Where to Get the Best Mortgage Refinance Rates in Colorado

By Ren Orin 

Refinancing your mortgage can make a lot of financial sense. Colorado has some of the best, most beautiful property available in the country, and if you bought a home in Colorado and think you could now get a better rate, or if you need to use a lower mortgage to pay for any number of other things, here’s how to find the best mortgage refinancing rate in Colorado.

When to Refinance

Think about refinancing if you’ve got a fixed-rate mortgage and rates are now better than what you’re paying, or if you’ve got an adjustable rate mortgage and rates are rising. When you refinance your mortgage, you’re taking out a new loan, backed by your home, and using it to pay off your first mortgage. It’s important that you research your options before taking such a major financial step. There are a number of online calculators available to help you decide if refinancing is going to be beneficial to you in the long run. These generators will help you determine when you’ll begin to see the benefit from refinancing, how long it’ll take to break even with the savings from the new plan. If you plan to stay in your house long enough to reach that point, it’ll be worth your while to look into refinancing.

Comparing Loan Offers

Refinancing rates are represented by mortgage rates, discount points, monthly payments, and APR. Sometimes lenders offer misleading information. A low mortgage rate and a low monthly payment might sound nice, but you might have to pay the lender more in discount points. Instead, it’s a good idea to start looking at the APR, which stands for Actual Percentage Rate, and is a pretty accurate representation of what you’ll be paying. When you’re comparing loan offers, the best method of comparison is the APR.

Best APRs

The best Colorado mortgage refinancing will change based on the market overall, but right now, there are some good offers available. the AimLoan website offers APRs that range from 3.710% to 3.832% based on a 30-year repayment plan and your credit score. Compared to the national average APR, which is 4.152% for a 30-year repayment, this APR is a good deal. AimLoan is the fifth largest online mortgage lender in the country. If you’re looking to borrow from a more well-known lender, consider Amerisave, which is a national lender. Their APRs are a little higher, ranging from 3.994% to 4.334% based on your credit score.

Lowest Up-Front Fees

Mortgage refinancing usually comes with fees up front, which is another major cost to take into consideration. The lowest fees in Colorado for mortgage refinancing are from Hart West Financial, Inc., which charges an $824 fee on a $200,000 loan. Amerisave and AimLoan both charge $1995 fees.
If you’re looking to refinance your Colorado mortgage, it’s important that you do your research. These rates shift and change every day, so make sure you use the most up to date information for your refinancing. Websites such as eRate are great resources for comparing available mortgage rates.

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