Mortgage Refinance
in Colorado

If mortgage rates have dropped versus the higher rate you are paying on your existing loan, it may be a good time to refinance. Mortgage refinancing becomes worth your while if the current interest rate on your mortgage is at least two percentage points higher than the prevailing market rate. This figure is generally accepted as the safe margin when balancing the costs of refinancing a mortgage against the savings.

Has your credit score increased, or are you earning more income? Or have your debts gone down? If any or all of these are true, your enhanced bargaining power may qualify you for a more competitive loan when you refinance.

If you need to stop and adjustable-rate mortgage from ballooning, refinancing to a fixed-rate mortgage is an option. Sometimes homeowners also switch over to the fixed-rate format just to rest assured that their mortgage payments down the road will remain predictable.

If you expect to move out of your Colorado home in a few years, and you have fixed rate on your mortgage now, you can refinance to an adjustable-rate mortgage to pay a lower rate over the short-term without worrying about the long-term.

Sometimes, a refinance is in order if you will pay off your mortgage early and can offset prepayment penalties by switching to a loan that does not include them.

If you are having a difficult time keeping up with your bills every month, you may need more time to pay off your mortgage. By lengthening your loan term to refinance, you can reduce your monthly payments and catch back up on the rest of your bills.