What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?
If you’re considering an option to buy a home in Colorado, you’ll definitely be looking for the best possible mortgage rate. Your final rate will depend on a multitude of factors, including your official credit score, The projected amount of your down payment, how your debt-to-income ratio works out, and how much income you have.
You can put your best foot forward for getting the best mortgage rate in Colorado by doing some groundwork: check your credit score and gather all of your documentation before applying for preapproval with a reputable mortgage lender.
Here’s a quick look at current Colorado mortgage rates:
|Loan Program||Mortgage Rate||APR*||1 Day Change|
|Conventional 30 year fixed||4.835%||4.918%||-0.06%|
|Conventional 20 year fixed||4.528%||4.619%||-0.04%|
|Conventional 15 year fixed||3.951%||4.082%||-0.07%|
|Conventional 10 year fixed||3.966%||4.222%||Unchanged|
|Conventional 7 year ARM||4.55%||4.034%||Unchanged|
|Conventional 5 year ARM||4.24%||4.027%||+0.29%|
|FHA 15 year fixed||3.75%||4.621%||-0.25%|
|FHA 30 year fixed||3.937%||4.733%||+0.01%|
|FHA 5 year ARM||3.601%||4.829%||+0.03%|
|VA 30 year fixed||4.131%||4.318%||-0.27%|
|VA 15 year fixed||3.766%||4.149%||-0.11%|
Toying with the idea of buying a home in Colorado? This could be an ideal time to pick out a dream home in the Centennial State. Here’s what you need to know:
Pick a city or town to call home. There are almost 5.2 million people in Colorado, and more than a third live in the city’s top six biggest cities:
Check your budget. Colorado ranks 5th in US homes for sale at average price, and 6th for homes over $1,000,000. Get preapproved before you go house hunting so you know how much home you can afford.
Many first-time home buyers are able to qualify for assistance through a program administered by the Colorado Housing and Finance Authority (CHFA)
The CHFA down payment assistance grant allows you to receive funds for up to 3 percent of your first mortgage (for example, $7,500 on a $250,000 mortgage), and you don’t have to repay the grant.
CHFA’s second mortgage provides assistance funds for up to 4 percent of your first mortgage ($10,000 on a $200,000 mortgage). Repayment isn’t due until you pay off or refinance the first mortgage, or sell your home.
To qualify for these first-time home buyer programs in Colorado, you’ll need to:
If you plan to refinance a home in Colorado in the even of favorable Colorado mortgage rates, you can do any of the following:
You might be able to qualify for a streamlined refinance for certain types of loans. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.