A brief guide to help you Compare Mortgage Rates Colorado!
You’re ready to buy a home or refinance your existing mortgage but aren’t sure which lender to use. You look online and realize you have hundreds, if not thousands of options. It’s quite overwhelming.
But who will give you the lowest current mortgage rates in Colorado? How do you know which loan is best?
Here are some quick tips to choose the best loan.
Compare your Loan Estimates
Every lender must provide you with a Loan Estimate within 3 days of applying for the loan. The Loan Estimate has all the information you need to make an informed decision. It not only includes your mortgage payment but the second page details the closing costs and your total cash to close required including your down payment.
Compare these estimates side-by-side to see which loan offers the best terms. Look not only at the closing costs, but the interest rate, whether the loan has a prepayment penalty, and if the interest rate is fixed or adjustable.
Consider your Goals
Before you choose a mortgage loan, consider your long-term goals. Will you keep the home for 30 years (or around there) or will you move in a few years? Your intentions for the home determine the type of loan you take and whether you should worry about getting the absolute lowest current mortgage rates in Colorado.
For example, if you’re moving in the next few years, focus more on the closing costs and keeping them down versus trying to buy your rate down to the lowest number possible. But, if you’re keeping the home for as long as you can, a lower interest rate will benefit you more in the long run.
Look at the Lender
A mortgage isn’t just about the interest rates. Sure, they play an important role because who wants to pay more interest than necessary, right? But they aren’t the only factor.
You want to work with a lender with a great reputation and that offers excellent customer service. Your home is one of the largest investments of your lifetime. The last thing you want is a loan servicer that isn’t helpful and/or easy to contact when you have questions or concerns.
Look at the Big Picture
When you’re looking for the best mortgage in Colorado, look at the big picture. The monthly payment is important, as is the interest rate, but look at the bottom line.
What will the loan cost over the time you’ll have it?
Ideally, you should choose the loan that costs the least in the long run, even if that means you take a slightly higher rate today but pay fewer closing costs or vice versa.
If you’re wondering what the current mortgage rates in Colorado are and how you can get them, contact me today. I’ll help you find the loan that’s just right for your situation.
I work with borrowers in many different situations and will happily help you get into the loan you deserve.
Want to know more about Comparing Mortgage Rates Colorado? Get in touch with us!