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FasTrac

FasTrac

FasTrac streamlines the documentation required for submitting a loan to underwriting. This eases the document collection burden placed on the customer in the initial stages of the loan process, and it reduces the time required to get an underwriting decision.

To see if FasTrac will work for you call one of our experienced loan officers and get started today.

Call Us Now (817) 313-8469 Or Contact Us

Which Loan Serves You?

I am a first-time home buyer.
I am a Union Member.
I am building a custom, newly constructed home.
I am interested in a Reverse Mortgage.
I don’t have 20% to put down on a house.
I have no money for a down payment.
I have student loan debt and don’t think I’ll qualify for a loan.
I need a lower interest rate on my current mortgage.
I need a mortgage but do not want to pay for private mortgage insurance.
I want my interest rate to always stay the same.
I would like to renovate my current home or investment property.
I’m a Native American.
I’m a physician or dentist and looking to purchase a home over $453,100
I’m an active duty U.S. military service member, veteran or spouse of a veteran.
My credit score is less than 700.

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Glossary

A list of mortgage related terms to help when buying your home
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eGuides

FAQ

How and why do interest rates change?

Many people are surprised to learn that rates change on a daily and sometimes hourly basis. Interest rates fluctuate in response to changes in the financial markets. The bond market is generally a good indicator of the trend of interest rates, with higher bond rates usually producing higher mortgage rates.

How do I know how much house I can afford?

The amount that you can borrow will depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are able to make. You may also be able to take advantage of special loan programs for first time buyers. Give us a call, and we can help you determine exactly how much you can afford.

How do I know what type of mortgage is best for me?

There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. Cherry Creek Mortgage can help you evaluate your choices and help you make the most appropriate decision.

How do I qualify for HECM?

To qualify for the HECM for purchase, you must be age 62 or older, and your new home must be your primary residence, meaning that you will live in the home more than six months per year.

You must complete a required counseling session to ensure you understand the terms and obligations of a reverse mortgage, and you’ll complete a financial assessment to ensure you’re able to continue making payments for property taxes, homeowner’s insurance and maintaining your home.

How do your loan officers get paid?

Our loan officers are paid from the loan itself. Cherry Creek Mortgage has relationships with many investors so we are able to customize products to fit your needs. Since we have access to a multitude of products and investors, it gives us the ability to find you the right loan, not just any loan. Our loan officers work with your financial goals in mind and customize a package, program, or solution for you.

How is the down payment determined?

Down payment is determined by three factors: age of youngest borrower, purchase price of home, and current interest rate.

How much cash will I need to purchase a home?

The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply:

Earnest Money: The deposit that is supplied when you make an offer on the house

Down Payment: A percentage of the cost of the home that is due at settlement

Closing Costs: Costs associated with processing paperwork to purchase or refinance.

What does my mortgage payment include?

For most homeowners, the monthly mortgage payments include three separate parts:

Principal: Repayment on the amount borrowed

Interest: Payment to the lender for the amount borrowed

Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like mortgage insurance, hazard insurance, and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.

What happens once I am pre-approved?

You are ready to buy a home! After you receive your pre-approval, it’s very important to inform us of any changes to your financial picture or credit history as this could impact the amount or type of loan for which you’ll qualify once your loan is fully underwritten.

What is mortgage insurance?

Mortgage insurance is generally required in one form or another when the down payment is less than 20%, and it protects the lender in the event of loan default. The lower the down payment, the higher the risk for the lender, and thus the higher the monthly mortgage insurance premium. Depending on your particular situation, there may be loan options available that either don’t require monthly mortgage insurance payments or allow your monthly mortgage insurance payments to be dropped at some point in the future.

(Disclaimer: *BPMI = Borrower Paid Mortgage Insurance; LPMI = Lender Paid Mortgage Insurance. LPMI may not be cancelled by the borrower; it terminates only when the loan is refinanced or paid off, and it usually results in a loan with a higher interest rate than BPMI unless discount points are added to lower the rate. BPMI may be cancelled or terminated when the loan reaches 80% of the original value of the property.)

What is title insurance?

It is a policy provided by the title company guaranteeing the accuracy of the title work done on your home at the time of purchase. As a buyer, you are required to purchase a lender’s policy of title insurance as part of your standard closing costs, which only protects the mortgage company. You may also choose to purchase an owner’s policy, which would protect you against any loss in the event of any legal issues relating to the title of your home.