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Conventional home loans come with something that is referred to as private mortgage insurance. However, you can avoid paying for this insurance providing that you make a down payment of 20 percent or more. This way, you’ll likely save many thousands of dollars over the term of your home loan. For more advice, our CO mortgage advisors are available to talk to you.
A jumbo loan is a mortgage that is above that of the conventional limit for a traditional mortgage. Thus, if you wish to borrow anything between $453,100 and $3 million on your mortgage, you will need a jumbo mortgage. For more information on jumbo loans, you can call our Aurora CO mortgage lender at (720) 372-0278.
Basically, there are a couple of types of mortgages, namely the adjustable-rate mortgage and the fixed-rate mortgage. You should select the type of mortgage that fits your goals best. Our mortgage advisors in CO are available to discuss the best mortgage type for your needs.
The fixed-rate mortgage remains constant throughout the life of your mortgage and it is consistent on a month-to-month basis. You will know precisely when the loan repayment schedule will be complete. Our mortgage lenders at http://auroracolending.com/ are available to discuss fixed-rate mortgages should you require further information.
With an adjustable-rate mortgage, over the first five, seven or even ten years of your loan, the rates will remain stable. After this period, the rates will adjust annually dependent on the prevailing market conditions. At auroracolending.com, we can provide you with further advice about adjustable-rate mortgages.
