Colorado Mortgage Rates

Denver ranked 10th on the list of 2017’s best places for first-time homebuyers as surveyed by personal finance site WalletHub. Another report by the same site ranked the Colorado capital and most populated at that as the second most-recovered large city post-Recession. The state’s housing market overall got a 10/10 health rating by Zillow as of August 31, 2017.

Against this backdrop, long-time settlers and new faces looking to live in Colorado can expect to finance their purchase or refinance with an array of mortgages. With each loan product is a different mortgage rate.

Collecting and comparing mortgage rates is easy. Click here.

What Moves Mortgage Rates in Colorado

Homebuyers and refinancers in Colorado have various options when it comes to achieving their homeownership goals, as noted below.

Fixed-rate mortgages can have higher rates than adjustable-rate mortgages whose rates can go even lower at the start of the loan. It’s a choice between stability and susceptibility to market forces.

If you opt for a 30-year fixed-rate mortgage instead of a 20-year or 15-year, your rate will be higher but this is offset by lower monthly payments spread out over three decades.

The mortgage rate is also higher on bigger loan amounts. Saving for a larger down payment and buying discount points are ways to lower the mortgage rate.

Other mortgage loans aside from the traditional 30-year FRM are available in Colorado.

  • Hybrid ARM plans start out at a fixed rate but after one, three or five years they return to a fully amortizing ARM loan.
  • Jumbo loans for those who want to borrow more than the conforming loan limits, e.g. $636,150 in Eagle County.
  • Interest-only mortgages for those who want to pay as little as the interest cost of the loan.
  • Second mortgages for those who want to make a 20-percent down on conventional loans to avoid mortgage insurance.

Your credit score is also a major factor when lenders decide your rate but depending on your loan program, you could still get a good rate despite a middling score. Find out what lenders have to say. Visit mortgagesum.com to find mortgage rates where it matters.

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