FasTrac

FasTrac

FasTrac streamlines the documentation required for submitting a loan to underwriting. This eases the document collection burden placed on the customer in the initial stages of the loan process, and it reduces the time required to get an underwriting decision.

To see if FasTrac will work for you call one of our experienced loan officers and get started today.

Call Us Now 509-467-1260 Or Contact Us

Which Loan Serves You?

I don’t have 20% to put down on a house.
I’m an active duty U.S. military service member, veteran or spouse of a veteran.
I am a first-time home buyer.
I have student loan debt and don’t think I’ll qualify for a loan.
I need a lower interest rate on my current mortgage.
My credit score is less than 700.
I am a Union Member.
I am building a custom, newly constructed home.
I want my interest rate to always stay the same.
I would like to renovate my current home or investment property.
I’m a Native American.
I’m a physician or dentist and looking to purchase a home over $424,100

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Glossary

A list of mortgage related terms to help when buying your home
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eGuides

FAQ

How do I know how much house I can afford?

The amount that you can borrow will depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are able to make. You may also be able to take advantage of special loan programs for first time buyers. Give us a call, and we can help you determine exactly how much you can afford.

How do I know what type of mortgage is best for me?

There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. Cherry Creek Mortgage can help you evaluate your choices and help you make the most appropriate decision.

How is an index and margin used in an ARM?

An index is an economic indicator that lenders use to set the interest rate for an ARM. Generally the interest rate that you pay is a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR).

How much cash will I need to purchase a home?

The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply:

Earnest Money: The deposit that is supplied when you make an offer on the house

Down Payment: A percentage of the cost of the home that is due at settlement

Closing Costs: Costs associated with processing paperwork to purchase or refinance.

What does my mortgage payment include?

For most homeowners, the monthly mortgage payments include three separate parts:

Principal: Repayment on the amount borrowed

Interest: Payment to the lender for the amount borrowed

Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like mortgage insurance, hazard insurance, and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.

What is the difference between a fixed-rate loan and an adjustable-rate loan?

With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest rate can change after a specified period of time. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us.