Your Questions About Mortgage Rates Colorado

Mandy asks…

Anyone know of refinance mortgage rates of 4.5% or -?

Colorado Resident.


admin answers:

Right now the rate on a 15 year mortgage is about 4.8% and on a 30 year 5.30% according to Bloomberg.

Daniel asks…

Bad Credit Mortgage in Colorado….is it possible or should we just file Bankruptcy?

We are looking to purchase our first home in the Denver area in about a year. We both have bad/old credit(both of our credit scores are below 600) Our income will be around 75k(I am finshing up nursing shool)

We are trying to see if this is even possible or if we should just be content renting for several more years.

We are expecting a higher interset rate. I have heard of “B loans” & “sub prime lenders” and have been trying to look into them.

We are trying to decide if we should just file bankruptcy now and see if our credit gets better or if it is possible to get a loan?

Will we need 20% down with this bad of credit, or can filing bankruptcy help that?

admin answers:

Filing for bankruptcy won’t help your credit score… It will make it worse. Keep renting, repair your credit. Talk to a loan officer at a bank or credit union about how to improve your credit. Take their advice.

Loans are based on several things. Your credit history, your length of employement at your current job, your debt-to-income ratio, the value of the collateral (in this case property) compared to how much you want to borrow, AND your ‘character’ as perceived by a loan office.

You don’t always need 20% down payment… Sometimes that amount can be a second loan.

Bankruptcy is not for ‘convenience’ sake. It is SUPPOSED to be for those who can’t repay their debts due to some significant situation which IS BEYOND THEIR CONTROL. It will NOT improve your credit rating. It will NOT improve your chances of getting a loan and it will NOT improve the terms of any loan you get.

Repair your credit rating. You created it yourself…fix it yourself. It can and has been done.

Chris asks…

I am trying to refi my adjustable rate mortgage. Am I eligible for an FHA mortgage?

Unfortunately I am at about a 78% Loan to Value because of my low appraisal and I do not want to pay for mortgage insurance. Can I do an FHA instead? I am current on my payments, make $40k per year and live in Colorado.

admin answers:

Yes, FHA will loan up to 97% LTV so you are eligible. All FHA loans have mortgage insurance. You can never eliminate MI on FHA so that doesn’t work for you, though..

Jenny asks…

For Realtors only–what can I do as a Mortgage Broker to help you generate business?

I already go to open houses and deliver goodies, I send out rate sheets weekly, I go to all of my closings, we fund our own stuff so no wires. I do not “gas” people on rates or points. Honestly looking for fresh ideas to get your attention. Or what did a broker do that really made you want to work with them. Thanks.

Mortgage Advisor serving Minnesota, Wisconsin, FLorida, and Colorado.

admin answers:

Ummmm….let’s see….
Have a web based finance calculator w/ your exact fees.

Donald asks…

First time buyer! would like to purchase a condo in Colorado – Advise?

We would like to purchase a condo and since it is our first time we have some questions

– which is a good bank/broker to go with for mortgage (we need to mortgage our 20% down payment too!)
– What is a good mortgage interest rate? I was reading about 3% is that for real or just catch?
-how long does it take from choosing the property, getting mortgage etc. and moving in?

admin answers:

With what you know right now about buying a condo the broker you should choose should be the least of your worries. Do you know what area you are looking in and why? Do you have a realtor to represent you? Do you have an attorney to handle the transaction? Do you know how much you have to put down on the property? Do you know what PMI is? Do you know what insurance and taxes will typically run in the area you are looking? Do you know your credit score?

Figure ALL of that out before you worry about who will give you a mortgage.

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