Colorado Mortgage Programs

Colorado has some great cities. Denver is one of the examples. It's not only beautiful but also it is a paradise for mortgage lenders. It's the only area where the mortgage lenders do not require any license. Apart from this the mortgage borrowers will also find it great. The mortgages are lower as compared to other states and the number of loaning scheme is just numerous.

I am listing some of the schemes which you will find very helpful:
1.30 year fixed confirming full amortized: rate=6.125 and APR= 6.375%
2.15 year fixed confirming full amortized: rate=5.75 and APR= 5.99%
3.Five year jumbo ARM fully amortized: rate=5.5% and APR= 5.625%
4.Five year jumbo ARM interest only: rate=5.625% and APR= 5.75%.

All the loans can be categorized broadly into two sub categories:
1.Fixed rate mortgage
2.Adjustable rate mortgage

The terminology becomes more confusing when some words are added for example: interest only. Most of the people feel that interest only loans are adjustable rate mortgage. But this is a confusion and in fact misconception. You should really not feel like that. Actually interest only can be added to both fixed rate and adjustable rate mortgage.

Fixed rate mortgage:
With fixed rate mortgage how much you will have to pay in total. There are 15 year fixed rate plan, 30 year fixed rate plan and many more. However you should note one point and that is you should be ready to pay higher interest rate in lower fixed rate plan. For example you will have paid higher interest rate if you choose 15 year fixed rate program than 30 year fixed rate program. For example in fifteen year fixed rate program you will end up paying more on an average as compared to thirty year fixed rate program.

ARM (adjustable rate program):
You are not quiet sure with ARM that what is the total amount which you will have to pay. Fro example let us take 5 year ARM plan. In this the interest will start fluctuating from 61st month. In case of 3 year ARM the interest rate will start fluctuating from 37th month. It's really risky because on most of the occasion you will not know actually what the amount which you will have to pay is. If you are a buyer of home, then you should keep some point in mind and that is whether you would like to stay in the house for long or not. I would really recommend ARM if you don't want to live in the house for long. You will find it fruitful. However if you want to live for long you should go for first option.