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Home Loans Colorado - A Perfect Way to Buy a Home

Many decades ago, home loans in Colorado were not very popular. If you wanted to buy a house during those times, you need to have at least 50% of its total cost ready. You can imagine how hard it was for people to fulfill their dream of having their own house back then.

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Home Loans Colorado - A Perfect Way to Buy a Home

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  1. Home Loans Colorado - A Perfect Way to Buy a Home Many decades ago, home loans in Colorado were not very popular. If you wanted to buy a house during those times, you need to have at least 50% of its total cost ready. You can imagine how hard it was for people to fulfill their dream of having their own house back then. Thankfully, President Franklin D. Roosevelt created the Federal Housing Administration. Home loans that used to come due in five years can be paid over 20 years. The down payment rate was also lowered to 20%. And through insurance, people can apply for 30-year loans while putting only 3% on the down payment. FHA home loans in Denver have become the top choice of first-time homebuyers and those who have low to medium-income rates. These are the advantages of using home loans: Increase your buying capacity Home loans are a great way for people who don't have all the money in their savings needed to purchase their dream houses in cash. With a mortgage loan, you can buy a home without paying for it in one go. You can divide the amount into smaller chunks and pay for it as monthly installments. Leverage Even if you can pay in cash, it still better to use a home loan in Colorado. Why? Because you can get a higher return on your investment. For example, let's say you bought a $500,000 house with a $400,000 loan and a $100,000 down payment. After a year, your house appreciates by about 10%, which is $50,000. That means you have made a 50% profit on your $100,000 investment. If you bought the cash home, your ROI would only be the same as the appreciation rate. Lower tax There are also income tax benefits that come with having a home mortgage. Your mortgage broker can tell you more about this.

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