Denver Mortgage Options
Denver Mortgage Options
Save Thousands With The Right Denver Mortgage Option
In the past Denver mortgage options were limited to 30 year fixed mortgages with 20% down. Today there are many different loan programs to choose from along with options to put less than 20% down on the purchase of your home.
There are several factors to determine which program is best for you, however based on how long you plan to stay in your home and your risk tolerance, there are opportunities that can save you hundreds of dollars on your monthly payments.
Expected Time in Home
- Not Very Long (1-3 Years)
- A few years (3-5 Years)
- At least 5 years (5-7 years)
- Around 10 years ( 7-10 years)
- A long time (10 plus years)
Our Recommendation
- 3/1 ARM, 1 year ARM or 6 month ARM
- 5/1 ARM
- 7/1 ARM
- 10/1 ARM, 30 yr fixed or 15 yr fixed
- 30 year fixed or 15 year fixed
Loan Programs
Advantages
Disadvantages
Fixed Term
30, 20, 15 and 10 Year Terms- Monthly payments won't change
- Interest rate Fixed
- Protected if rates go up
- Can refinance if rates go down
- Higher interest rate
- Higher mortgage payments
- Rate does not drop if interest rates improve
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Adjustable Rate Mortgages(ARMS)
- Lower initial monthly payment
- Lower payment over a shorter period of time
- Rates and payments may go down if rates improve
- May qualify for higher loan amounts
- More risk
- Payments may change over time
- Potential for high payments if rates go up
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Balloon Mortgages
- Lower initial monthly payment
- Lower payment over a shorter period of time
- Many balloon mortgages offer the option to convert to a new loan after the initial term.
- Risk of rates being higher at the end of the initial fixed period
- Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option
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First Time Buyer Programs
- Lower down payment
- Easier to qualify
- Sometimes you may get lower rate
- May be subject to income and property value limitations
- Some programs which have government subsidies may have a recapture tax if you sell the house too early.
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Stated Income Programs
- Don't need to verify income
- Faster approval
- Higher rates
- Higher down payment
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No point, No fee Programs
- No closing costs.
- Less money required to close.
- Higher rates.
- Higher payments.
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Imperfect Credit Programs
- Potential for reestablishing credit if you pay your mortgage on time.
- When used for debt consolidation, you may be able to reduce your monthly debt payment
- Higher rates
- Terms may not be as favorable
- Harder to get long term fixed loans
- Loans may have prepayment penalties
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Start Funding Your Loan Today
In Addition to these standard loan programs we offer a large number of specialized loans to fit your needs.
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