Making Colorado Your Home - The Best Colorado Mortgage Rates, Resources & Information
Are you considering buying or refinancing a home in Colorado? Or tapping into your home equity to consolidate high interest debt? If so you've found the right place.
Our information will help you learn about all types of Colorado home loans and our helpful list of specific CO Mortgage Resources & services is specifically tailored for our state.
Having some knowledge of how mortgage loans work wherever you live in Colorado can help you select a home and keep it for years to come. Whether you're looking for a Denver new home loan or a Boulder mortgage refinance, it pays to do your homework.
Also compare competing quotes from our lender database of reputable Colorado mortgage lenders by filling the form above.
For most of us, buying a home is the largest investment we'll make in our lives, so take the time to speak to different lenders and see what offers are available to you.
Getting several competing quotes and getting the best offer can save you thousands over the course of your loan.
Colorado Refinancing
You've noticed that mortgage rates are going down, and want to refinance. Should you refinance only because mortgage rates are lower? The answer depends on your current finances , future goals, and how much refinancing will cost. The Colorado Department of Real Estate (DORA) notes that it's time to refinance when you can save money by doing so. At minimum, stay in your home long enough to break even on the cost of refinancing.
Consider closing costs as well as potential savings on interest to get a rough idea of actual savings. If you're planning to sell your home within the next year or so, refinancing may not be worth it unless you're changing from a subprime loan to an FHA or a low ARM. If your timeframe is longer, Refinancing to an FRM can eliminate changing payment amounts and stabilize your monthly payment.
Help for Homeowners
If you owe more on your mortgage than your home is worth, don't walk away. Foreclosure is a public legal record and it also shows on your credit record for up to ten years. If your mortgage is in foreclosure, you may have time to work out a short sale or other loss mitigation program. Foreclosure in Colorado generally takes four to six months to complete. You have the right to redeem your property for 75 days after a foreclosure sale, but taking steps to avoid foreclosure is less costly and can help prevent major damage to your credit score. Contact your lender or a credit counseling agency for information about avoiding foreclosure.
Mortgage Calculator Tools
Mortgage calculator tools are designed to provide general information such as estimated savings on refinancing, and can provide comparisons of loan terms. You can also get an idea of how much you can afford to borrow based on income and monthly debt obligations. Using mortgage calculator tools before shopping for a home, a mortgage loan, or refinancing can help you focus on what works for you and your budget.
As you go from researcher to homebuyer to homeowner, please come back and make use a loan calculator or two: we have several including a refinance calculator, a mortgage rate comparison calculator, and an amortization calculator & amortization chart. There's also a mortgage calculator to tell you your monthly payments, and an affordability calculator that looks as how much you can spend, and your expenses to show you how much home you can afford.
