Loan Calculator      Programs      Loan Process      Mortgage Glossary      About Us     Contact      Home

  • Refinance Home Loans
  • Refinance Cash Out
  • Refinance Home Improvements
  • Home Purchase Loans

First Time Home Owner Mortgage

Most people who are buying their first homes have heard of adjustable rate mortgages (ARM). However, because of so much misinformation, many don't fully understand how these types of loans work. In addition, they may not understand that these types of loans can be better than other loan options depending on the price of the home that is being purchased.

With a 5/1 or 7/1 ARM, the interest rate on the mortgage is fixed for either the first five or seven years. After that, the interest rate on the mortgage can increase at various intervals. While this may seem like a problem, it can be the best option for those who are buying a home with a mortgage over $300,000. This amount, which is known as a jumbo loan, can have different rules because of the large amount of money being financed.

Often a jumbo loan requires a larger down payment. The fixed interest rate for the first five or seven years gives the home owner a lower payment at first to take care of expenses in the first few years. After the initial expenses, the monthly payment can increase and not be a burden to the homeowner.

This, of course, is only touching on the issue of adjustable rate mortgages and even jumbo loans. For more information about which type of loan may be right for you, contact Downs Financial. We will be happy to carefully explain all possible options and get you the mortgage that is right for you.


Contact Information Tell Us About Your Property
First name:
Type of house owned:
Last name:
Type of loan desired:
Street address:
Current home value:
Balance remaining on mortgage:
Desired loan amount:
Home phone:
( )- -
Fixed or adjustable?
Current interest rate:
Work phone:
( )- - ext.
How would you rate your credit?
Email address:
How did you hear about Downs Financial?

Comments & Special Considerations:

Toll Free: 866-745-5989
Se habla español: 877-749-7933

Downs Financial is a BBB Accredited Business. Click for the BBB Business Review of this Mortgage Brokers in Denver CO Proud member of the Better Business Bureau

Equal Housing Opportunity
Copyright © 1997-2004 Downs Financial, Inc.
Security  Privacy  Legal   Licensing

Refinance Bad Credit Loan Mortgage New Home Loans Bad Poor Credit Loan