Learning Center
Learn the whole journey, one short lesson at a time
Short, plain-language lessons in six stages. Each has a calculator or example you can change, and goes deeper when you want more detail.
The journey, stage by stage
Six stages in three parts. Start at the beginning, or jump to where you are. Last reviewed October 2026.
Getting readyBuyingOwning
- Getting ready
Credit, income, savings and debts: what lenders look at, what you can afford and whether to rent or buy.
Start withHow much house can you afford?
All 7 lessons · about 15 minutes - Getting ready
Conventional, FHA, VA, USDA, down payment help, self-employed and investor loans, and renovation loans.
Start withThe four main loan types
All 7 lessons · about 20 minutes - Buying
Rate versus APR, points, reading a Loan Estimate, comparing lenders and locking your rate.
Start withGetting pre-approved
All 8 lessons · about 16 minutes - Buying
Agents and offers, reading the room, inspections, appraisals, and land, wells, septic and fixer-uppers.
Start withAgents, offers and contingencies
All 9 lessons · about 26 minutes - Buying
Cash to close, the Closing Disclosure, the timeline to keys and what to avoid before funding.
Start withCash to close, explained
All 4 lessons · about 8 minutes - Owning
The first year, extra payments, removing PMI, refinancing, HELOCs and becoming an investor.
Start withYour first year as an owner
All 8 lessons · about 19 minutes
Guided paths
Lessons from every stage, in the order you will need them for your situation.
- First-time and returning buyersYour first homeThis path takes you from "what can I afford?" to getting the keys, in the order you will need each step.
- Veterans, service members and surviving spousesUsing your VA benefitIf you qualify, VA is often your best option. Eligibility, the funding fee, how VA compares and what the appraisal checks.
- Buyers looking outside townLand, wells and small-town homesThis path covers acreage, wells, septic, USDA loans and manufactured homes in Southwest Colorado.
- Buyers who see potentialBuying a fixer-upperLearn how to choose the right renovation loan, line up contractors and understand draws before you make an offer.
- Current homeownersShould I refinance?Learn how to lower your rate, remove mortgage insurance or take cash out, and how to tell when a refinance pays off.
- Investors and future landlordsInvesting in rentalsThis path covers house hacking, keeping your home as a rental, DSCR loans and self-employed income.
- Clients with a Mortgage Plan linkReading your Mortgage PlanLearn what every number on your Mortgage Plan means and how to compare your options.
Every lesson, loan option, calculator, film and article on this site, each with a link you can copy, text, email or post to Facebook.
Lessons
43
- Lesson · Am I ready?How much house can you afford?Your debt-to-income ratio compares monthly debts with income, and each loan type sets its own line. Your own budget should come first.
- Lesson · Am I ready?Where your credit standsYour credit score sets which loans fit and what they cost. VA and USDA set no minimum score, and small changes can move you into better pricing.
- Lesson · Am I ready?A 90-day credit planRaising your credit score before you apply takes simple, free steps: pay on time, pay down cards, avoid new credit and correct any errors.
- Lesson · Am I ready?How much you need savedSaving for a home means cash for three things: the down payment, closing costs and a cushion. VA and USDA loans need no down payment at all.
- Lesson · Am I ready?Finding the money for a homeMoney for a home can come from everyday extras, a savings account that earns interest, gifts and assistance. VA and USDA loans need no down payment.
- Lesson · Am I ready?Rent or buy?Rent or buy comes down to time. Buying tends to pay off once you stay long enough for your equity to exceed the costs of buying, owning and selling.
- Lesson · Am I ready?Are you a first-time buyer?A first-time buyer usually means no home owned in the past 3 years. It allows 3% down on a conventional loan and can require a homebuyer class.
- Lesson · What can I get?The four main loan typesConventional, FHA, VA and USDA loans differ in down payment, mortgage insurance and credit. If you qualify for VA, it is often the best of the four.
- Lesson · What can I get?Why VA loans usually win, and who qualifiesIf you qualify for a VA loan, it is often your best option: no down payment, no monthly mortgage insurance and typically lower rates than other loans.
- Lesson · What can I get?USDA loans: nothing down outside townA USDA loan can cover the full price of a home in an eligible rural area. The address and your household income decide whether you qualify.
- Lesson · What can I get?Down payment assistance: what it really costsDown payment assistance is often a loan with a second lien, not a grant, and the mortgage that comes with it may cost more. Compare the full cost first.
- Lesson · What can I get?Buying when you are self-employedSelf-employed buyers qualify with tax returns or bank statements. Write-offs that lower your taxes also lower the income a lender can count.
- Lesson · What can I get?DSCR loans for rental propertyA DSCR loan qualifies a rental on its rent, not your income. Rent divided by the full payment gives the ratio, and many lenders want 1.0 or more.
- Lesson · What can I get?Renovation loans: buy and fix in one loanOne mortgage can cover the home and the repairs. Compare FHA 203(k), HomeStyle, CHOICERenovation, USDA and VA options by job size and limits.
- Lesson · Shopping smartGetting pre-approvedA mortgage pre-approval means a lender has checked your credit, income and assets. It backs your offer, but it is not a loan commitment.
- Lesson · Shopping smartRate vs APRInterest rate and APR measure different things. The rate sets your payment; the APR adds points, fees and mortgage insurance as a yearly cost.
- Lesson · Shopping smartPoints and the break-evenMortgage points are prepaid interest that lower your rate. They pay off only if you keep the loan past the break-even month.
- Lesson · Shopping smartReading a Loan EstimateThe Loan Estimate is the same three-page form at every lender. Check the loan type, term, amount and rate lock first, then the costs on page 2.
- Lesson · Shopping smartComparing lenders the right wayTo compare mortgage lenders fairly, get Loan Estimates on the same day for the same loan at the same rate, then compare Sections A, B and C on page 2.
- Lesson · Shopping smartLocking your rateA rate lock holds your rate until a set date. Nobody can time the market, so the right lock is the shortest one that safely covers your closing.
- Lesson · Shopping smartReading your Mortgage PlanYour Mortgage Plan shows each loan option as a card with its payment and cash to close. Tags state facts, and every Breakdown adds up exactly.
- Lesson · Shopping smartCost over timeThe lowest payment is not always the lowest total cost. Add up closing costs, interest and mortgage insurance for the years you will keep the loan.
- Lesson · Finding the homeAgents, offers and contingenciesYou now sign a buyer agreement before an agent tours homes with you. In your offer, earnest money and contingency deadlines decide when you can cancel.
- Lesson · Finding the homeReading the room: how to negotiateDays on market, price history and seller motivation show how much room there is to negotiate, and when a lower price or a seller credit is the better request.
- Lesson · Finding the homeInspections, and what to do with themA general inspection is the starting point. In Southwest Colorado, add tests for radon, wells, septic and wildfire risk, then use the results to negotiate.
- Lesson · Finding the homeAppraisals and low valuesA home appraisal confirms the value supports your price, and your loan is based on the lower of the two. A low value still leaves you options.
- Lesson · Finding the homeBuying a home on acreageHomes on a few acres work with conventional, FHA, VA and USDA loans. What matters is the appraisal, how the land is used, legal access and water.
- Lesson · Finding the homeWells, septic and waterYou can expect a water test, a septic inspection and proper distance between the two. Shared wells require a recorded agreement, and the well permit matters.
- Lesson · Finding the homeManufactured homesManufactured homes qualify for conventional, FHA, VA and USDA loans when built after June 1976, set on a permanent foundation and titled with the land.
- Lesson · Finding the homeIs it a fixer-upper, or just dated?To a lender, a fixer-upper has safety or system problems, not dated finishes. Those must be fixed before closing or through a renovation loan.
- Lesson · Finding the homeContractors, bids and drawsA renovation loan needs a signed, itemized contractor bid before closing. After closing, repair money is paid out in draws as work is inspected.
- Lesson · ClosingCash to close, explainedCash to close is your down payment, closing costs and prepaids, minus your deposit and any credits. Confirm wire instructions by phone before you send it.
- Lesson · ClosingYour Closing DisclosureYour Closing Disclosure arrives at least 3 business days before you sign. Its page 3 shows each figure that changed since your Loan Estimate.
- Lesson · ClosingFrom offer to keysClosing often comes 30 to 45 days after an accepted offer. In between come the rate lock, inspection, appraisal and underwriting, each with a deadline.
- Lesson · ClosingBetween approval and fundingA mortgage approval is not final until the loan funds. Keep your job, credit and money steady, and confirm wire instructions by phone first.
- Lesson · OwningYour first year as an ownerYour mortgage payment can change even with a fixed rate, because escrow covers taxes and insurance. A yearly escrow analysis resets it.
- Lesson · OwningPaying extra on your mortgageExtra mortgage payments go straight to principal, so they cut interest and shorten the loan. Extra paid early in the loan saves the most.
- Lesson · OwningDropping mortgage insuranceConventional mortgage insurance can be dropped at 80% of the original value and ends at 78%. FHA and USDA insurance work differently.
- Lesson · OwningShould you refinance?People refinance to lower the rate or payment, drop mortgage insurance, take cash out or change the term. Start with your goal, then check the math.
- Lesson · OwningWill it pay off? The break-evenDivide the cost of refinancing by the monthly savings to find how many months it takes to come out ahead. Then check the total cost over time.
- Lesson · OwningStreamline refinancesFHA, VA and USDA streamline refinances need less paperwork and usually no appraisal. Each has a waiting period and a test that the new loan helps you.
- Lesson · OwningCash-out, or a second mortgage?A cash-out refinance re-prices your whole mortgage balance. If your current rate is low, a HELOC or home equity loan on top may cost less overall.
- Lesson · OwningBecoming an investorReal estate investing can start with a 2 to 4 unit home you live in, renting out your old home or buying a rental. Lenders usually count 75% of rent.
Guided paths
7
- Guided path · 14 lessonsYour first homeThis path takes you from "what can I afford?" to getting the keys, in the order you will need each step.
- Guided path · 7 lessonsUsing your VA benefitIf you qualify, VA is often your best option. Eligibility, the funding fee, how VA compares and what the appraisal checks.
- Guided path · 6 lessonsLand, wells and small-town homesThis path covers acreage, wells, septic, USDA loans and manufactured homes in Southwest Colorado.
- Guided path · 5 lessonsBuying a fixer-upperLearn how to choose the right renovation loan, line up contractors and understand draws before you make an offer.
- Guided path · 7 lessonsShould I refinance?Learn how to lower your rate, remove mortgage insurance or take cash out, and how to tell when a refinance pays off.
- Guided path · 6 lessonsInvesting in rentalsThis path covers house hacking, keeping your home as a rental, DSCR loans and self-employed income.
- Guided path · 5 lessonsReading your Mortgage PlanLearn what every number on your Mortgage Plan means and how to compare your options.
Loan options
29
- Loan optionVA purchaseOften the best option for veterans who qualify: no down payment, no monthly mortgage insurance
- Loan optionDown payment assistanceHelp with the down payment: usually a second loan, sometimes a grant
- Loan optionSingle-close constructionBuild a home with one loan and one closing: conventional, FHA, VA or USDA
Calculators and tools
26
- ToolAffordability calculatorA price range from your income and debts, against each loan type's guideline.
- ToolBudget BusterWhat everyday extras cost in a year, and how fast a down payment builds when some stop.
- ToolAmortization: where each payment goesInterest and principal year by year; pick any year on the chart.
- ToolCompare two Loan EstimatesTwo quotes compared on fees and interest over the years you keep the loan.
- ToolPayment, cash and the middle groundThe lowest payment, the least cash, and the option between them.
- ToolRefinance calculatorYour loan against a new one: the payment, the break-even and the net savings.
- ToolWhen mortgage insurance comes offWhen conventional mortgage insurance comes off, and how FHA differs.
Films
1
Articles
14
- ArticleWhat moves mortgage rates, and what you controlThe market forces behind mortgage rates, and the personal factors that determine the rate you are actually offered.
- ArticleShould you lock your mortgage rate? Pros, cons and tipsWhat a rate lock protects, what it costs, and how to choose a lock period that covers your closing.
- ArticleBest mortgages for first-time home buyers in Southwest ColoradoThe main loan options and local help for first-time buyers in Montezuma, La Plata, Archuleta, Dolores and San Juan counties.
- ArticleCHFA loans: what down payment help really costsHow CHFA's grant and second mortgage work, what they can cost over time, and how to compare before you choose.
- ArticleDrop your rate the easy way: FHA Streamline, USDA streamlined-assist and VA IRRRLHow the three government streamline refinances work, what they skip, and what is still checked.
- ArticleCo-borrowers and co-signers: how family can help you qualifyHow adding a co-borrower or co-signer works on FHA, conventional, VA and USDA loans, and what it means for the person helping you.
- ArticleHow we choose your loan programThe seven steps we follow to compare every realistic way to finance your home, and why small details like a 679 score can matter.
- ArticleHow to get your VA certificate of eligibility (COE)Who qualifies, the fastest way to get your COE, the documents VA may ask for, and what to do when something goes wrong.
- ArticleWho does your loan officer really work for?How retail loan officers and Mortgage Brokers differ, how each is paid under federal rules, and what to ask before you apply.
- ArticleIs now a good time to refinance? How to tellA refinance makes sense when the numbers work for your plans, whatever the headlines say about rates. Here is how to check.
- ArticleFannie Mae HomeReady: the 3% down loan to know aboutWhat HomeReady offers, who qualifies, and how it compares with FHA and other low down payment loans.
- ArticleUsing AI to buy a home: where it helps and where it falls shortHow to use AI tools well when you buy a home, and where they fall short on loan rules, local details, pricing and privacy.
- ArticleRenovation loans compared: HomeStyle, CHOICERenovation, 203(k), VA and USDASix ways to buy and repair a home with one loan, compared side by side, and how to choose the one that fits your project.
- ArticleShowing you the money: how cash to close is calculatedWhat goes into your cash to close, line by line, with a simple worked example.
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Calculators and tools
Run the numbers yourself
Every tool runs on the same math as your Mortgage Plan. Change a number and watch the answer move.
- How much house can my income support?A price range from your income and debts, checked against each loan type.
- What will my monthly payment be?The full payment for each loan type, and where each dollar goes.
- How fast does the balance come down?Your balance year by year, and the year principal passes interest.
- Do points pay for themselves?The month the interest you save covers the cost of the points.
- Is this refinance worth it?The new payment, the month it breaks even and the net savings.
- Rent or buy: which builds more over the years you stay?Net worth from buying and from renting, year by year.
- Does the rent cover the payment?Rent against the full payment, with the lines investor lenders look for.
More tools
- Loans for my score
- Down payment by loan type
- Budget Buster
- Same home, four loan types
- VA funding fee
- Cash to close
- Per diem interest
- Price cut or seller credit
- What down payment help costs
- Low appraisal
- Rate and APR
- Two Loan Estimates
- Loan Estimate reader
- Who costs least
- Payment, cash, middle ground
- Rate change simulator
- HELOC or cash-out
- Extra payments
- Mortgage insurance
Glossary
Every mortgage term, each in one plain sentence. These are the same definitions you see in your Mortgage Plan.
Broker insights
Talk with Daniel about your situation
Daniel Hennek, Owner – Principal Broker, has worked in mortgages since 2008, has arranged Colorado mortgages since 2011, and can answer your questions. NMLS 198218.