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Jeff Jordan

Nova Home Loans

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303.471.8080

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Fixed Rate Mortgages

box 1A Fixed Rate Mortgage ensures that your payments will stay the same over the life of the loan. This has the obvious advantage of enabling you to calculate your monthly expenses without worrying about fluctuations in your mortgage payments over time.

You pay a slightly higher interest rate than you would with an Adjustable Rate Mortgage Loan (ARM), to get the lender to commit to lending you money over the full term of the mortgage. However, if interest rates fall, you may always opt to refinance to a lower rate for the purpose of simply lowering your payment, or cashing out all or some of the equity you have accrued.

Fixed Rate Mortgages are typically available with terms of 10, 15, 20, 25 or 30 years. To calculate mortgage payments (amortization), the loan amount is divided by the number of months in the term, and tax and insurance are added. Payments for 15 and 20 year terms, will be higher than a 30 year loan because they are amortized over a shorter period of time. The shorter this period, the higher the actual payment, but the greater the savings in the amount of interest paid over the life of the loan. For example, a 15 year fixed term will result in paying off your mortgage in 1/2 the time, with huge savings to you in the interest you will pay. This could be an important consideration if you are nearing retirement or have other large expenses to cover, such as your child’s education.

*The Product/Program information contained here is educational only and does not represent actual rates or financing terms.

* Other conditions and restrictions may apply. Available programs are subject to change without notice. Contact your loan officer for more information.

Jeff Jordan


Senior Loan Officer
NMLS 150930 | LMB100011167
Office: 720.279.5904
Cell: 303-594-4178
Fax: 720.253.0826

Matt Jordan


Senior Loan Officer
NMLS 794800 | LMB 100036769
Direct: 720.279.5916
Cell: 303.349.1047
Fax: 720.253.0826

Julie Jordan


Loan Officer for the Jordan Team
NMLS 1057633 | LMB 100045147
Direct: 720.279.5927
Cell: 303.807.5637
Fax: 720.253.0826
Jordan Team of NOVA® Home Loans
8055 East Tufts Ave. Suite 101 Denver, CO 80237 · NMLS 150930 | LMB100011167
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