Skip to main content

The Mortgage Architects and Nathan Mortgage are now one family. Expect the lowest market rates and cost-saving loans.

#1 Mortgage Lender in Lakewood CO | Win The Bidding War | Nathan Mortgage

#1 Mortgage Lender in Lakewood CO | Win The Bidding War | Nathan Mortgage

Mortgage & Lender Options


Before you can get preapproved for a loan, you need to determine what loan you can afford. It is helpful to consult with a trusted mortgage loan officer at Nathan Mortgage, who can look at your situation and determine the best estimated monthly payment for you. They will help you determine your best loan total given the current interest rates on home loans.

After determining what you can afford for your estimated monthly payment, it is time to get preapproved for your loan by an equal housing lender. When preapproving home loans, one of the first things the lender looks at is your credit score. Your credit score will be a factor in the loan amount, loan type, and interest rate options.

However, if you have a low credit score, don’t despair! If your credit is less than spotless, Nathan Mortgage can offer simple repair options to help you get the green light on a preapproval. Your lender can also help you with a loan program, such as an FHA loan, which helps make homeownership possible for lower credit ratings. 

Preapproval is the closest step you can take to affirm that your entire financial picture is sufficient to acquire a home loan. During the mortgage preapproval process, a loan officer will verify your finances by reviewing:

  • Income Documentation
  • Assets
  • Credit Report
  • Debts

Once you are pre-approved for a mortgage, you will receive a letter to present to sellers. The letter communicates to the seller that you are pre-approved, are serious about buying, and have lined up financing to close the deal. A well-written letter by a reputable lender can also paint a strong financial picture that could be the determining factor when competing with other buyers.

A mortgage lender may pre-approve you for more than you feel comfortable spending on a home. However, this does not mean that you will have to spend more when you are ready to purchase your new home. Keep your budget in mind when house hunting and purchase a home that you can afford comfortably.

    Lender Options

    Mortgage Broker

    Truly independent loan officers, not commission-driven.

    Big Bank

    Familiar brands, loan officers have sales quotas to meet.

    Online-Only Lender

    Fin-tech startups with limited offerings, no in-person support.

    Which Lender is Right for You?

    Traditionally when you think of buying a home, the first idea that comes to mind is walking into a large financial institution and reaching out to a local banker to help you through the home loan process. 

    Where you go for home loans will affect your mortgage experience. It will also affect your interest rate and your estimated monthly payments. 

    Mortgage lenders Nathan Beauchamp and Nathan Jennison sitting side by side during a consultation.
    Mortgage Brokers
    Customers standing in a long queue at a big bank before contacting a local mortgage lender.
    Big Banks
    A woman sits in front of a laptop looking frustrated with her hands on her face weighing options between online-only lender and mortgage brokers.
    Online-Only Lenders

    Mortgage Broker Vs. Big Banks: Know the Difference

    Savvy Homebuyers Are Turning to Mortgage Brokers

    When it comes time to get your mortgage, you won’t come up short of finding an establishment eager to accept your application. The two most commonly used options are Mortgage Brokers and Big Banks. 

    Man and woman smiling at each other in the foreground after deciding to go with the best local mortgage lender in the background.

    Mortgage Brokers

    Unlike big banks, mortgage brokers work with multiple end-investors who compete for the borrower’s loan, which means better rates, solutions for challenging financial pictures, and more options (think— Cash Compete, Lock & Shop, ITIN Loans, Bank Statement Loans, etc.)

    Mortgage Brokers: Pros & Cons

    • Knowledge and expertise in the field.

    • Offers a variety of options for loans.

    • Improved loan counseling and proposals.

    • Will shop rates with multiple lenders.

    • More lenient credit requirements.

    • Faster closings.

    • You may be less familiar with the brand.

    • Less consistency from one broker to the next.

    Man and woman sitting across from banker at a big bank.

    Big Banks

    Some banks will offer their clients specific benefits or discounts to existing customers and might have branded loan choices tailored to their customers. 

    Big Banks: Pros & Cons

    • Could offer specific benefits to existing customers.

    • Buyers may have a pre-existing relationship with a banker.

    • Has final say based on your banking history.

    • Strict credit requirements.

    • Fewer loan options.

    • Upselling of additional unnecessary financial products.

    • Higher interest rates.

    • Longer closings.

    Mortgage Options

    There are many factors to consider that could affect your estimated monthly payment.

    It’s essential to have a lender who will give you excellent customer service so that you get the loan you want and have a positive mortgage experience.

    Things to Keep in Mind:

    • The interest rates of fixed-rate mortgages do not change throughout the life of the loan.

    • Adjustable-rate mortgages (ARM) are often more complicated than a fixed-rate mortgage.

    • An Adjustable-rate mortgage is typically set below the market rate in comparison to a fixed-rate loan and will typically rise or fall during the life of the loan.

    Do you want an adjustable-rate mortgage?
    Paper with text that reads "Adjustable Rate Mortgage" from a local mortgage lender sits on a desk with a partial image of a calculator above and a cardboard cut-out of a home to the right.

    Adjustable-rate loans start at a lower interest rate than other mortgage loans, but after the fixed-rate period, the interest rate will adjust with the current market for the remaining life of the loan. After the fixed-rate period, your APR may increase significantly, affecting your monthly payment.

    Do you want a fixed-rate mortgage?
    Clipboard holding papers from the best local lenders that read, "Fixed-rate Mortgage" with a calculator above and a cardboard cut out of a home to the right.

    With a fixed-rate home mortgage, the interest rate remains set for the entire term of the loan. It does not change and does not have a fixed-rate period.

    What loan term do you want?
    A customer calculates their budget from a trusted local lender on a smartphone sitting on top of a paper that reads "Mortgage Calculator" in the background. A pair of black reading glasses sits on top of the paper.

    Home loans have various repayment periods, called the loan term. The term of the loan will affect your monthly payment.

    Do you need mortgage insurance?
    Hands cupped over a red cardboard cut out of a home showing that their new home loan will have mortgage insurance from a local mortgage lender.

    Conventional Loans

    If you have less than a 20% down payment, you need mortgage insurance, which increases your monthly payments. You don’t have to pay mortgage insurance over the entire life of the loan; once you pay 20% of the loan principal, the mortgage insurance goes away, and your monthly payments go down.

    FHA Loans

    There will always be mortgage insurance, regardless of your down payment amount. You can remove it in the future by doing a refinance.

    What are the current mortgage rates?
    A light wood platform sits on top of a ball that with a light wood block with a red percentage symbol to the left and light wood home on the right. Showing balance by going to a mortgage lender.

    Mortgage rates are synonymous with the interest rate on home loans and will significantly impact your monthly mortgage payment.

    Do you want to roll your closing costs into your mortgage?
    A customer's hands at a desk using a calculator in his left hand and a pen in his right hand determining mortgage rates from local mortgage lenders.

    This is sometimes one of your loan options, but not always. This is really only available on refinances. FHA loans do allow the UPMIP (upfront mortgage insurance) to be rolled into (financed) by the loan but not the rest of the closing costs.

    Final Loan Approval & Closing

    After you’ve gotten preapproved and had your offer accepted on a new home, it is time to finalize your loan.

    There will be closing costs to consider. These include fees for originating the loan, title insurance, and appraisal fees, among other things. Be sure you keep your closing costs in mind when considering how much money you need to buy your home.

    What are Closing Costs?
    Beige cardboard cut out of a home with the words "Closing Costs" from a local mortgage lender.

    Before getting the keys to your new home, you’ll also have to budget for closing costs. These are the expenses and fees associated with securing a loan for your home outside of a down payment. The average is usually around 3 to 6% of the loan amount and may include credit report charges, loan origination fees, and appraisal fees. Bottom line, closing costs will play a sizeable role in your home buying experience. 

    How Long Should You Expect it to Take To Close on a House?
    Red marker circling an upcoming closing date of the 30th on a calendar with the best local lenders Nathan Mortgage.

    Typically, the closing will happen within 30 days after signing the purchase contract. Faster closings are available in some circumstances— Nathan Mortgage Cash Offer Loans close in as few as 10 days, and some loans can close as fast as 14-21 days. Once the purchase contract is signed and you have received your “clear to close” from the lender, you will attend the closing appointment. Be sure all the documentation you have acquired is stored in a safe place, and be sure to take that obligatory photograph of you at closing!

    The Grand Finale: Who and What to Expect at the Closing Table
    A scale model of a home sits on top of a light wood desk with keys attached to the chimney in the foreground with a customer in the background closing on their new home from the best local mortgage lenders.

    Congratulations! Time to close on your house and take your final step towards home ownership, and getting familiar with who will be present at closing can help create a more comfortable atmosphere during the process of signing the final documents. Depending on preference, the faces you will most likely see are:

    • The Buyer (That’s You)
    • The Buyer’s Agent
    • The Buyer’s Lender
    • Seller
    • Seller’s Agent
    • Closer

    Typically, the closer is going to be seated at the head of the table so that the closer and everyone involved can sit on one side; that way, paperwork can be easily passed down. Closing is a two-part process. The first part will include the closing on your loan. The second part will involve closing on the existing real estate (this usually is pretty quick with a small amount of written material). Most of these documents will be for the assessment of taxes. The closing of the loan will be a little more involved, especially if there is a government loan like FHA, USDA, and VA type loans. You should expect to sign similar or duplicate versions of the documentation. After all the ink is dry, the closer will request your cashier’s check or confirm that the wire for your down payment has been received. After that, the finances will be with the title company at the closing. After that, the title office will gather all the documents the lender will need to see to give the “green light” to dispatch the payment to the seller.

    Closing Costs At a Glance

    Loan Origination Fees

    This is the fee the lender charges for the cost of underwriting your loan.

    Appraisal Fee

    This is a standard estimate for a basic appraisal. If there is a shorter timeline, there would also be a rush fee.

    Loan Processing Fee

    This is the processing fee for the third party processor used. The processor collects documents, orders the appraisal, and works to provide a smooth loan process with the lender.

    Services You Can Shop For

    The heading “Services You Can Shop For” is misleading. As a buyer, you don’t get to choose your title company. The Seller does. These costs are estimates as each title company charges are a little bit different. You will pay actual cost of what the title company charges. We have no control over this amount either.

    Homeowner’s Insurance Premium

    The lender requires that your home owners insurance policy is paid for the full year upfront, at closing. This is an estimate of what your costs. Actual cost will depend on the policy you choose when you shop for your insurance provider.

    Prepaid Interest

    This is the cost of the interest for the day you own the home that aren’t covered by the first mortgage payment.

    Initial Escrow Payment at Closing

    Your lender collects a portion of your taxes and home owners insurance each month and then pays them out of the pool of money collected throughout the year. That pool of money is called your “Escrow Account.” Because taxes and insurance may change over time, your lender is allowed to keep a margin of two months payments to adjust for those changes. This charge represents the payment of the first month and the two months required to establish that escrow account. These amounts are estimates. You would pay actual costs of the taxes and insurance on the property of your choice.

    Lender Credits

    When available, a lender credit will help cover closing costs. Availability depends on the market pricing and current interest rates.

    Down Payments / Funds From Borrower

    This is your down payment, a percentage of the purchase price. Whatever you pay in earnest money will be credited towards this amount.

    Seller Credits

    In states where taxes are paid in arrears the seller credit represents an estimate of what the seller would pay you for the property taxes they would have paid on the upcoming tax bill for the time they were in the house prior to selling it to you.  This will help offset the costs of the prepaid taxes that must be paid at the time of closing.

    Home Equity Line of Credit (HELOC)

    Once you own some equity in your home through making payments on your current loan, you can take out a home equity line of credit. 

    A home equity line of credit often has a fixed rate of interest. It doesn’t have to be repaid until you use it, like a credit card. Your monthly payment will be based on the interest rate and the credit you use.

    • If you already own a home and want to purchase a second home, a trusted mortgage broker can help determine if taking a home equity line of credit would be a good way to finance the down payment.

    • While your mortgage will usually have a lower interest rate than a HELOC, HELOCs have payment options such as interest-only periods, which provide more flexibility for budgeting your monthly payment. A reputable mortgage broker can provide unbiased advice about the pros and cons of borrowing a smaller amount through a HELOC vs a larger mortgage.

    • A home equity line of credit can be used for home repairs or to pay off higher-interest loans, among other things. You can get personal loans for these needs, but home equity rates are usually lower than the interest rates on personal loans.

    Get Started

    Nathan Mortgage, a Lakewood mortgage broker provides mortgage loans and mortgage refinancing in Colorado, Illinois, Florida, Tennesse, and Texas.

      This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. By submitting this form you agree to be contacted and or to receive additional information from Nathan Mortgage.

      Couple applying for VA home loan online.