Receiving a Loan Estimate does not lock you into a lender. Federal rules let you continue comparison shopping through the entire loan estimate process — even after you tell a lender you intend to proceed. Here is how the process works and how Colorado Springs borrowers can compare mortgage offers with confidence.
Federal rules say a lender or mortgage broker cannot make you hand over documents as a condition of receiving a Loan Estimate. Here is exactly what you must provide, what happens after, and how Colorado borrowers can use this rule to compare lenders with confidence.
You can negotiate the terms and costs of a mortgage loan at any point before you sign the final documents. Here's what the Consumer Financial Protection Bureau says is negotiable at closing, which fees are fixed, and how Colorado borrowers can approach the closing table prepared.
Mortgage forbearance pauses or reduces payments, but the money is still owed. Here are the different ways servicers let borrowers repay paused mortgage payments after forbearance ends, what to consider with each, and the questions to ask before you agree to anything.
Freddie Mac does not lend to homebuyers directly. Instead, it purchases a wide menu of mortgage products from lenders — fixed-rate and adjustable-rate loans, low down payment options like Home Possible and HomeOne, renovation mortgages, VA mortgages, refinance products and more. Here is the full lineup and how it reaches Colorado borrowers.
Every adjustable-rate mortgage is tied to an index — a broader measure of interest rates. When the index moves, the interest rate on the loan and the monthly payment can move with it. Here is how the index, the margin, and rate caps work together, and what Colorado borrowers should confirm before signing.
Home equity is the portion of your home you actually own: the current market value minus the outstanding mortgage balance. This guide explains how to calculate home equity, how it grows as you make mortgage payments, and what to know before borrowing against it with a home equity loan, a HELOC, or a cash out refinance.
Home equity loans and home equity lines of credit (HELOCs) are the most common examples of second mortgages. This guide explains how each second mortgage works, why the lien position matters, the risks the CFPB flags, and how Colorado Springs homeowners can decide what fits.
A second mortgage, also called a junior-lien, is a loan you take out using your house as collateral while another loan is already secured by the same property. Home equity loans and home equity lines of credit are the most common examples. Here is how lien position works, why it matters, and what Colorado homeowners should weigh before borrowing against home equity.
Discount points and lender credits are two sides of the same tradeoff. Points mean paying more at closing in exchange for a lower interest rate over the life of the loan. Lender credits mean accepting a higher interest rate in exchange for money toward closing costs. Here is how each works, where they appear on the Loan Estimate, and how Colorado borrowers can decide.