Home Loan Refinance Options

Many homeowners in Colorado should use the right opportunity to refinance and save money by lowering their home loan payment. Denver and Boulder's housing markets have had extremely high demand to buy a home the last five years so prices have appreciated too. With equity appreciation over those years, a refinance could be on the agenda in the near future.

Interest rates start at 6.25% on a 30-year fixed for borrowers with credit scores above 760 and loan to value of 80 or below. Rates are subject to change until locked.

Refinance Closing Costs

The fees to refinance your home or rental property are mostly similar to buying a home. However, the title insurance and closing agent rates are usually much less than when you originally bought it.

Tip: Get some or all of your closing costs paid when you take a slightly higher interest rate.
» Start the process now with a conventional loan, refinance a VA loan, or FHA loan. VA & FHA loans require no income verification and no appraisal when refinancing the existing balance and no cash back.

Top Reasons to Refinance Your Colorado Mortgage

Lower Monthly Payments
If your existing loan's interest rate is higher than current mortgage interest rates, it may be a good time to consider refinancing. This is especially true if you have a hard money or bridge loan coming due

Pay off your home faster
If you merely reduce the term of the loan from 30 years to 15 years you could lower the interest rate but the big payoff here is the savings in interest payments will be significant throughout the life of the loan.

Reduce your interest rate
With a lower monthly payment though a lower interest rate, the extra money saved can be diverted elsewhere such as your retirement account or even pay more towards the loan's principal balance.

Cash-out refinance loan
When your new loan is for a higher amount than what is currently owed, and you receive more than $2,000 cash back, it is a cash-out refinance. If your home is listed for sale and your home is not getting the offers you thought it would look into a bridge refinance loan. It's a great way to buy a home while owning because your current mortgage debt is not factored in as long as the home is up for sale.

Consolidate debt
High-interest credit cards or auto loans can be consolidated to make your total monthly payment lower and save hundreds of dollars in monthly interest.

Tax Benefits
A refinance may contribute more tax deductibility of mortgage debt if the new refinance amount is higher than the existing mortgage.

Boost your credit score
Another benefit of consolidating debt is it will help raise your credit score, because it decreases your outstanding balances.

Removes mortgage insurance
If you bought your home using a down payment of 5, 10 or 15% and now have more than 20-percent equity in your home, refinancing to a conventional loan should get rid of your mortgage insurance.

Avoid a rising payment
If you have an adjustable rate mortgage (ARM) and your payment will adjust upwards relatively soon, switching to a fixed-rate loan may be a better option.

Remove spouse from mortgage
During and after a divorce, the emotional and financial costs can be significant. Nonetheless, taking out some equity in your home to buy out your spouse (or "ex") is the most popular way of removing them as joint owner. When done right, you will be the only borrower on the new "Promissory Note" and "Deed of Trust", not your former spouse.

Refinancing when Self-employed
Perhaps your adjusted gross income is low on your tax returns because of numerous deductions. You may still qualify to refinance using no tax returns or with all tax form schedules and income documents for the last 2 years. You may even be eligible to provide just 1 year of 1040s if self-employed for the last 5 years (inquire for more details).

We can help you refinance your home throughout Colorado. This includes rural areas and urban areas of Denver, Cherry Hills Village, Greenwood Village, Broomfield, Boulder, Lakewood, Fort Collins, Colorado Springs, Aspen, Steamboat Springs, Breckenridge, Grand Junction and outlying areas.