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Guide to Colorado Mortgages
Maybe you are buying your first home in Colorado, or perhaps you're relocating to Colorado from another state. Then again, you may be a long-time Colorado resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on Colorado home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in Colorado:
The median price of a home in Colorado is $211,500. Recently, homes in Colorado have been appreciating at rates well above the national average. As a result, income levels in many parts of Colorado are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Colorado are below the national average, Colorado has one of the lowest levels of home affordability in the nation.
In Colorado, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
Colorado's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. Colorado law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, Colorado law enacted a set of anti-predatory lending laws in order to help protect Colorado homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of Colorado, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for Colorado FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Colorado's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of Colorado also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, Colorado's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the Colorado Housing Finance Agency.
Last Updated: Friday, November 21, 2008
Colorado Real Estate Market View
updated Friday, November 21, 2008
| Housing & Social Facts |
Colorado |
United States |
| Total housing units |
2,053,178 |
n/a |
| Owner-occupied housing units |
67.8% |
66.9% |
| Renter-occupied housing units |
32.2% |
33.1% |
| Vacant housing units |
11.4% |
10.8% |
| Average Home Value |
$223,300 |
$167,500 |
| Average Mortgage Payment |
$1,443.00 |
$1,295.00 |
| Average Rental Payment |
$350 .00 |
$388.00 |
| Total Population |
4,562,244 |
n/a |
| Percentage Male |
50.0% |
49.0% |
| Percentage Female |
50.0% |
51.0% |
| Median Age |
34.7 |
36.4 |
| Under 5 years |
7.4% |
7.0% |
| 18 years and over |
74.2% |
74.6% |
| 65 years and over |
9.7% |
12.1% |
|
1 Year Market Value Change for Colorado |
| 1yr | 5yr | 10yr |
 |
|
Popular Colorado Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Arvada |
102,153 |
$55,541 |
| Aurora |
276,393 |
$46,507 |
| Boulder |
94,673 |
$44,748 |
| Broomfield |
38,272 |
$63,903 |
| Colorado Springs |
360,890 |
$45,081 |
| Denver |
554,636 |
$39,500 |
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| Advance Capital Lending, Inc. |
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We offer financing up to 103% of your purchase price through conventional or non-conforming programs. Owning a new house is easier than ever before. Take advantage of the many new programs available today for all credit and income situations. We can consolidate high interest debts into one affordable payment that may be tax deductible. Debt consolidation can be accomplished through a home equity line of credit, a fixed 2nd mortgage, or even a new first mortgage. Let us guide you to a sensible solution. Let your home work for you. Use the equity in your home to complete those home improvements. Whether it's adding an addition, finishing the basement, or remodeling your kitchen, etc., let us help you make your dream home a reality. Enjoy the flexibility of an open line of credit to use for any purpose. Credit lines are great for home improvement projects, college tuition, or to have a cash reserve available. Payments are based on the amount of credit you use. Enjoy the flexibility of an open line of credit to use for any purpose. Credit lines are great for home improvement projects, college tuition, or to have a cash reserve available. Payments are based on the amount of credit you use We can provide you with a new 1st mortgage, 2nd mortgage, or line of credit depending on your needs. Cash out can be used for things such as home improvements, debt consolidation, college tuition, vacation, small business needs, or just about anything else. Advance Capital Lending, Inc.
9580 West 14th Avenue
Lakewood, CO 80215
Phone: (303) 233-4500
Fax: (303) 233-6075
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| Capital Lending |
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A strong and genuine belief in the "customer for life" principle of doing business is what fuels this company. Referrals from previous customers and local real estate professionals have always delivered the majority of the Company's production. We use the most advanced technology available to close loans quickly, at a low cost. By combining the use of the Internet along with advanced processing software and automated underwriting systems we have taken the mystery out of approving and closing a home loan. We specialize in A+ thru D Credit Loans, offering a myriad of products with phenomenal service. We pride ourselves on our superior service, and are proud to say that currently over 80% of our business is from our current and past client referrals. We believe that you will find our pricing to be the most aggressive available in our markets and the professionalism we provide to be superior to that of our competition.
Our mortgage professionals will gladly discuss any and all loan options that we have available to you and the pros and cons of these options as we see it. We will gladly pre-qualify you based upon your credit and income information at no cost to you. We will provide you with written quotes for any loan programs that you may be interested in and educate you in the process and pricing of your mortgage. If you are a looking for a mortgage company that will provide you with no- nonsense approach to closing your loan, we believe that Capital Lending is the right mortgage company for you. Call us at 303-683-4465 and let us prove to you, why we are one of the fastest growing mortgage companies in the nation. Capital Lending
385 Inverness Parkway, Suite 380
Englewood, CO 80112
Toll Free: (877) 410-6592
Phone: (303) 683-4465
Fax: (303) 683-8816
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| Premier Mortgage Funding, Inc. |
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We are proud of our consistent track record in providing superior service and creating satisfied clients. We work hard to satisfy the mortgage needs and exceed the expectations of our clients. Our clients save money and close their loans quickly because we employ the most advanced mortgage technology available. Are you in a rush? We welcome you to try our mortgage calculators! The Internet, advanced mortgage processing software, and automated mortgage underwriting systems are coordinated to speed the mortgage process and deliver the best rate and terms. From mortgage processing and underwriting, to loan closing and funding, our expert mortgage staff will efficiently expedite your entire transaction. We'll keep you informed every step of the way. We're committed to building rewarding, long-term client relationships. With that in mind, you'll receive the highest quality mortgage services. We rapidly respond to new opportunities made available in today's dynamic mortgage markets. As a result, the requirements of our mortgage clients are consistently met through mortgage underwriting flexibility and delivery of unique mortgage programs. We often identify niche mortgage programs that are essential to satisfying individual mortgage client needs. Premier Mortgage Funding, Inc.
1011 Camino Del Rio S., Suite 100
San Diego, CA 92108
Toll Free Phone: 866-699-2313
Fax: 866-359-3399
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