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About Us The Jorgette & Boris Advantage Our Team - Industry Professionals International Real Estate (CIPS) Habla Espanol Resources Buyers Info Sellers Info Renters Relocation Info Your $$ Matters --Types of Loans --Pre-Qualified Vs. Pre-Approved --The Nehemiah Loan Program --Rural Housing Service --Bankers Vs Brokers --Credit Clean-Up --**Facts You Need To Know --**Copy of Your Report --**Credit Errors --Credit Scoring --What you Don't Know Can Hurt Your Credit --Jobs Hotline --Understanding APR --Understanding Title Insurance --Glossary Real Estate Links | Types of LoansHere are 8 different ways you could borrow the money for the home of your dreams. Conventional Mortgage - Fixed rate loan from a commercial lender for a term of 15, 20 or 30 years. Payments, interest rates, and term are locked at initiation of contract. Requires PMI (Private Mortgage Insurance) with less than 20% down. Adjustable Rate Mortgage(ARM) - These mortgages are similar in term to the conventional mortgages. These mortgages adjust up or down on each anniversary. After the initial term the interest rate fluctuates periodically according to financial markets. There are usually caps on the interest rates built into the contract. Adjustments are on the unpaid principal balance. Federal Housing Authority Loan- The Federal Housing Authority (FHA) insures loans for lenders. This allows lenders to justify offering larger loans with smaller down payments. Maximum loan amounts vary per Colorado County. Veteran Affairs Loans- The Department of Veterans Affairs provides guaranteed loans for qualified veterans and servicemen. These loans allow the qualifier to offer little or no down payment for the loan. These loans are subject to the VA mortgage fee depending on the size of the down payment. The VA mortgage funding fee is usually equal to 2% of the loan amount (1st time use). The VA funding fee may be waived for disabled veterans. Assumable Mortgage- Simply take over the existing mortgage. The most common assumable mortgages are FHA, VA, or ARM mortgages. You take the current contract, with specified payments, interest rates, and term remaining. The equity difference is made up in the down payment. Assumable mortgages must be either qualifying or non-qualifying mortgages. Buy Down-Mortgage - Involves paying up-front the interest over a specific periond of time, thereby having a lower payment during the specified term of the buy down. Hybrid Loan- 30 year loan that is identical to an ARM loan except that the interest rate is changed once over the term. The first step is usually 1, 5, 7, or 10 years of the term. |
| Colorado Springs REALTORS® Jorgette & Boris Krsulic 965 Pico Point Colorado Springs, CO 80906 |
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