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Different Types of Mortgage Loans

US Mortgages helps you achieve your financial goals without the hassle.
Last Updated: 10/17/2018

Types of Mortgage Home Loans

Loan Programs for Your Unique Financial Goals.

If you're a first time homebuyer, a current home owner, a US veteran, have perfect credit, less than perfect credit, or just going through a divorce, we offer a wide variety of home loan programs, products, and guarantees to help anyone achieve their personal financial goals.

Veterans Administration Lenders and Best Home Refinance Companies

Flexible Term Mortgage

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 the flexibility of refinancing and choosing your own repayment terms between 8 to 29 years.

15 Year Fixed Rate

Refinance Denver and Colorado Mortgage Lenders

15 Year Fixed Rate

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!

30 Year Fixed Rate Loan

Veterans Administration Lenders and FHA Loan Colorado

30 Year Fixed Rate Loan

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.

40 Year Fixed Rate Loan

Mortgage Companies in Colorado and Mortgage Brokers Denver CO

40 Year Fixed Rate Loan

Similar to the common 30-year fixed mortgage loan, a 40-year fixed loan allows qualified borrowers to amortize the loan an additional 10 years so that you have more time to amortize the principle over and reduce the monthly payment. A 40-year fixed mortgage is a mortgage that has a specific, fixed rate of interest that and does not change for 40 years.

When you choose a 40-year fixed mortgage, your monthly payment will be the same every month for 40 years. However, the amount of your monthly mortgage payment that goes to principal versus how much goes to interest will shift throughout the lifetime of the loan. Your payments will be spread over 40 years, with the interest payments making up the majority of your monthly mortgage payments early in the loan, and then more principal will be paid off toward the end of the term.

Pros and Cons of the 40 Year Mortgage

40-year fixed mortgages allow borrowers to purchase a more expensive home for the same monthly payment as a 30-year fixed payment. For obvious reasons the 40 Year loan term is more popular in areas where property values have increased beyond the average borrower’s reach. Alternatively, a 40-year fixed mortgage could allow the borrower to have a lower monthly payment than a traditional 30-year fixed mortgage for the same house purchase price.

The 40-year term may be good option if you plan on staying in a house indefinitely or may be the only way for some borrowers to qualify for a large mortgage if interest rates are higher. High income earners might also be interested in the tax advantages of writing off the larger amounts of mortgage interest that occurs with a 40-year fixed loan. Your rate is fixed for 40 years, even if interest rates go way up, your rate is always locked in.

Feel free to use our online mortgage calculator and select the program rate of a 40-year term to see how much more house you can afford if you went with a 40-year loan versus a 30-year loan.

Considering a 40 Year Home Loan?

If you have question or you're ready to take the next step, reach out to US Mortgages today and speak with one of our helpful Personal Mortgage Advisors about which loan programs and terms are best for helping you meet all of your financial goals.

Flexible Term Mortgage

Veterans Administration Lenders and Best Home Refinance Companies

Flexible Term Mortgage

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 the flexibility of refinancing and choosing your own repayment terms between 8 to 29 years.

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 an 18 year repayment term and save tens of thousands of dollars over the life of the loan.

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 Mortgage

First Time Home Buyer Denver and Conventional Loan Refinance

Adjustable Rate Mortgage

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

Adjustable Rate Mortgage

Jumbo Loan

Mortgage Lender Denver CO and Reverse Mortgage Brokers

Jumbo Loan

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 client to be on the right path to home ownership and we work with you to meet your specific needs.

Loan Types FAQs

What is an adjustable rate mortgage or ARM loan?
A variable-rate mortgage or adjustable-rate mortgage is a mortgage loan that typically locks in a lower fixed interest rate over a shorter period of time like 3, 5, 7, or 10 years and then adjusts based on the market. Market conditions may affect a number of different financial factors, which, cause the interest rates on an adjustable rate mortgage to rise and fall. Adjustable rate mortgages van use different indexes to establish the rate of the adjustable rate mortgages like the 11th District Cost of Funds Index (COFI), the London Interbank Offered Rate (LIBOR), the 12-month Treasury Average Index (MTA), the Constant Maturity Treasury (CMT) and the National Average Contract Mortgage Rate.
What are the benefits of an adjustable rate mortgage (ARM)?
The monthly payments on an adjustable-rate-mortgage mayare usually lower during the initial fixed period of the loan making more expensive properties more affordable. However, the rates on adjustable mortgage are short-term. Short term rates are usually lower than fixed-rate mortgages resulting in lower monthly payments for the fixed period of the ARM. ARMs allow a home buyers to purchase a more expensive home. ARM are also a great loan option for short-term real estate investments of 3 to 10 years.
What are the interest rates for adjustable rate mortgages (ARMs)?
Adjustable-rate mortgages (ARMs), have monthly payments that start lower that a fixed-rate mortgage but can move up and down as interest rates fluctuate. The rates for an adjustable-rate mortage are usually based on other leading financial and market indexes. To check the most current rates on an ARM, contact a US Mortgages Personal Mortgage Advisor for the latest rates.
What the adjustment period of an Adjustable Rate Mortgage?
The rate for an ARM adjusts after a given time after the fixed rate period ends. It’s commonly known as know as the “adjustment period.” The most common adjustment periods for ARM loana are 3,5,7, or 10 years. After the initial fixed period the adjustable-rate-mortgage will adjust annually. This means that once a year, the loan rate adjusts to the finacial index plus the margin.
What is a fixed-rate mortgage?
A fixed-rate mortgage is a home loan with an interest rate that stays the same over the entire length of the loan. The benefit of a choosing fixed-rate mortgage is that your P&I payment (principal and interest) will stay the same and will never fluctuate regardless of the changes in market rates.
What repayment terms are available for a fixed-rate mortgage?
The most popular repayment terms for a fixed-rate mortgage is either 30-years. Another common term is 15 years and typically used by older borrowers who want to pay the home off prior to retiring or savvy borrowers who want to save the interest over time and who can handle a larger monthly payment. 40 and 50 year mortgages are also now available and are most commonly used in areas with higher priced homes to keep homeownership in reach for qualified borrowers. If you're refinancing and would like to keep your remaining prepayment period the same, you should consider the US Mortgages Goal Keeper Refinance™ which allows you to custize the term of your loan from 8 year up to 29 years without a higher interest rate.
What is the interest rate for a fixed-rate mortgage?
The interest rate on a fixed-rate mortgage will vary from borrower to borrower based on loan size, location, your credit score, the length of the loan, the amount of down-payment on a purchase, and whether or the mortgage loan product is either conventional, FHA, or a VA home loan. No lender can accurately quote you a rate without verifying this information.
Is a fixed-rate mortgage better than an adjustable rate mortgage (ARM)?
To know which loan option is better for you, a fixed rate or an adjustable rate mortgage is a subjective question and really depends on your personal preference and tolerance for risk. The difference between a fixed rate and an adjustable rate mortgage is quite simple. With a fixed-rate mortgage the interest rate is set for the life of the loan and will never change. With an adjustable rate mortgage, the interest rate may be lower initially but may go up or down depending on what the index that the interest rate is tied to and where the market is at the end of the initial fixed term and beyond.
What is a jumbo mortgage loan?
A jumbo mortgage loan, sometimes referred to as a non-conforming loan, is a mortgage that exceeds the“conforming” loan limits and usually have a slightly higher interest rate to offset the additionaal risk. Conforming loan limits were established in 2006 by Fannie Mae and Freddie Mac, and new, higher limits were established in 2018 to accomiodate for the increase in home prices. The current conforming loan limit for a single-family home is $453,100. This means that any loan of more than $453,100 is considered a jumbo or non-conforming loan. That limit can vary however, depending on the state and county the home is located in. There are roughly 200 counties in the U.S. where the loan limits are higher due to higher home prices. There are 18 counties in Colorado that exceed the threshold of $453,100.
What are the conforming mortgage loan limits in my county?
You can talk to a Personal Mortgage Advisor to find out what your conforming limit is or use this link for a map detailing each state’s individual requirements: fhfa.gov/DataTools/Tools/Pages/Borrower-Assistance-Map.aspx
What type of house can I buy using a jumbo mortgage loan?
In addition to financing single-family homes for your primary residence, you can also utilize a non-conforming or jumbo loan to buy a second home or even a personal investment property.
What are the down payment or equity requirements for jumbo mortgage loan?
Fannie Mae has made some changes recently to the down-payment requirements for purchasing property with a high balance mortgage. The amount of equity required for a refinance is lower than it is for a purchase. The down payment for a conventional jumbo loan is typically 20% but you may qualify for a lower down payment with an FHA or VA loan if you're eligible.
How do I know if I qualify to buy a home
Several different factors are used. We suggest getting started by contacting a US Mortgages Personal Mortgage Advisor who can walk you through the qualification process for buying a home and answer any additional questions you might have including:
  • Reviewing Credit
  • Obtaining Income information
  • Reviewing the funds that will be used to purchase
  • Getting a verified Pre-Approval
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