About PMG

  1. Are rates on jumbo mortgages higher than other types of loans?
  2. Can I get a conventional loan for a fixer upper?
  3. Can I rent out a home I purchased with a conventional loan?
  4. Can you get a conventional loan for a manufactured home?
  5. What is the minimum down payment on a conventional loan?
  6. Can I buy a house with no down payment?
  7. Can I get a mortgage with 5% down?
  8. Can first-time home buyers with bad credit and no down payment get a home?
  9. What types of loans have no down payment?
  10. What is the cost to refinance?
  11. Can I refinance my mortgage with a different bank or lender?
  12. Can I refinance my house with a second mortgage?
  13. Do you have to pay mortgage insurance if you refinance?
  14. Can I refinance if I have bad credit and late payments?
  15. Can I refinance with no out of pocket costs?
  16. Can I buy land with a VA loan?
  17. What government programs are available to first-time home buyers?
  18. Which loan is best for first-time home buyers?
  19. How can I get a mortgage for a second home?
  20. Can I get a mortgage with bad credit?
  21. What are the condition requirements for a conventional home loan?
  22. Can I refinance a first mortgage and not the second?
  23. How often can you refinance a mortgage?
  24. Do VA loans require mortgage insurance?
  25. What types of VA loans are available?
  26. What is the VA funding fee?
  27. Are VA loans zero down?
  28. Can I get a loan with score of 550?
  29. How long does it take to be approved for a mortgage?
  30. How can I get a mortgage if I’m self-employed?
  31. How can I get a mortgage with no credit?
  32. What’s the max DTI (debt-to-income) for a conventional loan?
  33. What kind of credit score do you need to buy a house?
  34. What's the difference between a jumbo and conforming loan?
  35. What are the requirements for an FHA loan?
  36. Do mortgage pre-approvals affect my credit score?
  37. Is Cherry Creek currently hiring?
  38. What is Mortgage Refinancing?
  39. Why should I refinance my mortgage?
  40. How do I apply for a Refinance Mortgage with CCMC?
  41. What are the benefits of refinancing your mortgage?
  42. What is a certificate of eligibility?
  43. Can I get pre-approved?
  44. How can I get a mortgage?
  45. How can I qualify for a loan?
  46. Can I get cash out of my home with a refinance?
  47. Why are mortgage rates different than federal rates?
  48. Should I lock my loan now?
  49. How long does a locked loan last?
  50. Do I need an interior inspection for my mortgage loan?
  51. Do I need an on-site survey done for my mortgage loan?
  52. Can I apply for a refinance without meeting in person?
  53. Can I submit my loan documents online?
  54. Will rates go down further?
  55. Should I lock in my rate now?
  56. Can I do my entire mortgage online?
  57. How much money can I save by refinancing?
  58. How can I see my loan status information online?
  59. What is escrow?
  60. What are the borrower’s HECM obligations?
  61. What is the process for the H4P?
  62. Isn’t the H4P program designed primarily for people who don’t have a lot of money?
  63. If I’m building a new home instead of purchasing an existing home, what should I know?
  64. Does my existing home have anything to do with the H4P transaction?
  65. How is the down payment determined?
  66. Is the H4P mortgage interest rate fixed or variable?
  67. How do I qualify for HECM?
  68. What are the advantages of the H4P?
  69. What are ineligible property types?
  70. What are eligible property types?
  71. Why would seniors want to buy a house with a HECM loan?
  72. What is HECM’s background and why was the HECM for Purchase Program created?
  73. Why should I use a real estate agent?
  74. How and why do interest rates change?
  75. What happens once I am pre-approved?
  76. When should I consider refinancing?
  77. How do your loan officers get paid?

Are rates on jumbo mortgages higher than other types of loans?


Because jumbo loans are mortgage amounts above the conforming limit, the interest rate is typically higher. However, your interest rate depends on many factors, so it’s important to talk to a loan officer about your unique situation and options.

Can I get a conventional loan for a fixer upper?


Looking to buy a house that needs a little work? You can get a conventional or FHA renovation loan for a purchase or a refinance transaction.

Can I rent out a home I purchased with a conventional loan?


Conventional loans do allow for non-owner occupied properties. These require larger down payments compared to owner-occupied transactions.

Can you get a conventional loan for a manufactured home?


Yes! Conventional loans are available for double-wide homes or larger.

What is the minimum down payment on a conventional loan?


With a minimum down payment amount of 3%, it’s possible to get a conventional loan for less money out-of-pocket!

Can I buy a house with no down payment?


Depending on your income, you might qualify for a state or local bond program that allows for down payment assistance in the form of grants or subordinate financing. Wondering what you could qualify for? Reach out to one of our loan experts for more information.

Can I get a mortgage with 5% down?


Yes, you can! Based on your financial and credit history, you will have a variety of options with a 5% down payment. Your loan expert can help you decide which home financing program will work best for you.

Can first-time home buyers with bad credit and no down payment get a home?


It may be possible, but it will depend on available bond programs in your area and your credit and financial circumstances. Contact one of our loan officers to discuss your specific circumstances.

What types of loans have no down payment?


It’s possible to get a home loan with no down payment! Curious about your options? Depending on your eligibility and the home you want to buy, possible loans include VA, USDA, and bond programs (depending on where you live) combined with conventional or FHA financing.

What is the cost to refinance?


There are costs involved with refinancing your home. If you’re considering a refinance, talk with a loan officer about the potential costs and ask about what can be rolled into your loan to minimize your out-of-pocket cost.

Can I refinance my mortgage with a different bank or lender?


Definitely! If you want to shop around for different rates or terms, refinancing with a different bank or lender is possible.

Can I refinance my house with a second mortgage?


A refinance transaction typically involves replacing your existing mortgage with a new mortgage, while a second mortgage transaction typically leaves your first mortgage intact and ties an additional mortgage to your home. You might be eligible for a second mortgage depending on the combined loan-to-value ratio for both of your loans.

Do you have to pay mortgage insurance if you refinance?


Whether you’re refinancing to change your rate or term, or your focus is on removing mortgage insurance, it all depends on your loan-to-value ratio.

Can I refinance if I have bad credit and late payments?


It may be possible, but it will depend on your credit and financial circumstances. Contact one of our loan officers to discuss your specific circumstances.

Can I refinance with no out of pocket costs?


It depends on what type of loan program you’re using. For example, an FHA streamline refinance doesn’t require an appraisal, and the same is true of VA loans too. You can roll your closing costs, prepaid interest charges, and escrow funding totals into your loan amount so you don’t have to bring in money at closing. Talk to a loan officer to learn more about your options!

Can I buy land with a VA loan?


We don’t offer land financing options with a VA loan, but you could get a construction loan to build the home of your dreams!

What government programs are available to first-time home buyers?


If you’re a first-time home buyer, consider looking into bond programs near you. Some bond programs offer down payment assistance, depending on your location. Plus, FHA, VA, and USDA programs are all available for first time buyers!

Which loan is best for first-time home buyers?


This depends on your credit profile, down payment amount, and other financial qualifications! If you’re ready to buy, get in touch with a loan officer to learn more about what’s available to you.

How can I get a mortgage for a second home?


If you’re looking to purchase a second home, you can finance the transaction with a conventional loan. It’s helpful to have a conversation about your down payment amount and interest rate, so reach out to us to learn more.

Can I get a mortgage with bad credit?


Depending on your credit score and the length of time that has passed since a credit event (like a bankruptcy), you could be eligible for a mortgage. Check in with one of our licensed loan officers to learn more about the options available for your specific circumstances.

What are the condition requirements for a conventional home loan?


If you are taking out a conventional loan, the property has to be habitable with no health or safety issues.

Can I refinance a first mortgage and not the second?


Yes! If you have two mortgages, this can be an option for you. This typically requires the 2nd mortgage loan to be subordinated to the new first. Talk to a loan expert for more details on how this would work for you.

How often can you refinance a mortgage?


How often you can refinance your mortgage depends on your situation. The average person may be able to refinance six months after a previous transaction; however, your lender will always review your circumstances to make sure that there is a benefit for doing the new refinance transaction.

Do VA loans require mortgage insurance?


VA loans do not require monthly mortgage insurance, but an up-front funding fee may apply.

What types of VA loans are available?


VA loans are a great way for our nation’s heroes to realize their goal of home ownership. VA loans are available for purchase, cash-out refinance, and interest rate reduction refinance transactions.

What is the VA funding fee?


The amount of the VA funding fee depends on the down payment and loan types. There are cases when veterans are exempt from the funding fee, so check in with a loan officer for more details.

Are VA loans zero down?


Yes! VA loans do offer 100% financing. If you are eligible for a VA loan, reach out to one of our loan officers who can review your entitlement and help you learn about the down payment requirements for your specific situation.

Can I get a loan with score of 550?


If you have a credit score of 550, there may be loan programs available to you. An FHA loan might be a great option – let’s talk about what loan program works best for your situation!

How long does it take to be approved for a mortgage?


Depending on your situation, your initial approval can happen within the first day of speaking to a loan officer. Your final underwriting approval typically takes a few weeks after the loan has been underwritten.

How can I get a mortgage if I’m self-employed?


All loan types are available to self-employed borrowers, we may just need some extra documentation (depending on your employment, financial, and credit history).

How can I get a mortgage with no credit?


We do offer loan programs that allow you to use non-traditional credit items to qualify. If you want more information about what’s available to you, start a conversation with a loan expert.

What’s the max DTI (debt-to-income) for a conventional loan?


On average, the max debt-to-income ratio (DTI) for a conventional loan is 45% (with exceptions sometimes allowed to 50%). Your lender will also consider your financial and credit history, so it’s important to discuss your DTI with your loan officer.

What kind of credit score do you need to buy a house?


A credit score is an important part of your mortgage process, and a score of at least 580 is typically required to buy a home. However, there are certain cases where a lower score is applicable, it just depends on your individual circumstances. It's also important to keep in mind that more - and better - loan options and interest rates are available as your credit score increases.

What's the difference between a jumbo and conforming loan?


Jumbo loans are loans above the conforming loan limit. Wondering what the loan limit in your area is? Have a conversation with a loan officer about the limits in your county.

What are the requirements for an FHA loan?


There are many different requirements for an FHA loan, so it’s important to talk to an FHA-approved lender (like us!). If you want some basic information on an FHA loan, check out HUD’s website.

Do mortgage pre-approvals affect my credit score?


Any credit inquiry can have an impact on your credit score, so it’s important to consider that when you are shopping for a mortgage. According to Experian, credit scoring models do take rate shopping into consideration, so multiple inquires for a certain type of credit product (like a mortgage) will have a smaller impact on your score.

Is Cherry Creek currently hiring?


Yes! Please check out the links below for more information.

What is Mortgage Refinancing?


Mortgage refinancing involves getting a new home loan to replace a current loan. Since you’re replacing your current mortgage, you’ll complete a new home loan application and re-qualify for the home mortgage. This entails providing your loan officer with supporting documentation. You'll also need to authorize a credit check and pay closing costs again. Refinancing doesn’t only create a new mortgage loan. It also allows you to receive new loan terms. Some people refinance into another 30-year mortgage. Others, however, refinance and choose a shorter term. This allows them to pay off their mortgage loan sooner.

Why should I refinance my mortgage?


Home buyers refinance for various reasons. Refinancing is often the only way to get a lower rate and a lower payment. Refinancing can also convert an adjustable-rate mortgage to a fixed-rate mortgage. Some people also refinance into a different mortgage program. They might switch from an FHA loan to a conventional home loan.

How do I apply for a Refinance Mortgage with CCMC?


Our experienced team of home loan experts is ready to guide you through the refinancing process. We can answer any questions you have. Follow the link below to get started on your new mortgage. We can also help you find a loan officer in your area!

What are the benefits of refinancing your mortgage?


In addition to a lower mortgage rate, a lower monthly payment, and getting new mortgage terms, refinancing provides an opportunity to cash out some of your home equity. A cash-out refinance involves taking out a loan against the property. You can use these funds for various purposes such as home improvements, college tuition, debt consolidation, getting rid of credit card balances, and more.

What is a certificate of eligibility?


In order the fund a VA loan, lenders need to verify the benefits of a veteran. This is typically done by providing a certificate of eligibility. One of the simplest ways to get your COE is through your lender - ask a loan officer about getting your COE and starting your loan process.

Can I get pre-approved?


Pre-approval is a process where a lender reviews your credit history and financial profile to determine the loan amount and interest rate for which you'll likely qualify. Find a loan officer near you to get the pre-approval process started.

How can I get a mortgage?


Getting a mortgage is an exciting process! In order to start, you'll need to speak with a licensed loan officer about your down payment, credit, and budget goals. You can start your loan journey today with a mortgage professional at Cherry Creek.

How can I qualify for a loan?


Qualifying for a home loan depends on many factors including your credit, purchase history, current debt, income and even where you're looking to buy. The best way to get a firm answer on your loan qualifications is to talk to a licensed loan officer.

Can I get cash out of my home with a refinance?


Yes! This all depends on the remaining balance on the loan, your credit score, and a few other factors. Speak with a loan expert to find out how much cash you may be able to pull out of your home in a refinance.

Why are mortgage rates different than federal rates?


The Fed Funds Rate is the rate that banks charge each other when they lend cash from their reserve balances. This rate directly influences consumer interest rates tied to certain items like credit cards that have variable interest rates; however, mortgage rates are most closely tied to mortgage-backed securities. Therefore, the “Fed Rate” will typically not be the same as interest rates connected to mortgage loans.

Should I lock my loan now?


When you lock your interest rate, you are securing the rate that is available on the day of your lock, and this locked rate will become your mortgage rate once your loan successfully closes during the lock period. Since mortgage rates are driven by market conditions and fluctuate daily, mortgage rates can increase – or decrease – after you lock your rate. Similar to investing in the stock market, it is difficult to ‘time the market’ so that you lock your rate at the absolute lowest point; therefore, it is important to work closely with your loan officer to lock at a time that makes sense and provides you with an interest rate that will allow you to reach your home financing goals.

How long does a locked loan last?


Rate locks are available across a range of time periods. Rate lock periods of 30 days are pretty typical, but at times when there are a large number of consumers refinancing their mortgages or purchasing homes, longer lock periods are common.

Do I need an interior inspection for my mortgage loan?


Fannie Mae and Freddie Mac have modified appraisal requirements to accommodate desktop appraisals and exterior-only appraisals for more transaction types. Check with your loan officer for more details.

Do I need an on-site survey done for my mortgage loan?


Check with your loan officer regarding the survey and title requirements that are common for your location.

Can I apply for a refinance without meeting in person?


Yes! Our Borrower Portal allows you to fill out your application and submit documentation securely online. Additionally, we share and allow you to sign disclosure documents electronically

Can I submit my loan documents online?


Our Borrower Portal allows you to fill out your application and submit documentation securely online. Additionally, we share and allow you to sign disclosure documents electronically.

Will rates go down further?


Mortgage rates are driven by market conditions and fluctuate daily. Similar to investing in the stock market, it is difficult to ‘time the market’ so that you lock your rate at the absolute lowest point; therefore, it is important to work closely with your loan officer to lock at a time that makes sense and provides you with an interest rate that will allow you to reach your home financing goals.

Should I lock in my rate now?


When you lock your interest rate, you are securing the rate that is available on the day of your lock, and this locked rate will become your mortgage rate once your loan successfully closes during the lock period. Since mortgage rates are driven by market conditions and fluctuate daily, mortgage rates can increase – or decrease – after you lock your rate. Similar to investing in the stock market, it is difficult to ‘time the market’ so that you lock your rate at the absolute lowest point; therefore, it is important to work closely with your loan officer to lock at a time that makes sense and provides you with an interest rate that will allow you to reach your home financing goals.

Can I do my entire mortgage online?


Our Borrower Portal allows you to fill out your application and submit documentation securely online. Additionally, we share and allow you to sign disclosure documents electronically. Reach out to your title company to learn about their practices for managing the closing process.

How much money can I save by refinancing?


The money you save will be dependent on a number of factors including what your current interest rate is, whether you’re paying off debt, what your new interest rate and term will be. Get connected with one of our loan officers today to get pre-qualified and to find out more about what your new payment will look like.

How can I see my loan status information online?


If you currently have a loan in process with the Cherry Creek Mortgage team, or any of our DBAs, you have access to our Borrower Portal. This is a private, secure online portal that allows you to see the current status of your loan. You probably created a username and password when you first applied for your loan. Use those details to login to the Borrower Portal.

What is escrow?


Escrow is a legal arrangement where a neutral, third party temporarily holds an asset or sum of money on behalf of two other parties that are in the process of completing a transaction. In real estate, escrow is typically used to protect the buyer's earnest money or to hold a homeowner's funds for property taxes and home insurance.

What are the borrower’s HECM obligations?


["Obligations under the HECM for Purchase are the same as the traditional HECM reverse mortgage. You must continue payments for property taxes, homeowner\u2019s insurance, any homeowner\u2019s association fees, and the cost for basic maintenances of the home, in order to avoid defaulting on the loan.","There are some aspects of the HECM for Purchase that differ from the traditional HECM reverse mortgage. Because reverse mortgages are meant to help seniors age in place, you must move into the new home within 60 days after closing, and the new home must become your primary residence."]

What is the process for the H4P?


["In the first phase of the process, your loan officer will take information to determine whether you qualify for the program. This will include information about income, assets and other real estate. We will ask if you intend to keep your current home or other properties.","You may have a total of three properties under the HECM for Purchase: the home you\u2019re trying to purchase and two additional properties. Having more than three properties will make you ineligible for a HECM for purchase. If you are planning to keep other properties, we will want to know about your mortgage, property taxes, insurance and any homeowner association fees. We also will determine whether you are able to pay the closing costs, including the required monetary investment.","You\u2019ll also complete HECM counseling. If you are buying a newly constructed home, a Certificate of Occupancy from your city is required to show that the house is ready to occupy.","Next, we will talk with you about expectations and obligations regarding the purchase contract, which are different from a home purchase with a traditional mortgage. With the HECM for Purchase, the seller must pay for any repairs required by FHA guidelines. * No concessions, such as seller payment of closing costs or funds in lieu of repairs, are allowed. The house may need more than one inspection if we require it. The property for purchase will be appraised to ensure its value is in line with the HECM expectations.","Then the loan will go to processing and underwriting. Additional documentation may be needed to verify your ability to pay a mortgage on property you plan to keep as well as the property taxes, homeowner\u2019s insurance and any other fees, such as HOA dues for all the properties you will own. We also may verify again that you have funds for closing the loan that meet FHA\u2019s requirements.","The last step in the loan process is closing the loan and funding. Your lender will notify you of the closing date and time.","After the loan closes, the servicer will confirm with we that you will occupy the new home within 60 days of closing. You are required to occupy the home within that time period. If you\u2019re not occupying the home as expected in the loan terms, the loan may be repurchased."]

Isn’t the H4P program designed primarily for people who don’t have a lot of money?


The H4P Program is being used by middle income earners as well as millionaires. It allows financially savvy people to use their money for other things rather than tying up a large portion of it inside their home. The Financial Assessment rules make this program a perfect fit for those with good credit and assets.

If I’m building a new home instead of purchasing an existing home, what should I know?


All new construction may require a Certificate of Occupancy (CO) once the home has been inspected and it’s determined to be move-in ready. FHA requires lenders to wait until the CO is issued before a loan application can be taken. The first step is to get a Pre-Approval letter from us prior to going into contract with the builder. Please make sure to get us in touch with the builder so we can verify everything needed in the contract.

Does my existing home have anything to do with the H4P transaction?


["No, you are allowed to be on title to both homes. You can rent your existing home for cash flow or sell it after you move into your new home. The only disqualifying issue would be if your current home has a FHA mortgage balance. This would require you to refinance into a non-FHA mortgage or sell your home before using the H4P Program.","If you own other real estate then your income will need to support the PITI (principal, interest, taxes and insurance) on existing real estate as well as the property taxes, insurance and\/or condo dues on your new HECM property. After all real estate expenses, installment, and revolving debt is subtracted from income, there must be residual income remaining. This is based on area you live in and if you are single\/married. All items will be verified."]

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.

Is the H4P mortgage interest rate fixed or variable?


You can choose either fixed or variable.

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\u2019ll complete a financial assessment to ensure you\u2019re able to continue making payments for property taxes, homeowner\u2019s insurance and maintaining your home."]

What are the advantages of the H4P?


["There are several advantages to the HECM for Purchase (H4P).","You can purchase a home without the obligation of monthly mortgage payments. If you wish, you can use proceeds from the sale of your current home to purchase your new home. You remain the homeowner with the HECM for purchase, so you must continue to pay property taxes and insurance on the home as well as maintain it.","Qualifying for the HECM for Purchase also can be easier than a traditional mortgage. A poor credit score may not be a barrier to qualify. In addition, because the HECM for Purchase is insured by the Federal Housing Administration (FHA), it is a \u201cnon-recourse\u201d loan. This means that regardless of the loan balance, you and your heirs will not be responsible for repaying more than the home\u2019s appraised value at the time the loan becomes due and payable.","Last, you can sell the home or make payments toward the loan balance without worry about prepayment penalties."]

What are ineligible property types?


["Cooperative units","Newly constructed principal residences where a Certificate of Occupancy or its equivalent has not been issued by the appropriate local authority","Boarding houses","Bed and breakfast establishments","Existing manufactured homes built before June 15, 1976","Existing manufactured homes built after June 15, 1976, that fail to conform to the Manufactured Home Construction Safety Standards, as evidenced by affixed certification labels (e.g., data plate and HUD certification label) and\/or lack a permanent foundation as required in HUD\u2019s Permanent Foundations for Manufactured Housing Guide"]

What are eligible property types?


Only 1- to 4-family dwelling units on which construction has been completed are eligible for the HECM for Purchase program. Loan proceeds may be used to satisfy outstanding payment obligations associated with a land contract, contract for deed, or other similar purchasing arrangements that will ensure the property, which will be used as collateral for the HECM. The collateral must be on real estate held in fee simple. If property is held in leasehold, then additional restrictions may apply.

Why would seniors want to buy a house with a HECM loan?


["The H4P provides seniors who want to buy a house with an option that can overcome some of the usual hurdles. The challenges of qualification are minimal:","Credit is a very minor consideration.","Credit scores are not a factor.","Borrowers are not limited by their income or net worth.","The senior will be able to buy a more substantial house with the same down payment, or they may be able to buy a house they want while retaining a portion of the proceeds from the sale of their current home.","In all cases, there is never a monthly principal or interest payment, and home buyers will only be required to keep their properties taxes paid and the home insured.","With no requirement to make mortgage payments, as long as one of the original borrowers occupies the home, regardless of their future financial status or income, regardless of fluctuations in home values or financial market, there is no risk of losing their home."]

What is HECM’s background and why was the HECM for Purchase Program created?


The HECM for Purchase program was created in 2009, allowing homeowners to combine the purchase of a new home (principal residence) with a reverse mortgage in one transaction. The program makes it possible for homeowners age 62 and older to move closer to family, downsize to a smaller home, such as a home on one level, or obtain homes with modifications that meet their needs, such as handrails, ramps and more.

Why should I use a real estate agent?


First and foremost, because you need an experienced professional working on your behalf. The AGENT’s commission is not paid by the buyer, but by the seller of the home being purchased, and it is in each party’s best interest to have professional representation. As a seller, profits are generally maximized by having an experienced AGENT market and sell your home, rather than dealing with the headaches of trying to do it all on your own.

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.

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.

When should I consider refinancing?


Many different factors need to be analyzed to determine if refinancing is right for you, such as the length of time you intend to stay in your home, the type of loan you currently hold, or whether you’re currently paying monthly mortgage insurance. We are always happy to provide a recommendation for your particular circumstances.

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.