Like the video shows, lenders now offer several affordable mortgage options which can help first-time homebuyers overcome obstacles that made purchasing a home difficult in the past.
Mortgage rates change constantly through an unpredictable combination of government policies and economic conditions. This video explains the common term rate lock.
Measuring your existing debts against your existing income is one part of a lenders required assessment of your ability to repay a loan.
As we show you in this video, a credit bureau score, or credit score is a number based upon your credit history that represents the possibility that you will be unable to repay a loan.
Like the guy in the video says, the two do not really compare at all. It is worth taking a minute to consider the options.
This video tells you about the most common types - Fixed Rate, ARM, Balloon and 2-Step.
The Prime Lending Rate - sometimes just called Prime - is the interest rate that banks charge each other for overnight loans.
Watch this video and it will make sense. Pre-qualification is an informal way to see how much you maybe able to borrow - but not a commitment by a lender.
This video will help you evaluate an ARM for your situation.
While this video simplifies things to help you remember, the loan to value ratio is the amount of money you borrow compared with the price or appraised value of the home you are purchasing.
The original phrase mort gage translates as death pledge! But as this video explains, a mortgage is a loan obtained to purchase real estate.
This video tells you about it all. PMI stands for Private Mortgage Insurance or Insurer. These are privately-owned companies that provide mortgage insurance. They offer both standard and special affordable programs for borrowers.
Which Mortgage Is Right For You?
Know your mortgage options! Speak directly with a licensed Colorado Mortgage Originator.