Why should I use Enterprise
Mortgage Incorporated?
Founded in 1994, we are a local, Colorado owned company dedicated to giving you the best loan at the best rates, while providing excellent service. We are your neighbors, friends and community members.
Why haven't I heard of you before?
Instead of spending money on ads that promise rates to good to be true, we concentrate on fair, honest lending. We aren't big or flashy. Our satisfied customers are our best advertising.
In which states do you lend?
Enterprise Mortgage Incorporated offers mortgage loans for the Northern Rockies, primarily focusing on Northern Colorado and
Southern Wyoming
How much must I have for a
down payment?
We generally require at least 5% of the purchase price or appraised value of the property as a down payment amount, though different loan packages may require more to avoid mortgage insurance. There are also programs that may allow for lower down payments in certain instances. The Fort Collins Home Buyer Assistance Program, the Larimer Home Ownership Program and CHFA are just a few sources we work with to help our clients. Contact us for current program information.
What is a Kiddie Condo Loan
Instead of
paying rent on an apartment, a full time student may be eligible to purchase a
residence with the assistance of their parent(s) even if the student does not
have an established credit rating or down payment. They must be a full time
student and provide adequate documentation to prove full time status. The
parents, however, must have sufficient credit, income, and funds to pay for the
closing costs and down payment.
What is the difference between a Mortgage Broker and a Lender?
A mortgage broker is an independent contractor that offers loans from multiple lenders or wholesalers. The broker usually takes your application and processes the loan. When your application is complete the lender underwrites the loan and funds it if you are approved.
What is Private Mortgage Insurance?
PMI is a type of insurance provided by a private mortgage insurance company that is used to protect the lender in the event that you default on the loan. Mortgage insurance is usually required on a conventional loan when your down payment is less than 20%. If you secure a FHA or VA loan you will have to pay FHA mortgage insurance premiums or VA guarantee fees.
How can I avoid mortgage insurance?
An alternative to mortgage insurance is second trust loans. 80/10/10 is the most common type of second trust, where a down payment of 10% is made, another 10% is financed in a second trust at a higher interest rate, and the remaining 80% is financed as would be an 80/20 loan.
When can I have mortgage insurance canceled?
Typically PMI will no longer be required once your loan balance falls below 80 percent of the home value. You can reach this 80% level by:
Paying enough of your loan over time to reduce the principal balance
Your home appreciating (increasing in value) enough so your loan balance is less than 80%
A combination of the two
Be sure that your loan allows PMI to be canceled once you reach the 80% loan to value ratio. Sometimes your PMI will be canceled automatically once you have paid enough, but you should not rely on that to happen. The appreciation of your house is important since the lender will not know what the increased value is. Typically you will need to get a certified appraisal of your house to show the latest market value.
What's included in closing costs?
Closing costs can be divided into three categories:
1. Lender fees (points, appraisal, credit report, underwriting, settlement and tax service fee)
2. Prepaid (interim interest, real estate taxes and escrow, insurance premiums and escrow)
3. Settlement costs (title insurance, settlement/attorney fees, city/county/state taxes, recordation and messenger fees)
I have to close quickly. How can I speed up the loan approval process?
Give the lender your last two years complete tax returns with all attachments and accompanying W2s; your last three pay stubs; your last 3 bank statements; name, address and account numbers for all debts; copy of car title if car is less than 5 years old; complete copy of executed contract for a purchase transaction.
What if I need help after
regular business hours?
Our regular hours of business are Monday - Friday 9 A.M. - 5 P.M. Mountain Time. If you need help after regular business hours, contact our on-call loan officer, who will be listed on the home page of this site. You will then be contacted by an Enterprise Mortgage Incorporated representative the next business day.
What if my question isn't
answered here?
We know you're going to have many questions! Please don't hesitate to
call us with any questions or concerns you may have regarding programs, rates or
other loan matters call or email us. Visit our contact
page for information on location, phone, fax and email addresses.
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