MORTGAGES THROUGH THE EQUITY EDGE TEAM
Types of Mortgage Loans – Colorado Springs
Choose Your Mortgage Loan
There are numerous types of mortgage loans available, we’ll help you thoroughly explore the right loan to fit your circumstances. We understand that priorities are different for each homeowner. Major factors to consider when deciding on a loan include down payment requirements, whether or not a loan will adjust over its lifetime, and ease of the loan process.
We serve those that serve the country. We are a qualified lender specializing in VA loans to help military veterans purchase or refinance their homes. This loan option offers eligible recipients a no-money-down option.
VA Jumbo Loan
This mortgage loan type is only offered to eligible veterans purchasing a home over the normal VA thresholds. As a qualified lender we can help veterans navigate the purchase of a larger home and take maximum advantage of their VA benefits.
Adjustable Rate Mortgage
Would you like to maximize your monthly budget while taking advantage of the lowest rates available? Keep in mind rates will adjust after a period of time. But if you plan to be in a home for 7 years or less, this may be the loan type to consider, of all of the mortgage loan types available.
30-Year Fixed Mortgage
If you have a fixed budget and plan to stay in your home for a long period of time, a 30-year fixed rate may make budget planning and peace of mind a top priority. Your rate will never change over the life of the loan and principle and interest of your payment will not increase.
15-Year Fixed Mortgage
This is the perfect loan for individuals who would like to pay less interest over the life of the loan, yet want the security of a fixed rate.
Do you have less than 20% to put down on a new home? Because the Federal Housing Administration insures FHA loans, they allow for flexibility in down payment and qualification while still maintaining a great rate. FHA allows for a low down payment of 3.5% of the purchase price. FHA also allows for a local down payment assistant program to be used in conjunction with FHA Loans.
This refinance option is available if you already have an FHA mortgage. This loan type allows the borrower to reduce their interest rate without the requirement of providing their income and asset documentation. You may even be able to skip the appraisal. If lowering your interest rate is on your mind, this may be a great option to look into.