What are the types of mortgages?
Choose stability with predictable payments through a fixed-rate mortgage, or opt for potential lower initial payments but future rate fluctuations with an adjustable-rate mortgage.
What is a reverse mortgage purchase?
Access funds to buy a new home while delaying traditional mortgage payments, but remember you’ll be using your home equity as collateral.
Can you go for a reverse mortgage refinance?
Yes. You have flexibility—switch to a new reverse mortgage Colorado with different terms or even a traditional mortgage if your situation changes.
How can you lock in a mortgage rate?
Secure your desired interest rate for a set period, typically 15-60 days, providing peace of mind during the home-buying process.
How does reverse mortgage purchase work?
Make a sizeable down payment while using a reverse mortgage to cover the remaining balance, allowing you to live in your new home without monthly mortgage payments.
What were the lowest mortgage rates in history?
As of January 2021, the lowest ever recorded 30-year fixed-rate mortgage rate stood at 2.65%.
What factors can affect mortgage rates?
Your credit score plays a major role in determining the interest rate you’ll receive on your mortgage
