Colorado Home Financing
Frequently Asked Questions

Buying a home is an exciting time with a lot to consider. At Security First Financial, we want you to have all the information you need to make the right decision for you.

We’ve answered some of the most common questions about home financing to help you reach your financial goals.

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What types of loans are there?

Conventional loans are one of the most common types of loans. They offer flexible down payment options and don’t always require private mortgage insurance, but they can be harder to qualify for.

There are also government-insured loans, such as FHA, VA and USDA loans.

  • FHA loans let you buy a home with a smaller down payment and less-than-perfect credit score.

  • VA loans help military service members buy homes and are often available with no down payment* or mortgage insurance.

  • USDA loans make homes in rural areas more affordable. They’re often available with no down payment.*

Security First Financial offers these along with hundreds of other loan programs, so we can help you find a loan that meets your specific needs.

*Closing costs and fees may still apply.

What’s the difference between a fixed-rate and adjustable-rate mortgage?

With a fixed-rate mortgage, the interest remains the same throughout the duration of the loan. This type of loan may be right for you if you know you’ll be staying in the home for a long time—you’ll have a steady monthly payment that won’t rise after the initial few years.

With an adjustable-rate mortgage (ARM), the interest rate can change throughout the loan term. An ARM may be a good choice if you know you’ll be staying in your house for a short time, because they sometimes start with low rates for the first few years.

Can I buy a home if I can’t make a large down payment?

Yes; several types of loans offer options for low or no down payments.* Many states and local agencies also offer down payment assistance programs to help residents purchase homes.

*Closing costs and fees may still apply.

What is mortgage insurance?

Mortgage insurance protects the lender’s investment if the buyer defaults on the loan. It’s normally required if you pay less than 20% down and is usually paid in monthly installments.

Can I get approved for a loan if I have less-than-perfect credit?

There are several options for borrowers without perfect credit. For example, you may qualify for an FHA loan with a credit score as low as 500.

What is the difference between pre-qualification and preapproval?

Pre-qualification is a rough estimate for the amount you may qualify to borrow. Getting pre-qualified for a loan is faster and less official than getting preapproved.

A pre-approval is an official approval for the amount you can borrow. It involves checking your credit report, reviewing financial details, providing documentation and going through the underwriting process.

What are closing costs?

Closing costs are the costs associated with completing a real estate transaction. Examples of common closing costs include:

  • Appraisal fee

  • Home inspection fee

  • Loan origination fee

  • Underwriting fee

  • Title insurance

  • Prepaid mortgage insurance

  • Taxes

Our team is here to answer any questions you have.

We can help you understand more about:

  • Loan Programs

  • Rates

  • The loan process

  • What you'll need for your application

  • What to expect after you complete your application

At Security First Financial, Inc., we’re dedicated to ensuring that each customer has a great experience. Our local home loan originators have decades of combined experience in the mortgage industry and can help you find the right mortgage based on your needs. We are happy to answer any questions you may have along the way to make sure your mortgage loan process is a good one from start to finish. Contact Us Today

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Security First Financial is a division of Primary Residential Mortgage, Inc. PRMI NMLS 3094. Branch NMLS ID# 385589. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. Colorado – Regulated by the Division of Real Estate, UCCC #987701-016. Arizona – Arizona Department of Financial Institutions 0902614. Massachusetts – Licensed by the Massachusetts Division of Banks as a Broker and Lender as #MC3094. Florida - Florida Office of Financial Regulation MLD646. Texas - This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas. 

Your opinion is greatly appreciated, we thank you for visiting this website of Primary Residential Mortgage, Inc. If you have specific questions, comments, concerns, or complaints we invite you to contact us by the email shown here: Emails received during business hours should receive a response within 48 hours, excluding weekends or holidays.

Primary Residential Mortgage, Inc. is licensed under the State of Texas and by state law is subject to regulatory oversight by the Texas Department of Banking through one of the means indicated below: In Person or U.S mail: 2601 North Lamar Boulevard, Suite 300, Austin, Texas 78705-4294, Telephone No. (877) 276-5554, Fax No: (512)475-1313 Email: Website:

Consumers wishing to file a complaint against a mortgage banker or licensed mortgage banker residential loan originator should complete and send a complaint form to the TX department of savings and mortgage lending, 2601 North Lamar Suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the department’s website at A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed mortgage banker residential mortgage loan originators. A written application for reimbursement from the recovery find must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at


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