-family conventional mortgage loan is conforming, it means that it may be eligible for purchase from a lender by one…

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Financing & Insuring

Frequently Asked Questions: Using Gift Funds to Buy a Home

August 5, 2015

Whether you’re buying your first home or your tenth, you may find you need a little help coming up with a down payment or closing costs. If you’re fortunate enough to have someone who’d like to contribute to your homeownership goals, this FAQ is for you!  What kinds of loans allow you to use gift funds (for the purchase of a single-family primary residence)? FHA loans: Gift funds may be used for up to 100% of down payment and/or closing costs. VA loans: You may…

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