Helping Homeowners Across Colorado & Arizona
Frequently Asked Questions About Loan Types
Secure an FHA Loan in Arvada by Hiring Affordable Interest Mortgage
A Federal Housing Administration (FHA) is a mortgage loan that is issued by an FHA approved lender and insured by the Federal Housing Administration (FHA). These loans are designed for low to moderate income borrowers and tend to typically require a lower minimum down payment and lower credit score than conventional loans. An ideal option for borrowers with a higher debt to income ratio and allowing you to put down only 3.5% of the purchase price as down payment, we can easily arrange an FHA loan for your property in Arvada.
Are You an Active Duty Serviceman or Veteran? Consider Getting a VA Loan
A VA loan is a mortgage loan available through a program set up by the U.S. Department of Veterans Affairs. With VA loans, active service members, veterans, and their surviving spouses can buy homes with little to no down payment and no private mortgage insurance and also get competitive interest rates. These loans are backed by the federal government, empowering military personnel to become homeowners. A VA loan has no prepayment penalty if the borrower decides to pay off the loan early, and borrowers also receive assistance to avoid defaulting on their payments.
Leverage a Low Down Payment With a Conventional Loan
A conventional loan is a mortgage loan that’s not backed by a federal agency. A conventional loan can be broken into ‘conforming’ and ‘non-conforming’ loans. A conforming conventional loan follows lending rules set by Fannie Mae & Freddie Mac. With a conventional loan, borrowers will have to complete an official mortgage application, provide the necessary documents, credit history, and their current credit score. Offering competitive interest rates, an option between adjustable or fixed interest rates, and versatile enough to be used for all types of properties, conventional loans are perfect for clients in Arvada.
Secure a 10 – 30 Mortgage Loan by Hiring Affordable Interest Mortgage in Arvada
A 10-year mortgage is a loan with a repayment term of 10 years, while a 30-year mortgage comes with a 30-year repayment term. With the option to pay off a mortgage in a short time period, a fixed 10-year mortgage allows clients in Arvada to leverage a reduced interest rate, while adjustable 10-year mortgage loans enable you to leverage a low initial interest rate for a fixed time period. However, if you’re looking for lower monthly payments and a larger loan amount, then consider opting for a 30-year mortgage loan.
Choose Between a Fixed or Adjustable Rate Mortgage in Arvada
At Affordable Interest Mortgage, our home loan lenders can provide both adjustable and fixed FHA, conventional, Jumbo, or VA loans for financing properties in Arvada. A fixed mortgage essentially protects you from sudden and potentially drastic increases in monthly payments if interest rates rise and are optimal for first time home buyers. An adjustable rate mortgage, however, comes with an interest rate that can change periodically. This way, you can take advantage of declining interest rates without having to pay for closing costs and other fees associated with refinancing.
Want a Custom Mortgage in Arvada? Reach Out to AIM
We are equipped with years of experience, which is why we understand the ins and out of the mortgage industry in Arvada. With custom mortgage loans, you can finance a wide range of residential and commercial properties with loan terms that are defined by you. From custom FHA, VA, and Jumbo loans to personalized refinancing options, we can deliver a unique service value to our clientele in Arvada.
Want a Reverse Mortgage Solution in Arvada?
A reverse mortgage is a type of loan that enables homeowners ages 62 and older to acquire a part of their home’s equity as tax-free income. Unlike a regular mortgage in which the clients make payments to the lender, in a reverse mortgage, our home loan lenders pay the homeowner. With a reverse mortgage, you get to secure your retirement, retain your property, and also pay off your existing mortgage, helping prevent a foreclosure. So, whether you wish to receive the money through a monthly payment or a lump sum, you can easily opt for a reverse mortgage.
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