Mortgage Loan OptionsWhether you're looking to buy a commercial property, residential, or investment property in Colorado, Ryan Nash Home Loans is your first step to making your dreams a reality. Offering a wide range of Home Loans in Colorado, you have the flexibility with us to choose the right one to fit your specific home buying needs.
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FHA LoansFederal housing Administration (FHA) Loans can be used for a number of different purposes including purchasing a new home, refinancing an existing mortgage and special renovation projects. The main goal of these loans is to improve housing market and protect lenders if borrower was to default on their mortgage.
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VA LoansA Veterans Administration (VA) Loan is designed to offer long-term financing to veterans. VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit...
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Conventional LoansConventional Loans are mortgage loans offered by non-government sponsored lenders. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed or adjustable rate. While many think that a 20% down payment is required for all...
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Types of Loan Programs Fixed Vs Adjustable
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One of the first choices a homebuyer will need to make is whether you want a fixed-rate or an adjustable-rate mortgage loan. The bulk of loans will fit into one of these two categories, however, there is a third option that will allow you to “hybrid” the two.
An adjustable-rate mortgage, (ARM): The interest rate of the mortgage adjusts periodically based on market conditions. For example, your payment will go up if rates go up and go down if rates go down. Fixed-rate Mortgage: Unlike an adjustable-rate mortgage the interest rate is set at the time you take out the loan and will not change. Fixed-rate home loans can be 10 years, 15 years, 20 years or 30 years fixed. 30-year fixed is the most common because it allows your mortgage payment to be the lowest. Hybrid ARM: Features an initial fixed interest rate for a certain amount of time and then becomes an adjustable-rate for the remainder of the term. Standard terms are 3, 5, 7, or 10 yrs. |
