Compare Mortgage Rates icon

Compare Mortgage Rates

Find Mortgage Lenders icon

Find Mortgage Lenders

Colorado Mortgage Rates

Finding the Best Rates on Colorado Mortgages

Great rate Colorado mortgages can help you purchase a dream home in Colorado Springs or refinance that mountaintop villa with a breathtaking view of Pike’s Peak. When it comes to financing a home, the choices fall into four categories: adjustable-rate mortgages (ARMs), fixed-rate mortgages (FRMs), home equity loans, and HELOCs or home equity lines of credit.

Within each of these broad categories are even more options. To help ease the burden of finding, understanding and evaluating all the options, take advantage of the resources available at MortgageSearchLive.com. Among them are amortization tables, interest rate and loan comparison and calculation tools, a listing of Colorado brokers and lenders, and more. But what you need to do first is determine where you want to cut costs. Is your ideal mortgage the one with the lowest payment, the lowest interest rate, or the lowest interest cost?

Understanding the types of Colorado mortgage loans

To make your search for the perfect Colorado mortgage more efficient, take time to learn more about the different mortgage types and how each works. If you want to play it safe, look at FRMs. You pay the same interest rate for as long as you have the mortgage which for most borrowers is 30 years. ARMs are riskier because their rates adjust, usually upwards, and that adjustment changes your mortgage payments. If you need a second mortgage, the rate on a HELOC is adjustable whereas on a home equity loan, it’s fixed. Either way, expect to pay a higher rate of interest on a second mortgage.

Colorado Mortgage refinancing explained

Do you want to lower your mortgage payment or consolidate debt or have cash on hand for much needed home improvements? If so, consider refinancing into a new mortgage with better terms. You use the new mortgage to pay off your existing mortgage. A mortgage with a lower interest rate than you’re paying on your current mortgage usually will lower your payments. But as an alternative, you can lower payments by lengthening the maturity date on the new loan. If you’ve built up equity in your home, you can use that equity when you refinance to get cash to use most any way you choose. Cash-out refinancing is great when you need to consolidate debt or begin a home improvement project.

Are you ready to start shopping for the best Colorado loan? Here are the steps that’ll make comparison easier:

  • Review Colorado lenders and their rates.
  • Use amortization calculators to determine monthly payment amounts. 
  • Contact Colorado brokers and lenders. 
  • Complete and submit mortgage applications so you can start receiving quotes.

Note that you should use advertised rates as a guideline only. Lenders typically offer these attractive rates to only the most qualified borrowers. Everyone else gets less favorable rates. Any borrower with a tarnished credit history should search Colorado lender rates that have been sorted according to credit profile. Also, be careful when you compare the various Colorado loan offers. Pay close attention to the terms to determine whether or not points are being charged. Also pay close attention to the type of loan you’re being offered, fixed-rate or adjustable.

Popular Areas in Colorado

Aurora
Boulder
Canon City
Colorado Springs
Denver
Durango
Edwards
Evergreen
Fort Collins
Fort Morgan
Grand Junction
Greeley
Littleton
Loveland
Montrose
Pueblo
Silverthorne
Sterling
Westminster
Windsor