Colorado Mortgage Loans:
It's exciting to find the right home . . . but it's critical that we get the right mortgage lender and the right home loan in place first. Not only will we be able to leverage your mortgage loan approval in our negotiations with the seller, but you will be confident that you can close on the homes we look at. We will not waste any time (and maybe miss the right house), looking at homes you can't buy. Don't roll the dice with your loan or your lender!
This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the property taxes, and their effect on the total monthly mortgage payment.
Before we talk about our recommended Boulder mortgage lenders, we wanted to give you a little information about the types of mortgage loans that are out there today:
Using leverage (financing) to buy real estate can be a sound financial decision. The mortgage professionals we recommend will talk to you not only about home mortgage rates, but about the type of loan that's best for you and your specific set of circumstances. Depending on your situation, you will have several mortgage loan options:
Fixed Rate Mortgages can be a very desirable type of loan and for many years were the most common in the market. The reason for this is that the interest rate is set at the time of origination and remains the same for the entire length of the mortgage. Many people favored the "safety" aspect of this type of loan. The most common loan term is 30 years, but some banks and lending institutions also offer 15, 20 and even 40-year mortgages today. Tip: The length of time you expect to be in your new home is a major issue in choosing the right loan type. For example: Don't pay points on a fixed-rate loan if you only expect to be in the home for a short time. Conversely, you probably don't want an ARM if you plan to stay in the home for many years.
Adjustable Rate Mortgages, or ARM's, have become increasingly popular over the past 10 years or so. These so-called "exotic" loans have some provisions that can work in the borrower's favor, but they can also be much riskier that a fixed-rate loan. The initial monthly payments are typically lower than a fixed rate loan but can adjust upward after a specified period of time, usually 6 months to 5 years. After that period the monthly payments and the rate of interest are adjusted based upon the interest rates and the market.
There are other kinds of mortgages as well; it's important to understand the differences in available mortgages and consult with your mortgage loan professional to use the kind of loan that best suits you and your situation. Adjustable rate mortgages have earned a bad reputation in recent years, as many people obtaining these loans were unable to pay after their payments started to adjust upward. While the fixed-rate loan has gained in popularity, there can still be legitimate reasons to use an ARM. Perhaps you know up front that you will only be in a property for 3 years before a job transfer will take you to a new city. You might opt for an ARM with a lower payment for the first three years since you will be selling after that. In that case, it might not make financial sense to get a fixed-rate loan.
Our Preferred lenders:We highly recommend that you use a local mortgage professional who has proven that they can deliver what they promise - and deliver it on time. Our experience with out-of-area lenders, faceless internet lenders, etc., has proven that staying local will almost always be a sound decision and one you'll be thankful for at the closing. There are many fine mortgage lenders in the Boulder area, and we've worked with most of them. Based on our experience, here's a short list of Boulder and Longmont-area mortgage lenders that we recommend; please contact them and tell them we're working together. They have proven to be honest, reliable, and very competitive in the market.
Longmont Lenders
Jason Brennan
Wells Fargo Home Mortgage
399 South Hover Rd.
Longmont, CO 80501
303-682-4590
jason.brennan@wellsfargo.com
Boulder Lenders
Mike Greenberg, CML
Licensed Mortgage Banker
Greenco Financial
4430 Arapahoe Ave.
Boulder, CO 80303
303-444-8900
303-931-7641
greenberg@greencofinancial.com
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