subject: All About Colorado Fixed Rates Mortgages [print this page] Now is the time to reconsider buying a home, because Colorado fixed rates mortgages are at historically low interest rates. Home prices are lower in many areas than they were last year, and there are many sweet opportunities for buyers. It really pays to take advantage of the low rates and the opportunities.
You can do some research about current rates and mortgages by visiting sites such as bankrate.com. After you've learned a few things about current mortgages, consult a mortgage professional who will personally advise you about the best mortgage for your financial situation and your purchase. You can find professionals who follow best practices and uphold a code of ethics by going to the Colorado Mortgage Lenders Association. When you apply for a loan online, you are not really doing it yourself; there are professionals behind the scenes. One of those professionals might as well be working personally for you!
The conventional fixed rate mortgage is for a 30 year term, but you can find fixed rate mortgages for 15 year terms as well. You can save a bundle on interest payments over a 15 year term, but your monthly payment will be higher. You will need to decide which is best for your financial situation.
Find out what the fees are that come with the loan. Lenders must disclose these up front, so there are no surprises at closing. You can expect fees for application, appraisal, and others. Also find out if you need to pay points at closing to get the low rate. A point is one percent of the amount of the loan. A mortgage professional can help you decide if it is better for you to pay points, or take a higher interest rate.
Make sure that you understand the terms of your mortgage, what your monthly payment will be, and if there are any pre payment penalties. You will also want to know if it is best to pay your taxes and homeowners insurance with your mortgage, or pay those separately. It makes it easy, in that you know the payment is planned for and not missed. However, many people prefer to pay taxes and insurance as separate items.
There has never been a better time to buy a home and take advantage of the low rates on Colorado fixed rates mortgages. Be sure to find a wonderful home, and then consult a mortgage professional to assist you in making your purchase a reality.
by: Jane Doyle
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