Colorado Conventional Construction Loans

Colorado Conventional Construction Loans

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Colorado Conventional Construction Loans for homeowners allows you to get into your home for as little as 5% down payment!   

Colorado Conventional Construction Loans

This Conventional Construction Loan eliminates the need to re-qualify when the home is complete.  Because this Conventional Construction Loan is only one loan. It reduces the borrower’s closing costs. The property types that are allowed for the Conventional Construction Loan are: traditional stick built homes, Modular Homes, and Manufactured Homes.  No owner builder is allowed for this loan and must be owner occupied. 

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We offer Colorado Conventional Construction Loans and mortgage lending for new construction, renovation and pre-built homes.

We earn your trust by taking the stress out of the buying/building process with our vast experience we can intelligently discuss with you the client the various options available and advise our client in the direction they should follow.

Taylor Mortgage Group is a mortgage broker that offers a variety of loan products and rates with some of the largest and best investors. A pre-qualification process can be helpful in structuring your final goal. One of the most important steps in purchasing a home is to be pre-qualified or pre-approved. An accurate credit report is a useful tool in assessing your lending options. We are there to advise and assist with any challenges. Verifying correct and up to date credit information helps us provide clients an option for debt consolidation in order to help them qualify for the price range they are interested in for their loan.

Call or email Janie today with your lending questions!

Construction Loans for Colorado Real Estate

Conventional & Jumbo Construction Loans

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Offering Construction Loans in Colorado. People have several reasons for needing a construction loan. The first and most obvious reason would be to construct. A construction loan is a short-term loan that is at a fixed rate, an interest only and is usually from 6 to 18 months in length. Taylor Mortgage Group offers construction loans on owner occupied properties as well as investment properties to build and sell home.

Construction Loans for Colorado

Construction Loans for Colorado homes and mountain properties can provide a way to remodel an existing home or to purchase an existing home that will require some additional repairs before putting a permanent loan on the property. In many instances, our construction lenders will allow the borrower to be the General Contractor/Builder. These loans are available to borrowers from city lots to large acreages and from factory pre-built manufactured homes to million dollar mansions.

Down Payment: The down payment can be as low as 10% of the total cost of the loan needed. In the case of the land loan, we may be creative as to the equity the lender will require during the construction period if cash is not readily available. The equity in your land will be credited toward the down payment required by the construction loan. It is possible, depending upon your credit package and other compensating factors, to do a loan for zero down!

Rates: The interest rate on a construction loan may vary depending, on location, credible worth, the total loan package, and is tied to the prime rate on Wall Street. The rate for construction lending has been has been as low as 3.99% to 7.5% in the past. These rates will also vary depending on whether we do a one time close or a construction then permanent loan.

Pre-qualifying

Eliminate wasted time in the purchase transaction. A pre-approval process can be helpful in structuring your final goal. An accurate credit report is a useful tool in assessing your lending options. Verifying correct and up to date credit information helps us provide clients an option for debt consolidation in order to help them qualify for the price range they are interested in for their loan. We are there to advise and assist with any challenges.

A pre-qualification can be handled by telephone. Taylor Mortgage Group will follow up the verbal pre-qualification with a secure email including a link to our loan application and credit report authorization form to be completed, signed, and returned securely. Upon receipt of your application and credit report authorization, Taylor Mortgage Group will provide an official pre-qualification letter as well as a list of items that you will need to provide to Taylor Mortgage Group to submit to the investor. Taylor Mortgage Group is diligent in meeting our deadlines and commitments. Please call us today at 303-339-5950 or use our online pre-qualification form to get pre-qualified for your home.

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Colorado Reverse Mortgage

Colorado Reverse Mortgage

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Colorado Reverse Mortgage product offers easy approval, does not depend on credit or credit score requirements, and there is no income verification involved. Applicant eligibility requires that the applicant has achieved the minimum equity requirement.

Colorado Reverse Mortgages Lender Closing Costs or points

Homeowners ages 62+ may be pleasantly surprised with the thousands of dollars in savings and an easily obtained Reverse Mortgage product. Taylor Mortgage Group offers retirees Colorado Reverse Mortgages with NO points and NO lender closing costs.

Homeowner’s would benefit from no Lender closing costs; the money spent by lenders while approving loans. Homeowner’s using this Reverse Mortgage program only pays for closing costs applicable to the terms and conditions of the lender, i.e. appraisals, etc… These “non-lender” fees can be financed as part of the Reverse Mortgage Loan.

A traditional mortgage or home equity loan requires monthly payments. A Reverse Mortgage Loan program stops all mortgage payments as long as the owners retain the home as a permanent residence. Homeowners that are still making mortgage payments can save hundreds or thousands of dollars each month. Homeowner’s are required to pay insurance, taxes, and to properly maintain the home and property. An upfront one lump sum payment option is available.

Reverse Mortgage clients utilizing this specially designed program enjoy the freedom to use the money they receive after signing the contract. Homeowners have the opportunity to put the money into savings or investments, pay bills, complete renovations/updating, etc.

When a homeowner decides to move permanently from the home the payment structure changes. Reverse Mortgages are a non-recourse loan. Whether the homeowner decides to sell the home or both the homeowner and spouse pass on. Essentially, if home values decline, a surviving spouse and heirs will not be required to pay off more than the fair market value of the home.

Another requirement to obtain a Reverse Mortgage has to do with a federal government guideline. All reverse mortgages are insured by the federal government. The government requires reverse mortgage applicants to speak with a counselor from the Department of Housing and Urban Development (HUD) prior to approval. Once the applicant receives HUD Certification, then the Reverse Mortgage approval process can be finalized.

For information about creative solutions for home loans and reverse mortgages or rural loans used to develop housing, businesses, industries, and cooperatives, please call Taylor Mortgage Group, at (303) 339-5950 or Janie Taylor directly at (303) 884-9393.

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Colorado Hard Money Loans

Hard Money Loans

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Utilizing Colorado Hard Money Loans, property owners seeking mortgages for Colorado real estate are able to leverage the value of existing real estate holdings to obtain capital for the new real estate purchase. Lenders using Hard Money Loans often minimize the value of the collateral property that is used to secure the loan to 60 to 70% of its value to minimize their risk.

Do I Need a Colorado Hard Money Loan?

Hard Money Loan refers to an asset-based loan with a high interest rate and a Bridge Loan is normally used for a commercial or investment property in transition. Hard money loans are typically issued by private investors or companies for projects lasting 3 to 36 months.

Hard money loans may be used in distressed situations. Hard money loans help property owners to avoid imminent foreclosure or a quick sale. A borrower may save equity and extend the time frame needed to balance his books. Borrowers look into hard money options during distressed financial situations, delinquency on existing mortgages, or midst bankruptcy and foreclosure proceedings.

Hard Money Mortgages are more expensive than Sub-Prime Mortgages. The rate depends on the real estate market and the availability of hard money credit. Extra points also make hard money loans more expensive for the borrower. In comparison to a traditional loan, hard money lenders charge 1 to 3 points more. Commercial hard money loans may cost much more in points. The rate and fees may vary from lender to lender.

Qualifications and criteria for Hard money loans vary depending on the purpose of the loan as well as the lender. Most lenders base decisions on the value of the real estate being secured as collateral and may consider credit scores and income.

The Hard money loan field is loosely regulated by state and federal laws. It is important that borrowers consult with professional real estate attorneys regarding hard money loans before entering into contract.

For information about creative solutions for rural loans used to develop housing, businesses, industries, and cooperatives. Please contact Taylor Mortgage Group at (303) 339-5950 or Janie Taylor directly at (303) 884-9393.

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Customer Reviews - Reverse Mortgages

Reverse Mortgage

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Reverse Mortgage for Colorado Homeowners:

Taylor Mortgage Group offers reverse mortgages to those 62 and older who own their own homes peace of mind and funding for years to come.

  1. Lump sum payment, guaranteed monthly payments, or line of credit options
  2. Never make a monthly mortgage payment again (Homeowner must still live in the home as your primary residence, continue to pay required property taxes homeowners insurance, HOA fees and maintain the home according to FHA requirements)
  3. The money you receive does not affect Medicare
  4. Access to your home’s equity
  5. Heirs inherit any remaining equity after paying off reverse mortgage loan
  6. Maintain home ownership and title

Eligibility:

  • At least one homeowner must be at lest 62 years old
  • Must have sufficient equity in your home
  • Single family home, two to four unit owner occupied home, townhouse.

There are a number of products available to fit the goals and needs of homeowners. One size does not fit all homeowners in Colorado and Taylor Mortgage Group will tailor the reverse mortgage to your individual situation.

  • Taylor Mortgage Group assists clients to choose the best reverse mortgage product for their circumstances. For example, the London Inter-Bank Offering Rate is connected to the HECM LIBOR Reverse Mortgage. It is traded around the world. It provides stability and higher credit with more cash available. With current low interest rates, the HECM Fixed Rate Reverse Mortgage offers similar value to the adjustable option. Interest rates are subject to change.
  • The HECM for Purchase Reverse Mortgage allows the senior to buy a new principal residence with less upfront cash than would be needed in a regular purchase. The amount depends on home purchase price, lending limit, age, and interest rate. The buyer makes no payments while living in the home.
  • If the holder of a reverse mortgage permanently sells the home, passes away, allows homeowners or flood insurance to lapse or refuses to pay property taxes, then the loan becomes due and payable. However, many of these elements can be dealt with in the design of the reverse mortgage product.

For more information, please call Taylor Mortgage Group at (303) 339-5950 or Janie Taylor directly at (303) 884-9393.

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Reverse Mortgages - Home Equity Conversion Mortgage

Home Equity Conversion Mortgage (HECM)

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Reverse Mortgages as a Home Equity Conversion Mortgage (HECM)

Funds Available, Distribution Options, Interest Rates and Costs

  • Most closing costs and fees can be financed as part of the loan, resulting in little or no upfront fees (except for HUD required counseling).
  • The funds available to you may be restricted for the first 12 months after loan closing, due to HECM requirements. Consult your advisor for detailed program terms.
  • Receive your funds in a lump sum, a regular monthly payment, a credit line, or a combination of these options.
  • Amount available is based on the age of the youngest borrower or non-borrowing spouse, current interest rates, existing mortgage amount, and the lesser of the appraised value of your home, sale price or the maximum lending limit.
  • Fixed and variable loan rates may be available.

Eligibility

  • At least one homeowner must be at least 62 years old
  • Must have sufficient equity in your home
  • Single family home, two to four unit owner occupied home, townhouse, approved condominium or permanently affixed manufactured home

Benefits

  • Eliminates existing monthly mortgage payments. You must still live in the home as your primary residence, continue to pay required property taxes, homeowners insurance, HOA fees and maintain the home according to Federal Housing Administration requirements.
  • Stay in your home and maintain the title
  • Heirs inherit any remaining equity after paying off the HECM loan
  • Federal Housing Administration (FHA) insured HECM Loan Program
  • Loan proceeds are tax-free (Please consult your financial advisor)

Forward Mortgages vs Reverse Mortgages

Forward Mortgage,Lender requirements:

  • Good credit ratings as well as total debt limits.
  • The borrower pays upfront costs, such as closing costs and down payments, and the monthly house payment.
  • When applying for forward home loans, applicants must show proof of income and assets.
  • The homeowner is responsible for taxable income and property taxes.
  • Substantial indications are required that an applicant will be able to make payments on their homes.

VS

Reverse Mortgage Lender Requirements:

  • At least one homeowner must be at least 62 years old
  • Must have sufficient equity in your home
  • Single family home, two to four unit owner occupied home, townhouse, approved condominium or permanently affixed manufactured home

Physical property and equity already paid can serve as collateral in a reverse mortgage. Reverse mortgages are federally insured (FHA) and offer homeowners and heirs additional benefits.

Home Equity Conversion Mortgage (HECM), is A FHA insured loan and used for 95 percent of all reverse mortgages. Consequently, Colorado reverse mortgages are often a better choice for those who qualify. Traditional loan costs increase over time; reverse mortgage costs decrease. To calculate the Total Annual Loan Cost or TALC, ask your mortgage professional for a helpful form similar to the APR of a traditional loan.

For information about creative solutions for home loans, reverse mortgages, and other mortgage products used to develop housing, businesses, industries, and cooperatives, call Taylor Mortgage Group at 303-339-5950 or Janie Taylor directly at (303) 884-9393.

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Building Your Healthy Credit History

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Having a credit history may not only be beneficial to your investment planning, but also necessary. In order to purchase any high priced item, such as a house, with anything but cash most people need to obtain a home mortgage. One of the items that banks, credit unions and the Small Business Administration review in the loan approval process is your credit history and your credit score. With a poor credit score, you will usually have to make a much larger down payment on the property.

By building a good credit history and establishing a good to very good credit score, you have position yourself better to not only get a loan, but get a loan at a an attractive interest rate.

The three major credit bureaus, TransUnion, Equifax and Experian, create and maintain your credit history and then derive your credit score from that history. When applying for a mortgage, the lender looks at your credit score that is the average of the three scores issued by these credit bureaus.

The first step is to establish a level of financial stability by opening a checking and, if possible, a savings account. Another reason to begin building a savings account is that lenders like to see at least several months worth of a mortgage payments in your combination checking and savings account.

Start Building Credit History

Another easy way to start building a credit history is to get a “guaranteed” credit card. Essentially it is a debit card that begins to act like a credit card. When investigating the cards, make sure the fees are reasonable. If the card is opened with a $300 balance, make sure that at the end of the 6 month period of establishing a good payment history the fees are not structured so as to eat up your balance.

These credit history building cards work by the card holder initially depositing money in an account. The cardholder than makes purchases with the card, sends monthly payments on the account and after six months of timely payments gets their balance (less any fees) credited to their account. After that process, the card holder can request that the credit limit be increased to $1000 to get it to the level that helps your credit score.

For homeowners, a equity-building route is to purchase an item (that you need), such as an appliance, on an installment loan and make regular, on-time payments. Beware of installment loans that call for payments that are mostly interest payments or have prepayment penalties. If you are on a payment plan whose payments mostly go towards interest, set your own minimum payment level that is higher so that most of your payment goes to paying down the loans principal.

Gas station credit cards are usually easier to get than a regular credit card and usually carry lower limits. The best discipline with a gas credit card is to use it an pay it off at the end of the month, or only leave an outstanding balance of under 30%.

Building your credit is easy, but takes financial discipline in order for these steps not to back-fire and hurt your credit history. Financial discipline is, after all, the main underpinning of any credit building exercise and strategy.