Home Purchase Loans

When it comes time to purchase a home, in can be incredibly overwhelming reviewing the many mortgage options available in today’s market. Once you’ve decide on a particular type of loan, you then need to review interest rates, terms, and other associated costs. The entire process may seem like a lot of work, however the team at The Pine Creek Financial Group has the knowledge and expertise to make buying a home as easy as possible for all of our clients. As a local Colorado lender, we have extensive knowledge of the local mortgage market, allowing us to offer only the most competitive rates and terms on a variety of home purchase loans. The Pine Creek Financial Group offers zero closing cost loans for a number of purchase loan options allowing borrowers to purchase homes with less money up front. 

No single loan program works for everyone which is why there are so many options available. At The Pine Creek Financial Group, we want you to fully understand each of these options, giving you peace of mind that you have made the right choice. Here are some of the most common purchase loan options available:

Fixed-Rate Mortgage – These mortgages have the same interest rate throughout the life of the mortgage. Even if market rates increase, your rate will not. This type of loan offers peace of mind knowing your monthly payment will never change. These programs are typically available as 15 year, 20 year, and 30 year fixed rate loans.

Adjustable-Rate Mortgage (ARMs) – Adjustable-rate mortgages have an interest rate that can fluctuate from time to time. ARMs can also start with an initial fixed-rate period. These are considered Hybrid ARMs. For example a 7/1 Hybrid ARM would have a 7 year fixed period followed by adjustment every year. ARMs typically start at a lower rate than fixed-rate loans meaning you pay less at the start of the mortgage.

Conventional Loans – A conventional loan is simply one that is not guaranteed or backed by the federal government. As these loans can be a bit riskier than similar government-backed loans, qualifications can be stricter.

FHA Loans - A Federal Housing Administration (FHA) loan is insured by the federal government, protecting the lender from losses that might result from borrower default. With this added security, FHA loans can be offered with down payments as low as 3.5% and less than perfect credit.  These loans can be a great option for first-time home buyers.   
 
VA Loans – Similar to the FHA Loan, VA loans are backed by the federal government. The U.S. Department of Veterans Affairs offers this loan program to veterans, military, and their families. The VA Loan program allows borrowers to finance 100% of the purchase price, meaning they don’t have to put any money down. 

Another important step in the home purchasing process that can often be overlooked is pre-approval.  A pre-approval from The Pine Creek Financial Group will let you know exactly how much you will be able to borrow. Knowing this up front gives you the advantage over other potential borrowers when making an offer on a home. Buyers who are not pre-approved create a level of uncertainty to sellers while a pre-approval provides a guarantee. This can be the difference between getting the house of your dreams and continuing the search.

At The Pine Creek Financial Group, we want make sure you have the best chance of securing that dream home with a mortgage program and rate that is perfect for you. To see which option is right for you, contact us today or use our online purchase assistant tool!


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