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8    <title>About Home Loans - HomeAmerican Mortgage Company</title>
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30                <div class="accordion accordion-flush" id="mainnavaccordion">
31                    <a class="nav-link" href="/about-home-loans">About Home Loans</a>
32                    <a class="nav-link" href="/preparing-to-apply">Preparing to Apply</a>
33                    <a class="ml-8 btn btn--primary" href="https://myloan.homeamericanmortgage.com/homehub/login" target="_blank">Apply</a><a class="ml-8 btn btn--primary" href="https://myhomeamerican.com/ilsweb/" target="_blank">Make a Payment</a>
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117            </a>
118            <div>
119                <a class="btn btn--primary top-nav-button" href="https://myhomeamerican.com/ilsweb/" target="_blank">Make a Payment</a>
120                <button data-bs-toggle="modal" data-bs-target="#navmodal" type="button" class="u-btn-clear nav-toggle" aria-label="open menu" title="Navigation icon">
121                    <!--!--><span class="nav-toggle__bar nav-toggle__bar--top"></span>
122                    <span class="nav-toggle__bar nav-toggle__bar--middle"></span>
123                    <span class="nav-toggle__bar nav-toggle__bar--bottom"></span>
124                    <!--!--><span class="u-sr-only">Menu</span>
125                </button>
126            </div>
127        </div>
128    </nav>
129</header>
130    <div b-ixeeppyehq class="site-wrap">
131        <main b-ixeeppyehq role="main">
132            
133<div class="holder">
134
135<div class="u-hidden-mobile">
136    <nav aria-label="Breadcrumb">
137        <ol class="breadcrumb">
138            <li class="breadcrumb__item"><a href="/">Home</a></li>
139            <li class="breadcrumb__item breadcrumb__item--current">About Home Loans</li>
140        </ol>
141    </nav>
142</div>
143
144
145<section>
146    <h1>About home loans</h1>
147    <p>Whether you’re a first-time buyer or just need a refresher, here’s a brief overview of what you can expect when you apply for a home loan.</p>
148    
149    
150    <article class="steps" title="Loan process steps">
151
152        <div class="section">
153            <div class="content">
154                <div class="lottie rellax" data-rellax-speed="4">
155                    <dotlottie-player src="/images/step1_loanoffice_updated.json" background="transparent" speed="1" loop autoplay></dotlottie-player>
156                </div>
157                <span class="number rellax" data-rellax-speed="1">Step 1:</span>
158                <div class="steptext rellax" data-rellax-speed="-1">
159                    <h2 >Speak with a loan officer</h2>
160                    <p>Your loan officer is someone you will be working with throughout the homebuying process. They will ask you about your budget and basic financial information, then explain the different loan options available so you can choose the best one for your situation.</p>
161                </div>
162            </div>
163        </div>
164
165
166        <div class="section">
167            <div class="content">
168                <div class="lottie rellax" data-rellax-speed="4">
169                    <dotlottie-player src="/images/step2_prequal_updated.json" background="transparent" speed="1" loop autoplay></dotlottie-player>
170                </div>
171                <span class="number rellax" data-rellax-speed="1">Step 2:</span>
172                <div class="steptext rellax" data-rellax-speed="-1">
173                        <h2>Get prequalified</h2>
174                        <p>Prequalifying can be an easy way to determine how much you may be able to borrow. You can submit information online. The application takes between 20 and 40 minutes to complete.  <a class="btn btn--secondary-reversed" href="https://myloan.homeamericanmortgage.com/homehub/login" target="_blank">Get started now</a></p>
175                </div>
176            </div>
177        </div>
178
179
180        <div class="section">
181            <div class="content">
182                <div class="lottie rellax" data-rellax-speed="4">
183                    <dotlottie-player src="/images/step2_prequal_updated.json" background="transparent" speed="1" loop autoplay></dotlottie-player>
184                </div>
185                <span class="number rellax" data-rellax-speed="1">Step 3:</span>
186                <div class="steptext rellax" data-rellax-speed="-1">
187                        <h2>Submit a loan application</h2>
188                        <p>After it’s completed, you’ll receive an initial disclosure package containing a Loan Estimate (LE) that shows your estimated monthly payment and closing costs, including origination charges, any applicable mortgage insurance, title insurance, escrow reserves and homeowners insurance. You'll also get a booklet, "Your Home Loan Toolkit, a Step-by-Step Guide," explaining the loan process and costs of obtaining a home loan.</p>
189                </div>
190            </div>
191        </div>
192
193
194
195
196
197
198        <div class="section">
199            <div class="content">
200                <div class="lottie rellax" data-rellax-speed="4">
201                    <dotlottie-player src="/images/step3_processing_updated.json" background="transparent" speed="1" loop autoplay></dotlottie-player>
202                </div>
203                <span class="number rellax" data-rellax-speed="1">Step 4:</span>
204                <div class="steptext rellax" data-rellax-speed="-1">
205                        <h2>Loan processing</h2>
206                        <p>You will need to provide bank statements, pay stubs and other documentation to verify the information you provided on your initial application. We will also check on your credit and obtain an appraisal report on your property.</p>
207                </div>
208            </div>
209        </div>
210
211
212        <div class="section">
213            <div class="content">
214                <div class="lottie rellax" data-rellax-speed="4">
215                    <dotlottie-player src="/images/step4_letter_updated.json" background="transparent" speed="1" loop autoplay></dotlottie-player>
216                </div>
217                <span class="number rellax" data-rellax-speed="1">Step 5:</span>
218                <div class="steptext rellax" data-rellax-speed="-1">
219                        <h2>The commitment letter</h2>
220                    <p>If your loan is conditionally approved, you will receive a commitment letter, which sets out many of the key terms of the loan, the length of time for which those terms are offered, and any other items necessary to finalize the loan.</p>
221                </div>
222            </div>
223        </div>
224
225
226        <div class="section">
227            <div class="content">
228                <div class="lottie rellax" data-rellax-speed="4">
229                    <dotlottie-player src="/images/step5_approval_updated.json" background="transparent" speed="1" loop autoplay></dotlottie-player>
230                </div>
231                <span class="number rellax" data-rellax-speed="1">Step 6:</span>
232                <div class="steptext rellax" data-rellax-speed="-1">
233                        <h2>Final approval</h2>
234                    <p>Once all items necessary to finalize the loan are received—including, for example, the property appraisal—your loan officer will let you know that you are ready for closing.</p>
235                </div>
236            </div>
237
238        </div>
239
240
241        <div class="section">
242            <div class="content">
243                <div class="lottie rellax" data-rellax-speed="4">
244                    <dotlottie-player src="/images/step6_closing_updated.json" background="transparent" speed="1" loop autoplay></dotlottie-player>
245                </div>
246                <span class="number rellax" data-rellax-speed="1">Step 7:</span>
247                <div class="steptext rellax" data-rellax-speed="-1">
248                        <h2>Closing</h2>
249                    <p>Prior to your closing date, you will receive a Closing Disclosure which summarizes the costs and fees associated with the transaction and the amount of money you need to bring to the closing table.</p>
250                </div>
251            </div>
252        </div>
253
254    </article>
255
256</section>
257
258<section>
259    <h2>Know your loans </h2>
260        <p>There's no one loan that works for everyone. Each type of mortgage has its pros and cons and its up to you&mdash;with the assistance of your loan officer&mdash;to decide which one best meets your needs.</p>
261    <table class="table table-bordered table-striped">
262        <thead>
263            <tr>
264                <th>Loan Type</th>
265                <th>Description</th>
266            </tr>
267        </thead>
268        <tbody>
269            <tr>
270                <td>FHA</td>
271                <td>Insured by the Federal Housing Administration; allows a down payment as low as 3.5% of purchase price</td>
272            </tr>
273            <tr>
274                <td>VA</td>
275                <td>Guaranteed by the Department of Veterans Affairs for past and current military members; requires no down payment </td>
276            </tr>
277            <tr>
278                <td>Conventional</td>
279                <td>Not obtained under a government insured or guaranteed program; typically requires minimum down payment of 5% of purchase price</td>
280            </tr>
281            <tr>
282                <td>USDA</td>
283                <td>Guaranteed by the Department of Agriculture in eligible areas for those who fall under certain income limits; requires no down payment</td>
284            </tr>
285            <tr>
286                <td>Fixed rate</td>
287                <td>Interest rate stays fixed for the life of the loan; regular monthly payments don’t change</td>
288            </tr>
289            <tr>
290                <td>Adjustable rate (ARM)</td>
291                <td>Interest rate periodically adjusts with market conditions; regular monthly payments change</td>
292            </tr>
293            <tr>
294                <td>Hybrid adjustable rate (Hybrid ARM)</td>
295                <td>Combination of fixed- and adjustable-rate loans; interest rate stays fixed for a predetermined period, then periodically adjusts with market conditions; regular monthly payments change after initial period</td>
296            </tr>
297            <tr>
298                <td>High-balance</td>
299                    <td>Loan amount meets local Conventional limits, but exceeds the national conforming limit set by the Federal Housing Finance Agency (FHFA)</td>
300            </tr>
301            <tr>
302                <td>Jumbo</td>
303                <td>Loan amount exceeds conforming limits set by the FHFA</td>
304            </tr>
305        </tbody>
306    </table>
307    
308</section>
309
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422                <p>
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425                4350 S. Monaco Street, Suite 100<br />
426                Denver, CO 80237<br />
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448                HomeAmerican Mortgage Corporation is a residential mortgage loan company. HomeAmerican Mortgage Corporation's principal offices are located at 4350 S. Monaco Street, Suite 100, Denver, CO 80237. HomeAmerican Mortgage Corporation (NMLS Unique Identifier #130676; NMLS Consumer Access website: http://www.nmlsconsumeraccess.org), 866.400.7126. Arizona Mortgage Banker license #0009265. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. In Nevada, all advertised loans are offered and funded by HomeAmerican Mortgage Corporation, which can be contacted at 770 E. Warm Springs Road, Suite 250B, Las Vegas, NV 89119, 702.638.4450, License #67. Oregon License # ML-5694.
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