Colorado mortgage facts are readily available from online companies in the state, or from their representatives in person. One of the most important facts any prospective borrower wants to know is, what kind of Colorado home loans are there? There are many types of loans, but generally, they fall into two categories, fixed-rate and adjustable-rate mortgages. These indicate whether or not your interest rate changes over the life of the loan.

Every buyer wants to know the Colorado mortgage facts about how large the down payment must be. Traditionally, the answer was, 10-20% of the purchase price. Today, however, down payments may be as low as 3%, and sometimes even lower for first time buyers. Veterans and those serving in the military may obtain Colorado mortgages for no down payment through the Veterans Administration (VA).

Colorado Mortgage Facts for House Hunters

Because many hopeful home buyers do not have a perfect credit history, they want to know how important their credit report is. If your problems are in the past, for example, you have been making on-time payments for at least a year, your blemishes may not be fatal. Bankruptcies within seven years are considered serious, and must be fully explained.

Colorado mortgage facts include your rights as a borrower. There are a multitude of federal and state laws that protect you from deceitful practices. You have the right to truthful and timely information so you can make informed decisions. Above all, with professional lenders, you have the right to expect a courteous and respectful relationship.