FAQ's

At Front Range Mortgage in Denver Colorado, we have mortgages that range from just 15 years up 40 years. Some second mortgage loans may extend for as long as 15 or 20 years; others may require repayment in a shorter time period. You will need to discuss the repayment terms with the lenders and select one who offers terms that best suit your financial needs.

If you have a fixed-rate loan, the interest rate is set for the life of the loan. However, many lenders offer variable rate mortgages, also known as adjustable rate mortgages or ARMs. These provide for periodic interest-rate adjustments. If your loan contract allows the lender to adjust or change the interest rate, be sure you understand when the lender has the right to change the interest rate, whether there are any limits on how much the interest or payments can change, and how often the lender can change the rate. You also should know what basis the lender will use to determine a new rate of interest.

If your loan is primarily for personal, family, or household purposes, the lender is required to give you a federal Truth in Lending disclosure form before you sign the customary loan documents, such as a note or deed of trust. This Truth in Lending form will tell you the actual cost of the loan. It includes the annual percentage rate, the finance charge, and the fees included in the loan. For “home equity lines,” your lender also is required to send you a periodic statement.

If your lender makes any promises, such as saying you can “automatically” get the loan refinanced at the end of the term, be sure your lender puts these promises in writing. In this way, you may avoid any future disputes.

If you ever have a problem making your loan payments, talk to your lender as soon as possible. Some lenders will work with you to arrange a temporary payment plan. Also, call the lender if you have any questions about your loan.

The Federal Trade Commission is responsible for enforcing laws such as the Truth in Lending Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, and the Fair Debt Collection Practices Act. If you believe your lender may be violating a law that the FTC administers, you can send complaints or questions to: Correspondence Branch, Federal Trade Commission.