The Lowest Colorado Mortgage Rates

Posted by adairsawyer on July 17th, 2013

The mortgage market has gone a long way from where it initially started. Nowadays, there are as many different Colorado mortgage rates or Colorado refinance rates available as there are lenders. And the market seems to provide an inexhaustible source of such opportunities. However, they should all be researched carefully before making a decision that is going to follow you for a long time.

Mortgages have become so popular nowadays that you might think that they have been a part of our everyday lives since hundreds of years. The truth is in fact that this reality didn’t actually exist since the 20th century. More precisely, it was only during the 1930s when this idea came up. And more surprisingly, it didn’t come from the big lenders, which were the banks, but from the insurance companies. Very few people held ownership of their properties at that time and the new lending program was meant to be a big improvement for the real estate market. A mortgage at the time would cover only 50% of the value of the house and the payment term was extended up to 15 years, unlike the regular 7 or 8 years loans that existed back then.

Nowadays, a mortgage can cover up to 80% of the overall worth of the estate and it can be extended to 30 years. Besides the regular fixed-rate loans, today you can also go for an adjustable-rate mortgage, meaning that you start by paying a low interest rate, but then the payments can change according to the market conditions. In their pursuit for minimizing the interest rates, everybody is looking for the lowest Colorado mortgage rates.

However, if the decision is not carefully taken, a lot of people end up facing the situation when they can no longer deal with the monthly payments of their mortgage. And since these mortgages are using the real estate as collateral, the lender can claim his rights over the property. This process is called foreclosure and unfortunately, it is a reality that is being faced by a great amount of citizens every year. Around 250 000 Americans are being forced to give up their homes in favor of the banks every month.

If your mortgage interest rates seem to be increasing, maybe it is better to go for a refinancing loan. This will allow you to pay off your previous loan and switch to some more affordable Colorado refinance rates. This is basically a loan that replaces your previous mortgage, but it gives you the advantage of changing the contractual conditions. You can reduce or extend the payment term, go for a fixed-rate mortgage or even reduce your closing costs. Calculating your Colorado refinance rates first will be a good way to determine if the savings outweigh the costs of a new loan.

Whether you are searching for the right Colorado mortgage rates to help you move in the house of your dreams or for lower Colorado refinance rates that will be a better alternative for your previous mortgage, at Beacon Financial Inc. you will receive all the support you need.