Helping Homeowners Across Colorado & Arizona
Frequently Asked Questions About Loan Types
Get an FHA Loan in Broomfield by Consulting 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 curated for low to moderate income borrowers and tend to normally necessitate a lower minimum down payment and a lower credit score than conventional loans. It is also an excellent option for borrowers with a higher debt to income ratio, as it allows you to put down only 3.5 percent of the purchase price as a down payment.
Forgo a Mortgage Down Payment by Opting for a VA Loan in Broomfield
A VA loan is a mortgage loan backed by the U.S. Department of Veterans Affairs. A VA loan is available for active service members, veterans, and their surviving spouses. These loans require little to no down payment, no private mortgage insurance, and also offer reasonable interest rates. These loans are backed by the federal government and essentially empower military personnel to become homeowners. A VA loan also has no prepayment penalty if the borrower decides to pay off the loan early.
Need a Conventional Loan in Broomfield? Reach Out To AIM
A conventional loan is a mortgage loan that’s not backed by a federal agency. With a conventional loan, prospective homeowners in Broomfield have to complete an official mortgage application, provide the necessary documents, credit history, and their current credit score. A conventional loan is excellent for borrowers who need lower credit requirements, competitive interest rates, and want the option to choose between adjustable or fixed interest rates. This loan can also be used to finance any type of property in Broomfield.
Get a 10 – 30 Mortgage Loan by Hiring Affordable Interest Mortgage in Broomfield
With the option to pay off a mortgage in a short time period, a fixed 10-year mortgage lets borrowers in Broomfield to benefit from a reduced interest rate, while adjustable 10-year mortgage loans allow you to leverage a low initial interest rate for a fixed time period. However, if you’re looking to pay low monthly payments and a get a larger loan amount, then consider opting for a 30 year mortgage loan.
Pick Between a Fixed or Adjustable Rate Mortgage in Broomfield
At AIM, our home loan lenders can provide both adjustable and fixed FHA, conventional, Jumbo, or VA loans for financing properties in Arvada. An adjustable rate mortgage comes with an interest rate that can change intermittently. With an adjustable rate mortgage plan in Broomfield, you can take advantage of declining interest rates without having to pay for closing costs and other fees associated with refinancing. A fixed mortgage, on the other hand, are ideal for first time home buyers as they protect you from sudden and potentially significant increases in monthly payments if interest rates rise.
Looking For a Custom Mortgage in Broomfield?
With custom mortgage loans, you can finance a wide range of residential and commercial properties with loan terms that are set by you. From custom liquid, FHA, VA, Jumbo loans to unique refinancing options, we can create a special service experience for our clientele in Broomfield.
Benefit From a Reverse Mortgage Solution in Broomfield
A reverse mortgage is a loan that empowers homeowners ages 62 and older to obtain a portion of their home’s equity as tax-free income. Unlike a regular mortgage in which the borrowers make payments to lenders, in a reverse mortgage, home loan lenders pay the homeowner. Moreover, a reverse mortgage reduces your chances of foreclosure on other properties, secures your retirement, and provides you a steady flow of cash for your expenses in Broomfield.
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