Getting a Colorado Springs home mortgage is a major step for anyone looking to achieve the dream of homeownership. However, this process can be complicated, especially if you are a first-time buyer. The time that it takes to get to your end goal can be daunting, which is why you should have the right Colorado Springs mortgage brokers on your side.
Your Home Mortgage in Colorado Springs
Here at Vaughn Littrell Fidelity Mortgage Solutions, we are always here to help you with any questions or concerns you have. We understand the mortgage process, and we know what it takes to get you started. These are some of the most common questions that we get from our clients:
Q: What is a Colorado Springs home mortgage?
A: The mortgage is a loan that you get secured by real estate – either a residence or investment property. The borrower can use the mortgage to buy their home, refinance a current residence, or raise funds for a purpose while using the property they have as collateral.
Q: What are mortgage requirements I will need to meet?
A: Requirements for a mortgage will differ depending on the loan you are looking for. A conventional mortgage usually calls for a minimum down payment of around 5%, and steady income for two years,, and a credit score of about 660. You may also have to show a debt-to-income ratio that is about 50% or less. If you are looking for something less restrictive, there is the option of a government-backed program.
Q: What is the mortgage rate in Colorado Springs?
A: As of the end of the year 2021, the current rate on a mortgage in Colorado Springs was around 3.15% for a 30-yr fixed, 2.48% for a 15-yr fixed, and 2.67% for a 5/1 ARM. Of course, these rates change frequently, so it is always best to look into the current rates when you are getting ready to get a new mortgage going.
Q: Can you get a mortgage on a $50000 house?
A: There are options out there for buyers looking to invest in a home that costs $50,000 and under. If you can put $10k down, which would be 20%, then having a 30-yr fixed mortgage that boasts a 3.5% interest rate would bring your monthly mortgage payments down to about $180. You should always remember that exact costs will vary depending on loan terms and lengths.
Q: How long can you get a house mortgage for?
A: The standard length for a mortgage is 30 years. However, some get set for 15 years. It is all about finding the one that works best for you at the time of purchase. You do have the option of refinancing at a later date with the option of bringing your term down.
Whether you are looking to buy in the Colorado Springs area, you can count on Vaughn Littrell Fidelity Mortgage Solutions to get you the funding you need. If you are interested in a Colorado Springs home mortgage, give us a call at (719) 290-0415, and we will be happy to go over home mortgage information with you.