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Everything You Need to Know About Colorado Home Mortgages

Posted by elevationmtg on July 16th, 2020

There are many residential properties in Colorado, and the growing economy, cost of living, and opportunities to enjoy an array of outdoor activities make it a more attractive place to live. Colorado home mortgages are available to support new residents and first-time buyers, and with the right loan, it will be easier for you to purchase and afford your dream home. Here’s what you need to know about them:

Financing options

The choices in home mortgages vary as much as the kinds of properties you can purchase. With good credit and the ability to provide at least 20 percent of the purchase price, you could already consider a conventional loan as you will not have to pay for any private mortgage insurance.

You should also consider exploring other loans to find more favorable Colorado Springs mortgage rates. For instance, an FHA loan will require only 3.5 percent down and is backed by the government. The monthly payment includes mortgage insurance, but due to the lower deposit and the chance to earn equity, it could be worth your time and money in the long run.

Down payment assistance may be considered if you need help in attaining homeownership. Colorado residents may consider CHFA’s mortgage assistance for starters. If you are a veteran or in active military duty, consider the VA mortgage. Go over your options with a mortgage broker so that you can make an informed decision.

Consider living outside the city

USDA loans are also among the Colorado home mortgages you should consider. They may not be as popular as the other loans, but they are worth considering if you want to live in a rural or suburban area. You could benefit from lower interest rates and the absence of the down payment mortgage, which applies to low-income families in suburban and rural areas.

You can get help

You can learn more about Colorado Springs mortgage rates and home loans by consulting with an experienced mortgage broker. Consider an independent mortgage company with a proven track record of putting their clients’ best interests ahead of theirs. That way, you can be sure that they are committed to giving the best service to help you afford your dream home.

About the author

Elevation Mortgage, LLC is a mortgage broker and we serve loans in Colorado. Our focus is VA loan, FHA loans, Conventional loans and Reverse Loans. Our office is located in Colorado Springs, which is where the majority of our business comes from.

Contact Details:

NMLS ID - 1738617

Contact Person - Reed Letson

Designation – Owner

Address – 7 E Bijou Street, Suite 218

City – Colorado Springs

Country - United States

Phone Number – 719-666-3893

Company Email

Also See: Mortgage Broker, Springs Mortgage, Residential Properties, Mortgage Insurance, Mortgage, Loans, Colorado

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