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first time home buyer

First Time Homebuyer Programs

Buying your first home can be overwhelming, but the benefits of being a first time homebuyer make it all worthwhile. You will be able to own a home that suits your needs and lifestyle; establish credit; receive tax benefits; and best of all, you can stop throwing your money away on rent.

Colonial Mortgage has home loan experts who specialize in first time homebuyer programs. They can help you through the process of buying your first home and securing a first time mortgage.

 

Lowest rates for first time homebuyers

As a first time home buyer, you may be concerned about keeping your first time mortgage payments low, especially for the first few years. Our mortgage specialists will help you choose the best home financing option, so you can afford your dream home without struggling to pay your mortgage each month. We have a wide variety of competitively priced loan programs for first time homebuyers including:

  • Fixed rate mortgages:
    The mortgage interest rate will remain the same on these loans throughout the term of the mortgage for the original borrower. Our popular 30 Year fixed rate mortgage is often the best option for first time homebuyers. Use ourFixed Rate Mortgage Calculator to give you an idea of what your loan may look like.

  • Adjustable rate mortgages:
    An adjustable mortgage has an interest rate which is adjusted periodically based on a pre-selected index. The advantage of an ARM is that you may be able to afford a more expensive house because your initial interest rate and payments will be lower in the first few years.

  • FHA loans:
    This is a low interest loan insured by the Federal Housing Administration which is open to all qualified homebuyers. While there are loan amount limits for FHA loans, they are usually sufficient to cover most moderately priced homes anywhere in the country.

  • VA loans:
    A long term, low or no down payment loan guaranteed by the Department of Veterans Affairs. Restricted to individuals qualified by military service or other entitlements.

Buy Your Next Home, Worry-Free

Buying A New Home? Faster Results for Experienced Home Buyers
Home Buying Simplicity

As an experienced buyer, you deserve the most personalized service and the right resources to make the mortgage lending process a smooth one. Our independently owned and operated in-house financing model and experienced local staff are just two of the Colonial Mortgage advantages available to ensure your real estate success.

COLONIAL MORTGAGE advantages for Experienced Home Buyers
  • Experienced loan advisors who will answer your questions about financing another home
  • Wide-range of programs to match your home purchase goals
  • Fast results thanks to Colonial's in-house processing, underwriting and funding
  • A level of service and support unmatched by regional lenders or big banks
  • Innovative technology that keeps you informed and on top of the mortgage lending experience

In hopes of winning your trust and your long-term business, Colonial Mortgage offers you the resources, stability and security you're looking for. Whether you're buying a dream home, an investment property or a vacation home, Colonial is with you every step of the way.

Moving to a New Home

Moving up, downsizing or relocating? However classified, changing the place you call home can be a stressful experience, even when everything goes well. Colonial has the programs and knows the strategies to help assure a smooth transition.
Perhaps you will need the proceeds of the sale of your existing home to fund the down payment for the new place?
Maybe you'll require our exclusive bridge loan financing to make the timing of your move work?
You might even be considering holding onto your home and renting it out, thus diversifying into real estate investment?

Whatever your aspiration, we can assist with the vital information and service to help it all come together.

Vacation Homes

If you've ever been in the middle of a hectic work day and found yourself vividly recalling the vacations of your childhood, maybe it's because you also hold onto the dream of someday owning a secondary residence. That dream might be closer to reality than you know.
We finance a great many vacation homes here at Colonial, often at identical rates and terms to those available on a primary residence. But understanding the financial aspects of owning an additional piece of property, and exactly how a lender will classify and qualify such a residence, should always involve a careful discussion with a mortgage professional first.
If the ocean, mountains or a quiet place in the country are calling, we're here to answer.

Investment Properties

Ask any seasoned and successful investor and you are almost certain to hear that real estate occupies some part of his or her diversified portfolio. Generation of rental income and potential for price appreciation are just two of the reasons the financially savvy have always been attracted to owning real estate as an investment. And whether your goal is to eventually own an empire or simply rent and manage your previous residence, the process of financing a rental home will undoubtedly differ from any previous encounter you may have had with the mortgage finance world.
Along with your real estate professional, we can help you complete the careful analysis necessary to determining the potential benefit of your investment, and we can help you obtain the home loan that will start you on your path to the financial independence you seek.

Mortgage Tools

Take advantage of our easy-to-use mortgage tool and calculators to confidently make the right financial decisions.

Mortgage Calculator

Use the Mortgage Calculators to determine your mortgage payment and see how much home you can afford. We provide the following mortgage calculators for you to use as a general guideline to help you determine an approximate mortgage payment amount and to see approximately how much of a home loan you may be able to afford.
Remember that these tools are provided as a guideline only and do not guarantee any specific rates or qualifications.

Choose Type of Mortgage     CONVENTIONAL    FHA
Home Price $
 
Down %
 
Loan Amount $
 
Interest Rate %
 
Term Years
 
Principal + Interest $
Tax Rate %
Insurance Rate %
PMI Rate %
Total Payment PITI $
Home Price $
 
Down %
 
Loan Amount $
 
FHA Premium %
Interest Rate %
 
Term Years
 
Principal + Interest $
Tax Rate %
Insurance Rate %
PMI Rate %
Total Payment PITI $
Note that property tax and insurance rates are approximate.
Disclaimer: Please remember that these calculations should only be used as a guide.
Contact us for exact figures and loan conditions.
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Colonial Mortgage a Division of Home Funding Corp. All rights reserved. | Colonial Mortgage # NMLS ID: 1501140 | Home Funding Corp NMLS # 91487. In accordance with Section 326 of the USA PATRIOT Act of 2001, Colonial Mortgage is required to obtain a copy of the documents used in identifying our new account customers. This notice is being provided to you for adequate notice given under this act. All trademarks, logos, trade names mentioned, used, or displayed on this site are either owned by Colonial Mortgage or otherwise are authorized for our use. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act.