Mortgage FAQs for Durango Home Buyers

It starts with a short call and an application. Peter reviews your credit, income and assets, compares programs across lenders, and you receive a Loan Estimate. After you choose a loan, it moves through processing, appraisal and underwriting to closing, with Peter as your point of contact the whole way.

A pre-qualification is a quick estimate based on what you tell us. A pre-approval means Peter has reviewed your income, asset and credit documents, so sellers can rely on it. Once Peter has your income and asset documents, he can usually issue a pre-approval the same day.

It depends on the loan program and the property. Some programs, such as VA and USDA, are built for buyers with little saved, and FHA allows a smaller down payment for qualified buyers. Second homes and investment properties need more.

Every program and lender sets its own credit guidelines. Because Peter can compare many lenders, he can often find one whose guidelines fit your credit, and he can tell you which accounts matter most if you want to improve your score first.

Closing costs include lender fees, the appraisal, title and recording, and prepaid property taxes and insurance. The buyer usually pays them, but the seller can sometimes contribute. Your Loan Estimate itemizes every cost before you commit.

Gift money from family is allowed on most loans with a signed gift letter and a paper trail. Retirement funds can sometimes be used too, but taxes and penalties may apply, so talk with your accountant before withdrawing anything.

Often, yes, after a waiting period that depends on the loan program. Typical waiting periods: Conventional loans, 4 years after a bankruptcy, 7 years after a foreclosure and 4 years after a short sale. FHA loans, 2 years after a bankruptcy and 3 years after a foreclosure or short sale. USDA loans, 3 years after a bankruptcy or foreclosure. VA loans, 2 years after a bankruptcy, foreclosure or short sale. The clock usually starts at the discharge or completion date, and exceptions can apply, so call me and I will look at your situation.

A fixed-rate mortgage keeps the same principal and interest payment for the life of the loan. An adjustable-rate mortgage starts with a fixed period and then adjusts, which can make sense if you plan to sell or refinance before then. Compare the total interest with the loan term comparison tool.

Mortgage insurance protects the lender when the down payment is small. On conventional loans you can usually request removal once you reach the equity level your loan allows, and it ends automatically later. FHA mortgage insurance often lasts longer, which is why some homeowners later refinance.

A bank can only offer its own loans. Peter has access to 200+ wholesale lenders and focuses on the few that fit your situation, so you fill out one application and get options to compare.

No. Animas Mountain Mortgage is licensed throughout Colorado, including Bayfield, Pagosa Springs, Cortez and the rest of the state. You can live anywhere, as long as the property is in Colorado.

Yes. A HELOC or second mortgage lets you borrow against your equity and keep your current first mortgage. Homeowners 62 and older can also look at a reverse mortgage.

Call Peter at 970-828-1610 or apply online. Peter returns every call the same day.