Colorado Mortgage Refinance

Refinance Rates

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Loan	Rate	APR
30 Year Fixed Rate	3.88%	3.38%
15 Year Fixed Rate	4.06%	3.61%
5/1 Adjustable Rate	2.75%	3.37%
* These rates are averages, and might not apply to you.

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Colorado is found in the mid-west of the country and sits between New Mexico, Kansas, Nebraska, Wyoming and Utah. When most people are asked what comes to their minds when they think of Colorado, it is invariably the Rocky Mountains, snow, resorts and skiing. The largest cities include Denver, Colorado Springs, Aurora, Lakewood, Fort Collins, Arvada, Pueblo, Westminster, Boulder and Thornton. The name Colorado was derived from the Spanish to mean "red colored" which specifically referred to the muddy red color of the terrain.

Sadly, as beautiful and as scenic as Colorado is, and as popular as it is to the many tourists who frequent the area, it is one of the worst hit by the mortgage issues that impacted home owners in recent years. In fact, Colorado is one of the hot spots for states tracking the highest foreclosure rates. And even though areas of the state have higher conforming limits, the three highest hit cities are Denver, Adams and Arapahoe, all of which have the minimum limits of $417,000, thus, the foreclosures cannot even be attributed to jumbo loans. With foreclosure rates so high, there is no doubt that many home owners would welcome a Colorado mortgage refinance.

Moreover, the situation is so dire for many people that the HUD committed just over forty-two million dollars through its Emergency Homeowners Loan Program (EHLP) to Colorado home owners who seek relief from situations that occurred due to unemployment. According to the HUD press release, the following conditions of relief will apply:
home owners must be at least three months delinquent on their mortgages,
the home must the principle residence, and
the borrower must have at some time been able to afford the payments but now has at least a fifteen percent decrease in wages.

Indeed, now is the time for many Colorado home owners to seek relief by obtaining a Colorado mortgage refinance.

Interestingly, several Colorado mortgage companies are actively and aggressively promoting their business benefits. One of the features that they encourage is switching out credit card interest fees to mortgage interest charges. In most instances, the mortgage interest is tax deductible whereas, with other types of loans it is not. So, home owners benefit from seeking a Colorado mortgage refinance not only to pay down debt, not only to reduce payments, but also, for the tax advantages associated with home ownership loans.

All in all, Colorado is still one of the most majestic and scenic of the US states. Tourists will continue to visit in both the summer and the winter regardless of the area's economy.

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