Different Types of Home Loans

15 Year fixed rate loans save borrowers tens of thousands of dollars in interest payments over the life of the loan but because they usually carry a higher monthly payment it usually isn’t a great option for most first-time home buyers. Learn more about eligibility and the benefits of the 15 Year Fixed Rate Home Loan below.

What are the benefits and drawbacks of 15 Year home loans?

With a 15 Year home mortgage term loan you’ll pay significantly less interest than you would with a 30 Year mortgage term. By borrowing the money for half as long, the homeowner ends up paying far less than half the amount of money as interest as opposed to a more traditional 30 Year loan. An added benefit of a shorter-term loan, is that it is typically offered at lower interest rates, sometimes up to an entire percentage point less than a 30 Year mortgage.

Paying off the 15 Year loan on your home also frees up cash flow later, such as during retirement, when income will be lower than while working. The disadvantage is that the larger size of the payments offers less flexibility, which may be problematic if your financial situation were to ever change.

With the dual effect of lower interest rates, and faster amortization, there are many advantages of a 15 Year loan for those families whose budget can afford it. If you have a steady income, see if you qualify for a 15-year mortgage and shave years off your loan, keep more of your money, and take years of stress over mortgage payments off your shoulders.

Who is eligible for a 15 Year Loan?

Do you have steady and predictable income? Do you want to pay off your 15 Year mortgage before retirement? Can your household budget afford a larger monthly 15 Year mortgage rate payment? Use the mortgage loan calculator on this site to estimate your payment or just give us a call!

How can US Mortgages help you and your family with a 15 Year Loan?

A 15 Year loan can be an excellent option that can save you and your family thousands of dollars over the term of your mortgage. Call US Mortgages to learn more about current 15-year mortgage rates. You can also reach out to us online by filling out one of no cost, no obligation quote forms!

The 30 Year Home Mortgage Term Loan is a classic and long-standing mortgage term for home loans. The lower monthly payments associated with this term length allow middle income families to be home owners. Learn more about 30 Year Loans and why they might improve your family's financial standing below.

Why choose a 30 Year Mortgage over Shorter Mortgage Loan term?

A 30 Year mortgage on your home offers the lowest monthly payment of any loan term. This can allow buyers to afford a more highly valued home than they otherwise could on a shorter lease term. These mortgages are also offered at a fixed rate, so you always know what your monthly payment will be. And if interest rates fall, refinancing options are still available.

30 Year Mortgage rates allow families to keep as much of their liquid capital as possible. With its longer term, borrowers can accrue savings, or invest in other assets. Many homeowners see this financial wiggle room as being more beneficial than lower interest payments, and are willing to pay more in the long run for the added security of a 30 Year loan. This is important in case of any medical emergencies or other unforeseen expenses that will require you to have cash on hand.

Since 30 Year home loans often have a low interest rate, as compared to credit cards or other high interest rate products, it's also a wise idea to pay the higher interest bills before the lower interest ones anyhow.

Want to learn more about the 30 Year Home Loans offered by US Mortgages?

The security and stability of a 30-year home mortgage makes its advantages obvious. If you want to learn more about the 30 Year Home Loan rates we offer, please let us know how to get in touch with you. Our Personal Mortgage Advisors are here to help answer any additional question you might have. Another way to learn more about 30 Year Home Loans is by calling us directly. If you're ready to take the plunge and begin the process of pre-qualification, feel free to start now using our short and long form applications, available online.

If you’re looking to refinance and don’t want to start making payments again for another 30 years, consider a mortgage loan program that offers flexible or “customizable” terms. This allows you to achieve your short financial goals without compromising your long-term goals. The US Mortgages Goal Keeper Refinance™ allows you to refinance and save money without starting all over again at a 30-year term! This means you can match the current term left on your mortgage or even reduce it and still save money! 

Why choose a Flexible Term Mortgage over a 30-Year Mortgage term?

There are several reasons to consider a flexible term mortgage when refinancing. First, it allows you to keep your original pay-off date and not compromise your long-term goals like retirement. Many people refinance without consider how carrying mortgage payments beyond their working years impacts their ability to retire comfortably. Second, flexible term mortgages save you interest payments. Since most of the interest is amortized into the beginning of any mortgage, starting over at year 12 for example means that the interest you’ve paid the first 12 years of your original mortgage is essentially lost. By choosing the Goal Keeper Refinance™, you can choose to match the current term left on your mortgage or shorten it, and save tens of thousands of dollars over the life of the loan. As an added bonus (and only with US Mortgages) we can save you money, keep your term the same -- or shorter, AND insure your home's value and equity at today's process for 10 years!

Want to learn more about the Flexible Term Home Loans offered by US Mortgages?

The flexibility to customize your repayment terms makes its advantages obvious. If you want to learn more about the US Mortgages Goal Keeper Refinance™ just fill out our online Contact US form, choose the live chat option, or talk to one of our Personal Mortgage Advisors.

Adjustable rate mortgages or ARM Loans offer low introductory rates to home buyers and homeowners alike. Adjustable rate mortgages are ideal for short-term homeowners, or for those expecting to pay their mortgage incredibly quickly. The biggest advantage to an ARM loan from US Mortgages is the lower rates and payments early in the loan.

What are some of the advantages of ARM Mortgages?

Adjustable rate mortgages are ideal for people at less risk of defaulting on their loan in the event of market instability, such as short-term homeowners, or for those expecting to pay their mortgage incredibly quickly. The biggest advantage to ARM rates from US Mortgages is the lower rates and payments early in the loan. With a Fixed Rate Mortgage, your interest rate cannot change without refinancing the loan. Your interest rate with an ARM will vary month to month, allowing you to benefit from low interest rates without the hassle of refinancing your entire mortgage. In exchange for taking the risk that interest rates will rise, banks typically offer ARMs at lower introductory rates than fixed rate mortgages. This allows borrowers to save more money for any unexpected emergencies that may come their way. It also frees up more cash for borrowers to invest.

What are the disadvantages of ARM Loans?

The most significant disadvantage to ARM Loans is that rates can rise significantly over the life of the loan, depending on the market's current volatility and terms of your loan. It's essential to understand all aspects of complicated ARM Mortgage Loans before taking one on. A shift in the real estate market can drastically change your monthly payment.

However, for the confident homeowner with significant savings, or the ability to budget carefully enough to account for potential market shifts, adjustable rate mortgages can save you thousands over the term of your lease. At US Mortgages, we pledge to find you a loan that will improve your family's financial situation or we won't do the loan.

Ready to get started on your ARM Mortgage from US Mortgages?

If you're interested in learning more about adjustable rate mortgages or seeing which options are best for you can give us a call or we can schedule a call with US at your convenience

As one of the country's most attractive destinations for transplants, Colorado's population is growing, and the cost of real estate is growing with it. Families looking for larger homes often find that a conventional loan will not cover the total value of the property. If you have your eyes on a high-valued property, you may qualify for a jumbo home loan.

The Best Jumbo Loan Rates

How do you know if you need a jumbo mortgage loan rather than another kind of loan offered iby US Mortgages? How are jumbo loan rates defined and what is it for? What are the requirements for a jumbo loan? How can you get started on applying for your own jumbo home loan? Find the answer to these questions below.

Jumbo Loan Requirements and Rates

Jumbo mortgages, as the name implies, are larger sized home loans. In high cost areas of the US, this limit is $453,100. People who qualify for jumbo home loans have strong credit scores. Jumbo loans do not require private mortgage insurance, which in the case of high-valued property, can add thousands of dollars to the total cost of purchasing your home. As an alternative, borrowers of jumbo loans often make large down payments, totaling 20% of the home's value or more.

The monthly mortgage to qualify must be no more than 38% of the income of the borrower before taxes as well. In addition to what's listed, there are other conditions which must be met for jumbo home loan rates to be offered.

Reach Out to Us for a Jumbo Loan

Ready to take the next step? You can jump in right away by filling out our short application or long application in our My Loan Status portal right now! Have a few questions first? Provide our office with your contact information and we'll be in touch as soon as possible. Want to make the first move? Give us a call and we'll be immediately available with guidance on if a jumbo home loan is available and will benefit your family's financial situation. We want all our clients to be on the right path to home ownership and we work with you to meet your specific needs.