Journal Detail

Our Interest Rate Fighters are a Knockout for Homebuyers

July 11, 2023

Have you been thinking about buying a new home in the Denver area? Are you fighting with hesitation because of interest rates? There are solutions to your dilemma. Terrace TownHomes has loan programs and incentives that make it easier to afford the home you want. Our Interest Rate Fighters are a knockout for homebuyers!

We’re in your corner.

Terrace TownHomes has partnered with Mason Mac Mortgage to present options for more affordable loan options. Our Interest Rate Fighters ensure you’re not taking a hit because of the changing economy.

Save 2% the first year on a 30-year fixed rate

With our 2-1 Buy Down of a 30-year loan, Terrace TownHomes and Mason Mac team up to pay the equivalent of 2 points of your loan amount for the first year, reducing your interest rate by 2%. The second year, your rate is 1% higher than the previous year. 


Here’s an example to show your savings.

Let’s say you’re getting a $600,000 mortgage, not including taxes, HOA fee, and mortgage insurance. 

For the first year, your loan is at 4.75%, making your monthly payment $3,129.88 for principal and interest only.

In the second year, your interest is 5.75%, 1% higher. Your monthly payment will be $3,501.44. From the third to the thirtieth year of your mortgage, you have a fixed rate of 6.75% and your monthly payment is $3,891.59. Your total savings for the 2-1 Buy Down of a 30-year loan is $12,856.47.

Lower fixed rate for 5 years of an adjustable loan

Adjustable-rate loans make sense for people who don’t plan to live in their home for more than a few years. With our 5-1 Adjustable Loan, you won’t be boxed into rising rates. You get a lower interest rate that is fixed for the first 5 years of your loan. From the sixth year, the rate can go up annually, but will not exceed a certain rate (the “cap”). You know exactly what to expect when you choose this mortgage option.


Take a look at this example of a 5-1 Adjustable loan, using a $600,000 mortgage, not including taxes, HOA fee, and mortgage insurance. 

For the first 5 years, you pay a fixed rate of 5.75%, making your monthly mortgage payment $3,501.44.

For the remainder of the loan, you have a 1% cap per year and a 5% cap for the life of the loan. But if you’re not planning to stay in the home for more than 5 years, you score an affordable loan for your home!

Low-interest rate loans

You might also qualify for a low-interest, fixed rate, 30-year loan. The Federal Housing Administration (FHA) has loans with as little as a 3.5% down payment and low interest rates, a popular choice for first-time homebuyers.

The Colorado Housing and Finance Authority (CHFA) also offers special loan programs for first-time homebuyers, so don’t miss out on the chance to score a direct hit your first time out!

Because you’re a hero

There are many heroes out there. Whether you serve your country or your community, there are loan programs that reward your dedication.

Veterans receive affordable loans through the Veterans Administration (VA). A 30-year, fixed rate VA home loan requires no down payment and offers an interest rate lower than current market value.

The Nightingale Advantage Program from Mason Mac Mortgage recognizes the service of people in healthcare, public safety, and the military. You get 1% of your loan amount as a credit toward closing costs. For a $600,000 home, that’s $6,000!

Similarly, professionals working in education earn the same 1% credit for closing costs with the Chalkboard Advantage Program from Mason Mac. If you’re employed in the education system, we encourage you to learn about this program!

Lock in your rate for up to a year.

No one can see the future but you can protect yourself against what might happen. The Extended Rate Lock Program is another way that Mason Mac is in your corner. You can lock in your rate at any time and hold it for up to 360 days. Pay a small fee (1/8th to 1 point, depending on the length of the lock term) to hold that rate but then that amount is credited to you at the closing on your home. And if the interest rate drops during this period, your locked rate goes down as well.

Do you need down payment assistance?

If coming up with a down payment is holding you back, there’s help. 

The Colorado Housing and Finance Authority (CHFA) offers Down Payment Assistance (DPA) grants to qualified buyers. You can receive up to 3% of your loan amount to use for the down payment or closing costs. The best part is, you don’t have to repay it! You must meet the income limit,and  have a minimum 620 credit score and at least $1,000 to put toward the purchase of your home.

If you’re looking at homes in Denver, metroDPA might be able to help with down payment assistance. The organization offers grants and forgivable loans to people who are buying within certain areas of Denver, have a minimum 640 credit score, and meet the income limit of $176,700.

We’re fighting for you.

Buying a home is a big decision but it shouldn’t present a battle. We want you to know that Terrace TownHomes and Mason Mac is your one-two combination for a big win. With our team, you can let down your guard because we’re always fighting for you to get the home you want.

Terrace TownHomes is building truly distinctive, new townhomes for sale in Arvada and Lakewood. Take a few minutes now to browse our photo gallery, wander through the virtual tours, look at our impressive list of Standard Features, and learn about Terrace TownHomes’ “GreenSide Living” approach to protecting the environment. You’ll begin to see what we mean by “The difference is in the details”. Then we hope you’ll contact us to explore the many opportunities to buy a new home in the Denver area.

Get Fast Answers!