Conventional Fixed Rate Mortgages (FRM)
A popular loan type, conventional fixed rate loans feature a constant interest rate for the life of the life. Generally speaking, monthly payments remain constant. Traditionally borrowers are expected to provide a 20 percent down payment though this is not necessarily required. For eligible borrowers with less than a 20 percent down payment, private mortgage insurance is typically required. We will provide qualified borrowers with options for this mortgage insurance; including single-premium, lender paid or annual (paid monthly) premiums.
Available terms generally range from 10 years to 30 years. We also have conventional programs for first time homebuyers with a smaller 3% down payment. Contact us for details on down payment requirements and to qualify today.
Refinance Mortgage Loans
Homeowners looking to decrease their interest rate may consider refinancing. A refinance calls for the homeowner to obtain another mortgage loan. Those funds are then used to pay off the original mortgage loan and the homeowner is then bound by the terms of the new mortgage. Depending on your situation a refinance loan could be a great option.
Along with decreasing your interest rate, refinance loans can also help you switch from an ARM to a FRM, unlock equity in your home (cash-out), and in some cases reduce your loan term. Use the Contact Us link below to learn more about your refinance options today!
FHA Mortgage Loans
FHA loans are private loans insured by the federal government. These loans are popular with borrowers who don't have enough funds to pay a traditional 20 percent down payment because they only require 3.5 percent down to qualify. Those who choose these loans are required to pay mortgage insurance which slightly increases their monthly payments. Loan limits are established by County and Property Type.
Lenders who wish to offer these loans must be approved by the Department of Housing and Urban Development. Please contact us today to find out if a FHA loan is right for you.
VA Mortgage Loans
To all of the veterans and their families, TST Financial personally thanks you for your service! Like a FHA loan, VA loans are private loans insured by the federal government. VA loans are only available to qualified military veterans and their families. These loans are only available to these individuals for their own primary residences. Qualified VA borrowers in Colorado may be eligible for loan amounts up to a $4 million loan limit.
For information on qualifying for this loan program please give us a call at 970-222-0816 or complete the Contact Us form below today. We truly appreciate your service and look forward to serving you with all your VA mortgage needs.
USDA RD Guaranteed Loan
The Section 502 USDA RD (Rural Development) Guaranteed Loan provides low and moderate income households the opportunity to own a primary residence in eligible areas with 100% financing. Applicants must meet income eligibility requirements, agree to occupy as a primary residence and be a U.S. Citizen, U.S. non-citizen national or a Qualified Alien. This program is offered to help low and moderate income households living in rural areas make homeownership a reality, which is turn creates thriving communities and improves the quality of life in rural areas. Determining eligibility and qualification is quick and easy, contact us today!
Reverse Mortgage Loans
Reverse Mortgages or (Home Equity Conversion Mortgages HECMs) are a special home equity loan for homeowners of 62 years of age or older. These loans allow borrowers to borrow against the equity that they have built up over years of paying down the mortgage on their home to supplement their retirement income. The loan itself will have fees and closing cost involved as there is with any mortgage transaction. Also there is interest added to the loan balance each month, the loan balance grows over time, and funds may be disbursed via a lump sum single disbursement, in monthly payments, or as a line of credit. Borrowers generally do not have to pay back the loan while themselves or an eligible spouse live in the home; however, borrower must continue to pay taxes, insurance, utilities and to maintain the home in order to continue to occupy the home. "Non-borrowing" spouses may be eligible to continue living in the home after the borrower passes away; however, the non-borrowing spouse will stop receiving the money from the reverse mortgage after the borrower spouse passes away. The loan becomes due in full at the time the last borrower, co-borrower, or eligible spouse either passes away, sells the home, or moves out. Borrower's estate or heirs may pay off the reverse mortgage through the sale of the home or retain the home via a refinance (neither the borrower nor their heirs will have to pay back more than the home is worth). Reverse mortgage is not a risk free loan and should be considered carefully; for more information on reverse mortgage visit the Consumer Financial Protection Bureau website at www.consumerfinance.gov/askcfpb/233/reversemortgage.html
All programs subject to change without notice. All services rendered by TST Financial Inc. (NMLS# 818550) are to assist in providing mortgage loans. TST Financial Inc. brokers out this loan. Subject to borrower qualification. The information on this section is intended for informational purposes and is not an offer to extend credit.
Construction loans are used to finance the construction of a new structure. Whether you're interested in building a brand new home for you and your family or you're looking to construct a commercial property we can help craft a terrific lending solution. Each loan is as unique as the property you're looking to construct.
We look forward to your questions about construction loans. Please call us to find out more.
A jumbo loan, or non-conforming loan, usually means any home loan for amounts higher than $510,400. Jumbo loans feature similar loan programs to fixed rate and adjustable rate programs. There are even FHA and VA jumbo loans. The main difference between jumbo loans and conforming loans is the interest rate. Because jumbo loans are riskier for lenders they usually have higher rates.
Learn more about jumbo loans by contacting us today.
Adjustable Rate Mortgages (ARM)
Adjustable rate mortgages are loans where the interest rate is recalculated on a yearly basis depending on market values. As interest rates are adjusted so is the borrower's monthly payment. While interest rates on ARM loans are generally lower than fixed rate loans they can eventually become higher.
Various types of ARM loans include Hybrid ARMs such as 10/1 year, 7/1 year and 5/1 year programs. Contact us for more information on adjustable rate mortgage loans.
Home Equity Loans
Home equity loans call for the borrower to acquire a new loan on an already mortgaged property using the equity you've built as collateral. Home equity loans are typically reserved for those looking to pay down medical or consumer debt, start a business or pay tuition. Please contact us directly if you're interested in a home equity loan.
Most states restrict the amount of money one can borrow against their home. Interest rates on home equity loans are generally higher than conventional loans.