![]() ![]() Determine the right type of mortgage: There are a lot of options in home loans, so it’s important to research and decide what type of mortgage might be best for you, given your finances and your short- and long-term goals.Here is how to compare mortgage offers on Bankrate in 3 easy steps: Bankrate’s mortgage rate table allows you to easily compare personalized rates from our marketplace of trusted lenders. Even a 0.1 difference in an interest rate can save thousands of dollars over the life of the loan. A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 2.15 percent.Comparison-shopping for a mortgage isn’t just smart - it’s crucial to get the most competitive rate and mortgage terms. Colorado VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA).If you have a down payment of at least 3.5 percent, you could qualify for this type of loan with a credit score as low as 580. Colorado FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA).If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums, as well. ![]() Colorado conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio no more than 45 percent.If you’re looking to get a mortgage in Colorado, there are several options: Known for its outdoor activities and diverse economy, Colorado has experienced strong growth in home prices. Colorado mortgage rate trendsĪs of September 2023, mortgage rates nationally and in Colorado were at their highest levels since 2000, according to Bankrate’s national survey of lenders. Check out Bankrate’s guide to cash-out refinancing to learn more. While mortgage refinance rates are much higher than the lows of 20, Colorado borrowers who saw their home equity rise during the pandemic might still be interested in refinancing as a way to tap those funds. While mortgage rates are difficult to predict, many economists expect them to remain well above their historical lows for the foreseeable future. As you weigh offers, be sure to consider APRs, lender fees and closing costs to ensure you’re making accurate comparisons - and maximizing your savings potential.Īs of Monday, January 1, 2024, current interest rates in Colorado are 7.07% for a 30-year fixed mortgage and 6.32% for a 15-year fixed mortgage.Įlevated mortgage rates continue to make housing affordability a challenge for Colorado homebuyers, and refinances far less desirable for homeowners. Our rate table filters allow you to plug in general information about your finances and location to receive tailored offers. Compare mortgage offers online: Bankrate helps you easily compare mortgage offers by using our mortgage rate table below.Gather necessary documentation: In order for lenders to give you the most accurate quote, you will need to provide paperwork once connected with a lender that verifies your income, assets, debts and employment.Comparison-shopping for a mortgage isn’t just smart - it’s crucial to get the most competitive rate and mortgage terms. ![]()
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