Denver Refinance

Due to a substantial property value increase in the Denver Metro Area and still very low interest rates, homeowners Denver refinancemay now reduce their monthly payment by dropping their interest rate and removing unnecessary mortgage insurance. The Denver real estate market has dramatically gone up in value since 2013 and surprisingly interest rates are still very low. In result, homeowners who currently pay monthly mortgage insurance can have it removed with as little as 5% equity. Even folks who purchase a home in the past year may now be eligible to save a few hundred dollars per month. Some possible loan options to consider below:

1) Refinance into a 30 year fixed loan w/NO mortgage insurance. In combination with a reduction of interest rate, homeowners can easily save a few hundred dollars per month.

2) Refinance into a 15 year fixed loan w/NO mortgage insurance. 15 year rates are traditionally even lower than 30 year loans which means homeowners may be surprised to find out that their mortgage payment will stay the same even if they do a 15 year loan.

3) Refinance into a conventional loan and get some cash back. A cash-out loan may be possible if a homeowner has 20% equity or more. Get cash at closing or consolidate debt directly through the loan.

4) For current CHFA homeowners, you may now be eligible to pay off your 2nd mortgage, remove mortgage insurance and lower your interest rate.

5) Homeowners who refinance into any of the above conventional loan options can skip 2 monthly mortgage payments on top of their monthly payment savings.

Although Colorado in general has seen a huge increase in property values, Denver, Arapahoe and Adams County has specifically has seen an amazing rebound from many years of a down real estate market. For homeowners who currently live in these areas, this is a terrific time to take advantage of better loan programs and interest rate.

Comments are closed.