Colorado Mortgage Loans

Written by Patricia Tunstall
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Colorado mortgage loans are varied, but they generally fall into two categories: fixed-rate and adjustable-rate. How to know which one is best for you? Here is where the expertise of Colorado mortgage lenders is essential, for they have the knowledge and the tools to evaluate your circumstances.

Colorado mortgages do not come in one-size-fits-all packages. There are, for example, special loans for first time buyers that enable them to move into a house with little money down. Another category of special loans applies to veterans and current military personnel who may be able to purchase a home with no money down.

Low-Rate Colorado Mortgage Loans

Regardless of the targeted group for each of these types of loans, the fixed-rate and adjustable-rate categories are all-inclusive. Traditionally, the fixed-rate, 30-year loan was about all that was offered to prospective home buyers. This conventional mortgage provided stability because the monthly payments remained the same for the life of the loan.

Today, these loans are offered for shorter terms, such as 15 years, but one of the big advantages in the current market for Colorado mortgage loans is the low rates are locked in. Adjustable-rate mortgages do just that, they vary with the fluctuations in interest rates. A holder of this type of loan hopes rates will not rise; if they do, monthly payments for Colorado mortgage loans will be adjusted upward on a monthly, six-month, or yearly basis. Only a professional analysis of market conditions by a mortgage lender can determine the best type of loan for a home buyer.

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