Resource Mortgage Corporation

Owning a second home, a sanctuary from your daily grind, is a dream for many. But can you afford both your current mortgage and a vacation home loan? Let's explore this topic, offering practical insights to help you achieve financial freedom and secure your dream vacation home.Evaluate Your Financial SituationBegin by thoroughly examining your financial situation. Ensure your income can comfortably cover your current budget and an additional mortgage. This first step is essential to determine if you can manage the financial commitment of a second home.Build a Strong Credit ProfileA good credit score can help you secure a mortgage with a lower interest rate. For example, having a credit score of 750 might allow you to get a mortgage at 6% instead of 7%, saving you a significant amount over the life of the loan.Consider All ExpensesLook beyond the purchase price and consider all associated costs, such as property taxes, homeowners' association fees, insurance, and maintenance. For instance, if a vacation home has $3,000 in annual property taxes, $500 in monthly homeowners' association fees, $1,000 in annual insurance costs, and $2,000 in maintenance, your total annual cost would be $11,000.Choose the Right FinancingExplore different financing options to find the best rates and terms. A 15-year mortgage might have a lower interest rate than a 30-year mortgage, resulting in substantial interest savings over time.Generate Income from Your PropertyConsider renting out your vacation home to offset costs. Renting it for $200 per night for 60 nights a year could bring in $12,000, covering most of your ownership expenses.Understand Tax ImplicationsBe aware of tax deductions for mortgage interest, property taxes, and operating expenses. Consult a tax professional to maximize your tax benefits and ensure you're making informed decisions.Plan for Long-Term SuccessAlign your financial goals with your dream of owning a vacation home. By making strategic financial decisions, you can enjoy the benefits of a second home while ensuring long-term financial stability.Ready to discover your options for buying a vacation home?Contact us today for personalized guidance and start your journey towards owning your dream vacation home 303-444-1200.  

Becoming a homeowner is a key part of the American dream, especially for those who have served our country. The VA Loan stands as a valuable benefit for veterans and active service members in their pursuit of homeownership. But a common question often arises: How many times can you use the VA Loan benefit? Lets explore the details of the VA Loan program to provide clarity.The VA Loan Benefit: A Reusable AdvantageThe good news is that the VA Loan benefit isnt limited to a single use. Veterans and active military members can use their VA Loan benefit multiple times throughout their lives. This flexibility reflects the VA Loan programs ongoing commitment to supporting those who have served.Understanding Entitlement: The Key to ReuseThe ability to use the VA Loan benefit multiple times depends on a concept called entitlement. Entitlement refers to the amount the VA will guarantee on your loan, which in turn provides security to lenders. Every borrower eligible for the VA Loan starts with a certain amount of entitlement, and this entitlement plays a key role in determining how many times you can use the benefit.Full Entitlement: No Loan LimitsIf youve never used your VA Loan benefit, or if youve repaid a previous VA Loan and sold the property, you likely have full entitlement. With full entitlement, you can take out another VA Loan with no limits on the amount, aside from what your lender qualifies you for based on income and credit. This means you can continue using your VA Loan to purchase homes as long as your entitlement is restored after each loan.Partial Entitlement: Loan Limits May ApplyIf youve used part of your entitlement or havent restored it after paying off a previous VA Loan, you may have partial entitlement. In this case, there may be loan limits depending on the remaining entitlement and the countys loan limits. While you can still qualify for another VA Loan with partial entitlement, you may need to make a down payment depending on the circumstances.Restoring Your EntitlementIf your entitlement is still tied to an existing VA Loan but you want to use the benefit again, you can apply for entitlement restoration. This happens after youve repaid your current VA Loan in full, either by selling the property or refinancing into a non-VA loan. Once restored, youre free to use your VA Loan benefit again.The VA Loan program offers an incredible opportunity for those who have served, allowing you to use the benefit more than once. Whether you're buying your first home or seeking to purchase another, the VA Loan remains a flexible and reliable option. With each use, you can trust that the VA Loan benefit will continue to support you on your journey to homeownership.Ready to explore your VA Loan options?Contact us today for personalized guidance and let us help you maximize this valuable benefit on your path to homeownership. These materials are not from HUD, VA, or FHA and were not approved by HUD or any other government agency. 

If you've ever thought refinancing your home was as challenging as climbing a mountain, youre not alone. Fortunately, for homeowners with an FHA loan, the FHA Streamline Refinance program offers a simpler way to achieve lower payments and potentially save each month. Lets explore what makes this option a great solution and see if its right for you.What is FHA Streamline Refinance?FHA Streamline Refinance is a streamlined program designed for FHA loan holders looking to refinance without the typical documentation and appraisal requirements of conventional refinancing. This program removes much of the red tape, making the refinancing process easier and faster.Key Benefits of FHA Streamline Refinance Minimal Paperwork: Traditional refinancing often requires extensive documentation, including pay stubs, W-2s, and tax returns. FHA Streamline Refinancing reduces these requirements, allowing you to move forward with fewer hurdles. No Appraisal Needed: One unique feature of the FHA Streamline Refinance is that it often waives the need for a home appraisal. This can save you hundreds of dollars, and you can skip the process of having your home evaluated to qualify for refinancing. Potential for Lower Monthly Payments: FHA Streamline Refinance is all about lowering your monthly payments by securing a lower interest rate. The money you save could be allocated toward home improvements, unexpected expenses, or simply building a comfortable financial cushion. Who Qualifies for FHA Streamline Refinance?To take advantage of FHA Streamline Refinance, you need to meet a few specific qualifications: Current FHA Loan Holder: You must already have an FHA loan to qualify for this program. Benefit Requirement: The refinance should provide a tangible benefit, such as a reduced interest rate or lower monthly payment. On-Time Payment History: A solid record of timely mortgage payments is essential. Minimum Loan Age: If your FHA loan was closed recently, youll need to wait six months before youre eligible for an FHA Streamline Refinance. How to Get StartedIf FHA Streamline Refinance sounds like a good fit, reach out to a lender experienced with FHA loans. Theyll review your situation and help you determine if refinancing can reduce your monthly payments and support your financial goals.For FHA loan holders looking to lower their monthly mortgage payments, the FHA Streamline Refinance program provides an accessible and hassle-free option. With less paperwork, no appraisal, and the potential for substantial savings, this could be the path to a stronger financial future.Ready to see how much you could save?Contact us today to explore FHA Streamline Refinance options that work for you by calling 303-444-1200. These materials are not from HUD or FHA and were not approved by HUD or a government agency and in some cases a refinance loan might result in higher finance charges over the life of the loan.

Independent mortgage brokers have had a significant positive impact on the lending industry. Today, the use of a professional mortgage broker is one of the key strategies used by sophisticated borrowers.What is a Mortgage Broker?A mortgage broker is an independent real-estate financing professional who specializes in the origination of residential mortgage loans. Mortgage brokers normally pass the actual funding and servicing of loans on to wholesale lending sources. A mortgage broker is also an independent contractor working with (on average) as many as 40 lenders at any one time. By combining professional expertise with direct access to hundreds of loan products, your broker provides the most efficient way to obtain financing tailored to your specific financial goals.What Do Mortgage Brokers Do?In the volatile home-lending market, mortgage brokers can serve as safeguards, offering their clients security, safety, and peace of mind. One of the broker's most important functions is escorting your loan application through the entire process, constantly patrolling the component transactions for possible breakdowns. A professional mortgage broker can wade through the mountains of rate data and program options, researching current market conditions to find the most accurate and up-to-date information about cost-effective loan options.Brokers Handle the Details!There are literally thousands of variables that can affect the outcome of your mortgage transaction. That's why you need a mortgage broker to act as a liaison between the title and escrow company, real estate agent, lender, appraiser, credit agency, the underwriters, the processors, attorneys, and any other services which may affect your transaction.A mortgage broker also:Discusses and explains financing program optionsInforms you, in writing, of lock-in optionsExplains all documents of the loan applicationExplains all associated costs of the loan applicationExplains the disbursement of all loan applicationsExplains the loan process, from application to closingProvides you with a good faith estimate of cost and feesCommunicates with you throughout the loan process in a timely mannerCoordinates the final closing of your transactionQuestions, please call Resource Mortgage Corporation at 303-444-1200.

Once you select us to obtain your home loan, you'll be amazed at how quickly and simply the loan process moves. Before you know it, you'll have a mortgage that suits your lifestyle and saves you money.Throughout the loan-application process, we provide you with regular updates. You can also e-mail us with questions or new information. And if you want assistance, a mortgage expert who can answer questions is just a phone call away.Here's an overview of the loan-application processSTEP ONE -- Apply Now! Getting started is easyWhen you've selected a property and have a contract with the Seller, the next step is to complete your loan application, which can be done easily through our website. To get started, select an application from the list on the left.At the appropriate time we'll order a property appraisal for you.STEP TWO -- Your Loan is Approved and FundedYour Real Estate Agent or the Seller will designate an Escrow/Title Company to handle the funding of your loan, along with many other factors which make your purchase go smoothly.We will coordinate with the escrow team, and you'll sign the final papers at their office.Simple, Straightforward, Cost Effective, and FAST!If you have any questions, please call Resource Mortgage Corporation at 303-444-1200.

For many veterans, the dream of owning a home is within reach thanks to specialized housing assistance programs. These programs are designed to help those who have served our country transition into homeownership with ease and financial support. Understanding the options available can make a significant difference in your journey to finding the right home.VA Home Loan Program BenefitsThe VA Home Loan Program is one of the most well-known benefits available to veterans. Backed by the U.S. Department of Veterans Affairs (VA), this program offers a range of advantages that make it easier for veterans to buy a home: No Down Payment Required: Unlike many conventional loans, VA loans often require no down payment, making it easier for veterans to purchase a home without needing to save a large sum of money upfront. Competitive Interest Rates: VA loans typically offer lower interest rates compared to conventional loans, helping veterans save money over the life of the loan. No Private Mortgage Insurance (PMI): VA loans do not require PMI, which can be a significant monthly expense for other types of loans. This benefit further reduces the overall cost of homeownership. Flexible Credit Requirements: The VA Home Loan Program has more lenient credit score requirements, making it accessible to veterans who might not qualify for other loan programs. Specially Adapted Housing (SAH) GrantFor veterans with service-connected disabilities, the Specially Adapted Housing (SAH) grant provides financial assistance to modify or build a home that meets their specific needs. This grant can be used for: Building a New Home: Veterans can use the SAH grant to construct a home designed to accommodate their disabilities. Modifying an Existing Home: The grant can also be applied to modify an existing home to improve accessibility, such as installing ramps, widening doorways, or adapting bathrooms. Paying Off an Existing Mortgage: In some cases, the grant can be used to pay off the existing mortgage on an adapted home. This program ensures that veterans with disabilities can live independently and comfortably in a home that meets their unique needs.State and Local Housing Assistance ProgramsIn addition to federal programs, many states and local governments offer housing assistance specifically for veterans. These programs often include: Down Payment Assistance: Many state programs provide grants or low-interest loans to help veterans cover down payments and closing costs. Property Tax Exemptions: Some states offer property tax exemptions for veterans, which can significantly reduce the annual cost of homeownership. Home Repair Grants: Local governments may offer grants or low-interest loans to help veterans make necessary repairs or improvements to their homes. These programs vary by location, so its important to research whats available in your state or community.Your Next StepsNavigating the various housing assistance programs for veterans can be overwhelming, but you dont have to do it alone. At Resource Mortgage Corporation, we specialize in helping veterans understand and take advantage of these valuable resources. Whether youre interested in a VA loan or exploring other options, our team is here to guide you every step of the way.Ready to take the next step toward homeownership?Contact us today to speak with one of our experienced loan officers. Were dedicated to helping veterans achieve their homeownership dreams. Call us at 303-444-1200 to learn more about the programs available to you. Dont waityour dream home could be just a call away.

FMERR stands for Freddie Mac Enhanced Relief Refinance. It's a refinancing program that was designed to help homeowners who have little or no equity in their homes refinance into a better mortgage. Specifically, its targeted at borrowers who owe more on their mortgage than their home is currently worth or have very little equity, also known as being underwater on their mortgage.Are You Eligible for FMERR?Not every homeowner qualifies for FMERR. Heres what you need to know: Freddie Mac Loan: Your current mortgage must be owned by Freddie Mac. Loan Origin Date: Your mortgage must have originated on or after November 1, 2018. Good Payment History: You must be current on your mortgage payments, with no more than one missed payment in the last 12 months and none in the most recent six months. If you meet these criteria, you could be eligible to refinance through the FMERR program and take advantage of more favorable loan terms.A Few of the Key Benefits of FMERRFreddie Macs Enhanced Relief Refinance offers several valuable benefits: Lower Interest Rates: The opportunity to refinance to a lower interest rate is one of the most compelling reasons to explore FMERR. Shorter Loan Terms: By refinancing, you could reduce your loan term and pay off your mortgage faster. Switch to Fixed-Rate: If youre currently in an adjustable-rate mortgage (ARM), you can switch to a fixed-rate loan, offering stability and predictable monthly payments. No Appraisal Required: Unlike other refinancing options, FMERR doesnt always require a new appraisal, making the process faster and less costly. These benefits can significantly reduce your monthly payments and long-term mortgage costs, providing much-needed relief to homeowners.So, if you're stuck with a high-interest mortgage or have little to no equity in your home, give us a call today to see if you can take advantage of the Freddie Mac Enhanced Relief Refinance program 303-444-1200.