Congratulations on Your Decision to Purchase Your First Home!
Colorado is a great state to buy a home and we know that it’s not a decision you will want to take lightly since buying a home is one of the largest and most important investments you will likely make in your lifetime. For that reason, Colorado Mortgage Group has compiled some of the best resources to help make your buying experience easier, faster, and as stress-free as possible. This should be a joyful time for you, and we want to help in any way we can.
There are numerous types of loans available for the homebuyer. If you are a first-time homebuyer, you may benefit from special considerations and credits. For Veterans, VA loans are available, and this is great news! Veterans will receive the best possible rates, the lowest closing fees, and very little to zero down on a home. Of course, there are always conventional loans, FHA loans, jumbo loans, and portfolio loans. With all of these loan programs available, it’s no wonder that buyers quickly become stressed and confused. That’s why Colorado Mortgage Group is always nearby, ready to answer any questions you may have.
This might sound like an odd resource, but you would be surprised how much they can come in handy. Mortgage calculators can tell you how much house you can afford so you can shop with ease, knowing that you won’t be over budget when you finally come across the perfect house. They can also calculate how much your estimated monthly mortgage payment will be, if you are better off renting versus buying, the trade-off between a 15-year mortgage and a 30-year mortgage, and a host of other neat breakdowns for the buyer. These calculators really help homebuyers make informed decisions when purchasing a home.
Know the Rates
Mortgage rates can fluctuate pretty quickly, and you want to secure your home loan when the rates are good. You also need to be aware of the different rates for the different loan programs. For example, the rates for a jumbo loan are typically higher than the rates for a 30-year conventional loan, while the rates for a 15-year conventional loan are typically lower. Knowing and understanding how the rates change from program to program can help you make a more informed decision that could affect your long-term financial situation.