Mortgage Basics

While freezing your credit adds another layer of protection from potential identity thieves, you'll need to unfreeze your credit to qualify for a home loan. Here's everything you should know about freezing and unfreezing your credit report.

Are you thinking about putting your home on sale as an FSBO property? This decision may cost you in the long run. Learn why working with a real estate agent might be a better alternative for your next transaction.

It's imperative to be mindful of predatory lending tactics before starting the mortgage process. Learn about these unfair practices and how you can avoid them as a future borrower.

A blanket mortgage can help you finance multiple properties at once. Learn how this loan works, who benefits the most from it, as well as its advantages and disadvantages.

There are countless benefits of paying off your house early. But before you do, you'll want to see if your loan has a prepayment penalty. Learn more about what this fee entails and how you can avoid it altogether.

There are advantages and disadvantages of fixed-rate and adjustable-rate mortgages. Having a solid understanding of both options will allow you to make an informed decision regarding your home loan. Learn more in this article.

We've seen mortgage lending evolve significantly over the years. Read this article to learn what's changed, the high and low points of the industry, and why it all matters for borrowers. 

Much like a real estate agent or a mortgage lender, a title company plays a significant role in any real estate transaction. Read this article for a closer look at these entities, as well as some of the best in the business.

Borrowers use mortgages every day to achieve the American dream of owning a home. You can make the home buying process a little easier by understanding the ins and outs of home loans ahead of time. Let this article serve as your go-to resource for mortgage info.

Chances are you that you'll have to put down an earnest money deposit if you're interested in buying a home. Read this article for a detailed explanation of these funds.

Borrowers have a number of options when it comes to home loans. In this article, we take a closer look at balloon mortgages. Keep reading to see how this loan program works, and whether it may be the right one for your situation.

An appraisal is an important part of the refinance process. As a homeowner, you want to be sure you receive the highest true market value possible for your investment. Continue reading to see what negatively impacts an appraisal and how you can best avoid a lower figure than expected.

Whether you're buying a home or refinancing an existing loan, a favorable interest rate can lead to significant long-term savings. Read this article and learn what's considered a good interest rate on a mortgage.

A mortgage assumption involves someone taking over or "assuming" a payment from the previous borrower. So how does this agreement work and is it a possible home financing option for you? Check out this article for more info.

How long does the mortgage process take, and what can you expect along the way? We explain each step from application through closing, so you can feel prepared for your home purchase or mortgage refinance.

Money orders remain a safe and secure payment method for consumers. But how do they work and when should you consider using one? Read this article as we discuss the ins and outs of money orders.

Transferring property ownership requires signing a new deed. The best option depends on your donation timeline and your recipient. But there's more to consider. It's important to research tax implications, so you're not paying unnecessary costs for your donation.

There are several mortgage relief options available to homeowners impacted by the coronavirus (COVID-19), including forbearance and deferment. Here's what you should know about these programs.

Whether your goal is to borrow money smarter, spend less on interest, or pay off debt faster, you have many options available to you. But before you spend or borrow money, think of how your choice of financing may affect you. It's important to do what you can to establish a healthy mix of installment credit and revolving credit.  

The novel coronavirus (COVID-19) is forcing many Americans out of work. But just because your job situation may be uncertain for the foreseeable future doesn't mean you also have to lose your home. Here's what you can do to stay current with your mortgage.

Like many organizations, we are proactively doing our part to stop the coronavirus (COVID-19) pandemic. This includes moving to a virtual work environment and scaling back on our in-office appointments. 

There are many ways to fund a home remodel or renovation, including credit cards and savings. Check out why a home improvement loan might be your best option, as well as how to get the most out of your loan.

Do you owe more money on your home than it's worth? Fannie Mae's High LTV Refinance Option (HIRO) provides a long-term solution for underwater borrowers. Here's everything you need to know about the HIRO program.

If you're looking to purchase or refinance a manufactured home that's not permanently attached to land, you may want to consider a chattel mortgage. Here's everything you should know about this loan program.

Whether you're looking to buy a house or refinance, it's important to work with a trustworthy lender. Borrowers should know that an NMLS number can provide valuable information about a loan officer and potentially keep them from making a mistake. Here's what you should know about this number for mortgage lenders.

An open-end mortgage allows the borrower to access their home's equity and use the funds as necessary.  Let's take a closer look at this home equity line of credit (HELOC) and see how you could benefit from such a loan.

A pledged asset mortgage (PAM) allows you to use stocks, bonds, and other securities to secure a home loan. But does this financing option make sense for your situation? We discuss everything you need to know about a pledged asset mortgage in this article.

Home improvement loans come in different forms. Some are considered unsecured loans, and others are considered secured loans. It’s crucial to understand the benefits and differences between each so you're getting the best financing option for your project.

When shopping for a new home, it’s important to know that your property taxes can significantly impact the amount of your mortgage. Here are a few things you should know about taxes before you buy, as well as after you are settled into your new home.

Minimizing closing costs is one of the most significant benefits when using a VA home loan. That’s why the VA loan program includes non-allowable fees. Learn more about the charges you can avoid.

ARMs can be used for home purchases or mortgage refinances, including cash-out refinances. They were designed to offer rates that fluctuate after a certain amount of time, creating significant upfront savings and smaller monthly payments.

Whether you’re short on funds or credit, or even a bit high when it comes to debt, that doesn’t mean owning a home is off the table. You have options. For example, you can jointly apply with another person, whether they choose to live with you or not. It’s called having a co-borrower or co-signer, and it can be the difference maker between mortgage approval and denial.

When buying a home, you’ll need to ensure the property has title insurance coverage. Just don’t get too caught up in the excitement of homeownership that you forget to do your research on types of deeds and warranty options. Let’s take a look at what property deeds are, what options you have, and how you’re protected as a homeowner.

Great news for homeowners and home buyers, as it was recently announced that 2022 conforming loan limits are expected to increase. This means it's easier to qualify for a larger loan amount or access more equity. Here's what you need to know.

Depending on your loan type and down payment, seller concessions may be used for expenses that accompany the processing and securing of your loan. Let’s take a look at what seller concessions are and how they work.

At what point during the home purchase or refinance process does an appraisal happen? Is there anything you can do to maximize the results? Learn these answers and more with help from our home appraisal checklist.

An FHA 203k loan acts as both a home renovation and a home purchase loan. Simply put, you’re able to borrow enough money to cover the purchase price and a little extra to cover necessary improvements. To qualify, you must meet the following criteria.

Whether you’re trying to find affordable housing or qualify for a mortgage, single parents have options. There are several single parent home buying programs and assistance available to help. Learn all about them!

VA home loans are well known for their no down payments, no mortgage insurance, and low interest rates. But how do they work and what are the eligibility requirements? Be at ease soldiers, we got your “6” and all the answers.

After your loan closes, your mortgage servicer is the company that manages your loan and collects payments. It may or may not be the lender that initially gave you a loan. If it isn’t the same lender, you may feel disappointed and want to know, “what can I do to change my mortgage loan servicer?” The answer is direct, but not simple. Here's what you need to know.

There are common misconceptions about the relationship between closing costs and escrow fees. Learn everything you need to know about escrow closing costs and other third-party fees that you need to close on your home.

Credit scores without a doubt do impact mortgage interest rates. But how do they affect rates, and what can you do to secure a great rate? Learning these answers can literally save you thousands.

A good credit score means you're less risky to a lender. With better credit, your chances for mortgage approval are greater and your rates can be lower. 

Police officers and first responders have a tough enough jobs. Buying a home should be the least of their worries. Learn about the special mortgage programs and discounts for police officers and first responders.

Inheriting real estate can seem like the most incredible gift. Just don’t forget to ask if there are strings attached...like a mortgage. If the home you’re inheriting has a mortgage, you’ll want to understand how the home will be paid for and what your options are. Let us explain.

When shopping for your new home, you have a budget in mind. And if you choose a home located in a common interest development, you’ll need to be sure you take homeowners association (HOA) dues into consideration. Here's what you need to prepare for.

When in the market to buy or sell a home, you’ll encounter many numbers. Though, none are more important than the listing price or home value. What makes them different? Let us explain.

Outstanding card debt has hit $1 trillion, and 86% of card debtors regret it. So, if you’re looking at charging some major medical bills, student loans, or even your taxes -- think again. Because if you’re unable to pay your credit card off in full by the end of the month, you’re making your debt worse. Here’s why...

It’s the right time to be an investment property owner. Home equity is on the rise, and people are making time to take vacations. The good news for the Airbnb crowd, vacationers are most interested in accommodation space, personal amenities, and value. So why not put your second home on the growing vacation rental market? Find success with our Airbnb hosting guide

One of the more pivotal moments in the home buying process is figuring out who is going to help you finance your dream home. Do you go with a mortgage lender, broker, or credit union? Learn what they are and how they differ!

The mortgage world is full of home loan options with varying benefits. So how do you determine the best fit for your financial situation? Research is key. Consider the following situations and goals, and see if you can relate.

A mortgage credit certificate (MCC) is a type of homebuyer assistance program that can provide some financial relief to buyers. Learn what MCCs are, how they work, and who they benefit from the mortgage pros at American Financing.

Self-employed people can qualify for mortgages too, not just the traditionally employed. However, it can be a little trickier. Simply follow the tips and tricks from the mortgage pros at American Financing to get started on your homeownership journey.

Selling your home by yourself is no small feat. A for sale by owner (FSBO) is definitely more difficult than working with a licensed real estate agent, but there are benefits that could be worth it. Learn the rewards and risks of FSBO.

There’s a lot of talk around home equity and growing home values in recent months. If you're in a position to leverage the equity in your home, it can offer some great benefits, depending on your financial goals. From debt consolidation to retirement income, let's cover the options and how you can use them to your advantage.

Buying a home can be a stomach-churning process if you’re watching and waiting for interest rate changes. Odds are you’re fretting over nothing.

While mortgage interest rates rise and fall for a variety of reasons (more on that below), they generally don’t move much. And even then it’s not likely to matter much in the long-run: a quarter-point change isn’t likely to alter the monthly payment on your mortgage by more than $20-$30, at the most.

Choices for buying a first home in Colorado are nearly as varied as the type of home you can buy. Once you know where you want to live, what type of home you can afford, and what home loan suits you best, check out these considerations to help you make the right home purchase.

Private mortgage insurance (PMI) is not always a bad thing. Its benefit — it can allow you to choose from a wider price range of homes. How? Lenders are generally willing to accept a lower down payment (than the standard 20%) if the lender obtains mortgage insurance. You can not only get the home you deserve, but you can conserve your savings and increase your income tax deductions, just by putting less money down.

Your debt exceeds your home value, and you’re unsure of where to find relief. You certainly don’t want to default or foreclose on the home, but is there another way out? Take a look at some of these options, and be sure to review potential benefits — and consequences — with a professional.

Recently denied a home loan? It happens, but it doesn’t mean you can never be a homeowner. There are many reasons why a lender may not have approved your loan. The key to success is understanding the reason(s) why and what you can do to overcome these hurdles.

Preparing to purchase your first home in Colorado? Take advantage of special down payment assistance and grant programs available to Colorado's first-time homebuyers. Contact the knowledgeable professionals at American Financing for more information and home loan options.

The mortgage lending business is becoming competitive at a very rapid pace and a lender's reputation can make or break them. American Financing has built a reputation for providing excellent customer service and invaluable mortgage solutions. See what makes a good mortgage company and what to look for.

Mortgage transfers are common and it’s important to know how this process affects your home loan payments, escrow account, taxes, and insurance. There are a lot of things to consider, including...

Go paperless! American Financing has adopted the technology to sign documents online, making the home loan process much easier for you. With our eSign process, you no longer have to wait through lengthy signature cycles due to faxing or mailing. Here's how it works.

Finally, you’ve secured the house of your dreams. Congrats on becoming a homeowner! At last, you can breathe a sigh of relief and relax…right? Not so fast. Purchasing a home is no small feat. Luckily, we’ve created a new homeowner checklist to help you knock out all of those new home “to-dos” ASAP.

A mortgage escrow (or “impound”) account ensures that a borrower’s annual tax and insurance funds are included in the monthly budget. More importantly, though, it helps borrowers by evenly spreading insurance and tax expenses over 12 payments instead of one lump sum. Is it required though?

Learn about the wide variety of government assistance programs specially designed to assist first-time buyers in securing the home of their dreams. These resources are invaluable for first-time homebuyers seeking financial help. Get the inside scoop from American Financing.

Timing is crucial when it comes to buying and selling a home at the same time. That last thing you want is being stuck with two mortgages. Read about American Financing's real estate buying and selling tips to stay ahead of the game.

Learn about the top home loan benefits for veterans and wounded warriors. These military members have exclusive access to VA loans with additional benefits that can save them and their families hundreds of dollars. Take advantage of these savings with American Financing and invest in the future confidently.

Ensuring immediate safety is paramount to anything else. Find success by having a plan ready and easy to access in time of need. While online formats seem to make the most sense, many disasters will affect internet service and electricity. It’s always a great idea to have hard copy backups in case you need immediate access to files. Even more importantly, ensure your entire family understands what to do, where to go, and who to call.

A mortgage payment is a significant amount of budget spent each month. Contrary to what you may have thought, it’s more than just a house payment. There are taxes, fees, and other line items that may not be easily understood until undertaking a mortgage. Let this article guide you through an explanation of each item.

The home loan process can be daunting — especially if you’re a first-time homebuyer who doesn’t know what to expect. Fear no more. We took some time to discuss common mortgage mistakes that happen throughout the home loan and purchase process, to better prepare you for what not to do. 

Learn definitions to common mortgage terminology and get detailed explanations of each term and how they relate to various aspects of mortgages.

Imagine you have just found the house of your dreams. Only this house costs much more than you can afford. If you are house hunting and have not done an important piece of homework, you could be in for this kind of heartbreak. The purpose of this article is to help give you a more specific idea of your own ideal home purchase price.

Buying a home is a major investment, and you may have a great deal to learn about managing your mortgage.  Keep in mind that if you default on your mortgage payments or fail to maintain them properly, it can cause years of financial headaches. Planning for unexpected situations, as well as the routine costs of owning a home, can help you avoid foreclosure or bankruptcy when emergencies arise.

Private Mortgage Insurance, or PMI, is a policy that provides mortgage lenders some protection in cases where the borrower may default on the loan. Most lenders require PMI on if the borrower's down payment is less than 20% of the appraised home value or sale price. Here are the most commonly asked questions on PMI and what you need to know for payment, cancellation, who pays, and how it works.