Making Moves with Mandee

Comparing Loan Types, Lenders, and Strategies to Save Money as a Homebuyer

Making Moves with Mandee: How to Find the Right Mortgage for You: Colorado Edition


Mortgages aren’t one-size-fits-all! In Colorado’s evolving real estate market, picking the right loan is just as important as finding the right home. Here’s how to compare options, understand key differences, and set yourself up for success, whether you’re a first-time buyer, upgrading, or investing.


1. Get to Know Your Options

  • Conventional Loans: Most popular, with competitive rates but stricter credit and down payment requirements.
  • FHA Loans: Designed for low-to-moderate income buyers, flexible credit standards, and lower down payments (as little as 3.5%).
  • VA Loans: Zero down for veterans and active-duty military (thank you for your service!).
  • USDA Loans: No down payment needed for qualifying rural areas yes, some Colorado towns are eligible!
  • Jumbo Loans: For homes above conventional lending limits (think luxury or high-end Denver properties).

2. Choosing Your Lender

Don’t settle for the first offer! Compare banks, credit unions, mortgage brokers, and online lenders. Look beyond interest rates, review closing costs, points, and customer service.

3. Rate Type: Fixed vs. Adjustable

  • Fixed-rate: Consistent payments for the life of your loan, great for buyers who want stability.
  • Adjustable-rate (ARM): Lower initial rates, but payments can change. Best for buyers planning shorter stays or who can handle future rate changes.

4. Down Payment Strategies

Explore local and state down payment assistance programs, especially if you’re a first-time buyer. Sometimes gifting from family is allowed, and some employers even offer benefits.

5. Don’t Forget Mortgage Insurance

Conventional loans with less than 20% down, and FHA loans, typically require mortgage insurance. Understand how this impacts your payment and when it can be removed.

6. Know Your Numbers

Calculate your debt-to-income ratio, expected payments (including taxes and insurance), and what you’re comfortable with monthly, not just what you’re approved for.

7. Get Pre-Approved Early

A strong pre-approval isn’t just helpful for your search, it gives you an edge in negotiations and moves you closer to a stress-free closing.


Bottom Line:
There’s no “right” mortgage for everyone, only the best fit for your goals and financial picture. Ready to compare options and get expert guidance tailored to Colorado’s unique opportunities? I'm here to help you every step of the way!





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