Colorado Refinance Market Overview
With the dramatic rise of average home values in Colorado recorded $ 262,600, on Nov 2017, Colorado homeowners are in an exclusive position to refinance their home equity. Being at par low with the national average, refinancing your higher interest loans with lower rates is undoubtedly a sound financial decision. If you are a homeowner and have secured a significant home equity with regular EMIs, current CO refinances rates will then perfectly compliment your financial status. The chart below is a comparison representation of the ongoing rates with the previous rates and the changes between them
Colorado Mortgage Rates as on 2ND JAN 2018
|Term||Rate2nd Jan 2018||Change||Previous Week26th 29th DEC 2017|
|30-year fixed mortgage rate||3.87%||0.08||3.95%|
|15-year fixed mortgage rate||3.23%||0.05||3.28%|
|5/1 ARM mortgage rate||3.87%||0.05||3.82%|
|30-year fixed jumbo mortgage rate||4.13%||0.05||4.18%|
|30-year fixed refinance rate||3.82%||0.06||3.88%|
Why Should a Homeowner Choose Refinance
Though a property holder has countless, strategic criteria for refinancing mortgage loan, a list of probable consideration are
Improved credit score, compared to initial one, building eligibility for better loan term than the existing one.
Funding unpredicted cash requirements/ home improvement loans.
Increased home value and decreased mortgage rates in comparison to the time of purchase.
Options for cash out refinance and debt consolidations
Need for converting rate and tenure from fixed to adjustable and reverse.
Colorado Mortgage Refinance Categories
The state of Colorado has three popular types of refinancing categories, which are
Conventional Refinance rates : Fixed and Adjustable rate mortgages are categorized under this banner. Having equal distribution over the loan life, fixed-rate refi loan assures stability to homeowners who plan for a long stay. Tenure of 5, 10, 15, 20, 30 years are available in Colorado and a mortgagor is free to choose a suitable one. Adjustable rates on the other hand though are less stable compared to fixed, but if properly strategized, can assure much lower rates. These loans come with fixed primary period and floating rates of interest for the rest of loan life at a fixed interval. Interest regulation is however controlled by the Federal norms. Choosing adjustable mortgage refinance sounds good when you are expecting a higher income in future.
Government-backed rates : Loans like FHA and VA loan are recognized under this category. People with lower or medium income groups are backed by this programs to aid home purchase. Good credit is not mandatory, neither do these loans require down payments. Moreover, FHA refinances mortgage in Colorado allows options for cash out refinance and streamline refinance.
Selecting a Mortgage lender in Colorado
Now that is the trickiest part; with so many offers of mortgage refinance in Colorado, finding a good quote is really a difficult task. Be cautious with origination fees, closing costs and other charges form lenders. Use mortgage calculators and be very sure that you will be saving more than the existing loan. Compare and review all Colorado refinance mortgage offers very keenly to grab the best deal.
Seek Loan Advice at MortgageLoanSpot
It is in this comparison shopping that we as a trusted mortgage broker in Colorado can help you. Through us you will be able to compare an array of CO mortgage lenders with their rates. Once you fill in your requirement with us you will have access to our mortgage lender directory and you will be free to choose the offer that suits you the best. Apply and eave the rest to us, we will get your loan approved paperless, effortless, at your ease in minimum time.
Our Helpful Tools and Info
We have put together some helpful information and mortgage calculators to help answer any questions you might have.
Our complete list of loans along with their detailed description will help you decide which loan is good for you.
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