"There has never been a better time to buy a new home."
The average 30 year fixed mortgage rate since 1945 has been 9%. The rate today is less than 5%. On a $300,000 loan, this lower rate (5% versus 9%) can initially save $12,000 a year or over $290,000 over the life of the loan!
Between the historic low interest rates and government programs, there has never been a better time to buy a new home. And, when the economy starts to recover, interest rates will jump and a once in a life time opportunity will be gone. Don’t miss out!
For more information use our online mortgage calculator to see what impact low interest rates have on what you can afford.
We are accepting contracts with sale contingencies
A "sale contingency" makes the purchase of the new home subject to or contingent upon sale of your existing home. This allows you, without risk, to select a Peak One Neighborhood home and not be obligated to close until your existing home sells. If your residence doesn´t sell or you decide not to buy the Peak One home, you get your earnest money back. If your existing home does sell, you will be all set to move into your new home and enjoy the neighborhood.
For more information call Kate at 970.485.2212
Down payment a concern?
There are programs that can help...
If you need some help with your down payment there are low interest, 2nd Mortgage loans available to purchase a primary residence. Borrower must contribute 1% of purchase price or $1000, whichever is greater, of personal funds. Adults in the household are required to attend the free “Home Buyer Class” presented by The Combined Summit Housing Authority prior to closing. An application fee may be required and repayment schedules vary on each program.
Summit Revolving Loan Fund
No interest for first 2 years
Loan amount up to $10,000
3% interest rate for 7 year term
Monthly payments deferred for 2 years
Income limits 81% to 160% of Area Median Income (AMI)
Division of Housing down payment assistance
Loan amount up to $25,000
3% interest rate for 20 year term
Monthly payment
Low Income limit...approx. 75% of AMI
CMHC Loan
No interest for first 2 years
Loan amount up to $25,000
5% equity share on appreciation with no monthly payment
Income limits not to exceed 160% AMI
Note: Every program has specific rules and restrictions which vary considerably based upon the home being purchased and the buyer’s unique circumstances. With assistance from experienced, local mortgage lenders we can identify exactly which programs you qualify for and compare which offer the best value. Rates & Payments are approximate and subject to change.
