The Most Popular Mortgage Options

30-Year Conventional Fixed Rate Loan

Benefits include:

  • Monthly payments for principle and interest remain the same over the life of the loan (no surprises)
  • Lower monthly payments when amortized over a 30-year payment period (360 payments)

15-Year Conventional Fixed Rate Loan (also available in 10 & 20-year payment schedules)

Benefits include:

  • Monthly payments of principle and interest remain the same over the life of the loan (no surprises)
  • Substantial savings of interest over the life of the loan (example: $100,000 loan at 8% amortized over a 30-year period the total interest paid is $164,166.27. The same loan amount, same interest rate amortized over a 15-year period is $72,017.41. The money saved in interest is $92,148.86.)
  • Payments are approximately 25-30% higher when amortized over a shorter period of time (15-year amortization vs.a 30-year amortization)

No-Point / Zero Closing Cost Loans

Benefits include:

  • Less cash needed at closing. The interest rate will usually be 1/2 to 3/4 of a percent higher when compared to loans that have points to pay at closing

7-Year Fixed Rate Balloon with a 30-Year Amortization

Benefits include:

  • Slightly lower rate and/or less fees than the conventional 30-year fixed rate loan
  • Payment of principle and interest remains the same over the 7-year period of time

*Remember, at the end of the 7 years, you will need to pay off the remaining balance with either a lump sum of cash or re-finance the remaining loan amount

Adjustable Rate Mortgages (ARM)

There are many options with adjustable rate mortgages; the most popular tends to be the 1-year adjustable rate mortgage with a 30-year amortization schedule.

Benefits include:

  • Lower interest rate for the 1st year
  • Easier to qualify for the loan amount
  • You can qualify for a larger loan amount
  • In a market when rates are going down, a year ARM offers the ability to adjust downward at the 1 year anniversary of your loan

Federal Housing Administration (FHA)

There are many loan products available

  • Easier to qualify for loan programs than conventional financing
  • Less down payment needed

 I would be happy to discuss the various options with you and help you determine which loan program best fits your personal situation.

Types of Mortgages that May Save You Thousands

1. Bi-Weekly . . . save on interest

2. 10 and 15-year Loan versus 30-year Loan . . . save on interest

3. GEM or Growing Equity Mortgage . . . save on interest

4. No Pre-Payment Penalty Loan. . . save on penalties

5. Private Financing . . . save on closing costs

How to Buy a Home With Little or No Money Down

1. Zero down payment, or little down

  • Rural Development / USDA
  • VA
  • FHA
  • Conventional

 2. Government Assistance Loans – Yampa Valley Housing Authority – Call me for contact information.

3. Seller Financing...second mortgage, or whole thing

4. Gift from family or friend

5. Lease Option...Rent Credit

6. Partnership Program

Please contact me for lenders in the area that offer these loan programs, as well as other options that may be available.

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