Colorado Mortgage Rates
Check Current Mortgage Rates
COLORADO CONFORMING 30 YEAR FIXED RATESToday's Average: 4.01% What does this mean?
About Mortgage Rates in Colorado
Home buyers in the Colorado area from Boulder to Denver are searching for the best mortgage deal. With more than 2 million housing units that are 67% owner occupied, it is no wonder that the banks are competing for your business. Loans offering the lowest interest expenses, lowest monthly payment, cheapest points and closing costs and other desirable features are being offered. It can become overwhelming trying to determine which ones are best suited for your borrowing needs.
Allow Mortgage 101 to find the perfect loan for you. You can use the online tools to determine how much home you can afford and to calculate your mortgage payments. Once you have an idea of what your needs are, just fill out the information and we will find the best possible mortgage package for you.
The 5/5 & 5/1 Adjustable Rate Mortgage
This mortgage type offers a stable payment and interest rate for the first five years. In the sixth year the interest rates, and therefore the payments, are adjusted every five years for the 5/5 arm and every year for the 5/1 arm.
Fixed Rate Mortgage
Fixed Rate Mortgages in Colorado
This is your parent's mortgage loan. The mortgage interest rate will remain the same on these mortgages throughout the term of the mortgage for the original borrower.
In some instances, refinancing your current mortgage loan can help you lower your mortgage payment. Borrowers can borrow against the equity built up in their home at a lower cost than they can from other sources. Like most mortgage interest, another benefit to mortgage refinancing is that if you pay off credit cards, the interest you pay will now be tax deductible.
Other Mortgage Terms
Annual Percentage Rate (APR) - The measurement of the full cost of a loan including interest and loan fees expressed as a yearly percentage rate. Because all lenders apply the same rules in calculating the annual percentage rate it provides consumers with a good basis for comparing the cost of different loans.
Closing Costs - Expenses over and above the price of the property that are incurred by buyers and sellers when transferring ownership of a property. Closing costs normally include an origination fee property taxes charges for title insurance and escrow costs appraisal fees etc. Closing costs will vary according to the area country and the lenders used.