Mortgage Refinansing Help

Mortgage Refinancing Help: Colorado

“Make sure that your original mortgage does not have a pre-payment penalty or early payoff penalty of any kind. Sometimes people will get into their mortgage with the mortgage having a pre-payment penalty and they will not even know about it. Pre-payment penalties usually range from 6 months to 3 years with a penalty for an early payoff. The penalty is usually about the amount of 6 months worth of your mortgage loan interest, but this varies. You would have to be able to have some significant payment and interest savings on your refinance loan to justify refinancing a mortgage loan with a pre-payment penalty. ”

Mortgage Refinancing Help : Business: Financial Services: Mortgages: Regional: United States : Colorado (35)

If you know that you will be moving in 3 to 5 years, you might want to consider refinancing to a 3 or 5 year ARM (adjustable rate mortgage). These loans typically have a much lower rate that a traditional fixed rate loan such as a 30 year fixed, but they do have a fixed rate for the first 3 or 5 years of the loan. This will enable you to benefit from the lower rate, but you won't ever have to worry about the risk of a rate adjustment because you will be selling the home before the fixed-rate period ends.

See also:

iHomeLoanInfo.com »
Mortgage information and solutions for first-time homebuyers and homeowners buying or building a new home, or refinancing an existing home.

Sunbelt National Mortgage »
Mortgage lender offers real estate financing to the Englewood, Colorado market.

The Mortgage Works »
Provides residential mortgage financing for Englewood and all of Colorado.

D. White & Co. LLC »
Mortgage banking firm offering mortgage financing to the Colorado market.

Lending Corp »
Provides residential mortgage financing for Denver and all of Colorado.

Mortgage Mint.com »
Mortgage firm based in Denver, is a division of Cherry Creek Financial Group, serving Colorado.

Mortgage Insider »
Discount mortgages and wholesale home loans for Colorado.

Reed Mortgage Corporation »
Mortgage lender offers residential mortgages throughout the state of Colorado.

Universal Lending Corporation »
Colorado mortgage lender offers conventional, FHA, VA and jumbo loans.

Janus Mortgage, Inc. »
Providing mortgage and home loan information to consumers in Denver and throughout Colorado.

Academy National Mortgage Corporation »
Mortgage company offers residential real estate financing to the Colorado market.

R & S Mortgage Inc. »
Provides residential mortgage financing in the state of Colorado.

Distinctive Home Lending »
Providing mortgage lending services to the communities of Englewood, Colorado.

Montegra Capital Resources, LTD »
Mortgage lender provides residential mortgage financing throughout Colorado and the West.

Mountain Crest Mortgage »
Mortgage lender offers home financing for all of Colorado, with offices in Denver.

Colorado Housing and Finance Authority »
Provides home financing for low to moderate income Colorado residents.

Enterprise Mortgage »
Locally owned Fort Collins mortgage company offering home loans.

MegaStar Financial »
Privately held mortgage bank. Presents company overview and online application. Based in Denver.

Abbey Mortgage »
Provides residential mortgage financing for Denver, Colorado.

Creative Mortgage »
Provides residential mortgage financing for Elizabeth and the state of Colorado.

Maximum Financial Inc. »
Mortgage lender offers residential financing, headquartered in Denver, CO with offices in California.

Resource Mortgage »
Provides residential mortgage financing for Boulder and all of Colorado.

LoansAtWholesale, LLC »
Mortgage broker offers home financing to the Colorado market.

Oakcrest Mortgage »
Provides residential mortgage financing for Colorado Springs, Colorado.

Residential Mortgage Professionals, Inc »
Provides residential mortgage financing for Aurora and all of Colorado.

1st Consumers Funding Inc. »
Provides residential mortgages for Colorado Springs and all of Colorado.

Macro Financial Group, Inc. »
Providing mortgage services for all of Colorado.

Clarion Mortgage Capital »
Provides residential financing. Includes loan programs, company profile, calculators. Based in Centennial, CO.

Clarion Mortgage »
Mortgage lender providing jumbo VA, conventional, FHA, and ARM financing in Colorado.

Veteran Home Loans »
Offering VA mortgage loans nationwide, located in Colorado.

Professional Home Mortgage »
Offers purchase and refinance programs in Colorado, Utah, New Mexico and Louisiana.

South Park Mortgage, LLP »
Provides residential mortgage financing for Littleton and all of Colorado.

Aapproved Financial Services »
Provides residential financing. Includes loan programs, terminology, overview of services. Based in Longmont.

Aspen Financial Group, Inc. »
Provides loans for purchase and refinance in Colorado, Wyoming, Montana and Texas.

Inter-Mountain Funding »
Provides residential mortgage financing for Telluride and all of Colorado.

When evaluating different lender offers, in the mortgage loan pre-approval process, pay closest attention to the interest rates they are offering & the closing costs. These are the two biggest factors that will help you figure out which lender is right for you. If one of these two factors is too high, it could offset the benefit of refinancing for you.

If you do not plan on staying in the house very long, refinancing may not be in your best interests.

If there are only a few years left on your current loan, it's no use refinancing with a long term loan. You may need extra cash but with a long term loan, you'll end up paying more for the entire loan term.

Resist "no cost" refinancing. No cost doesn't mean free. On the contrary: The closing costs are usually bundled into the new mortgage, which means you pay interest on them. The fees associated with a 30-year mortgage could cost you more than double what they would have had you simply written a check for them at closing. Or, if the costs aren't bundled in, you'll be charged a slightly higher interest rate. Either way, the lender wins.