Indulge Your Whim With Colorado Refinance Home Loan
As the housing market is booming throughout Denver and Colorado, homeowners are in a prime position to leverage their equity. This can be done through refinancing your home loan. With this option, you can refinance if you want a lower monthly payment or if you want to increase your overall home equity. But first, here are some questions that need answers before you proceed any further:
1) What kind of property do I own?
2) How much equity do I have in my home? (A Simple Home Equity Calculator is available online)
3) Which type of mortgage loan am I considering? (FHA loans only allow for a resale value purchase while conventional loans allow for cash-out refinancing. You can find more information about types of loans on our website.)
4) What is the current interest rate on my existing mortgage?
5) Can I afford the resale value purchase?
6) Do I have enough cash in my assets to qualify for cash-out refinancing?
7) How much money do I want to borrow from a home equity loan? (Home equity loan interest rates are usually lower than mortgage rates so it is a good option as well.)
8) What type of property will I buy with the cash-out refinance? (Resale values are much higher with investment properties compared to primary residences. Cash-out refinance loans also require paying off your current home loan. Be sure to talk to a professional lender before making any decisions.)
9) Can I afford the new mortgage loan payment? (Calculate your lending capacity to find out.)
10) Is my credit score good enough for approval? (You can check your credit score for free through our website and if you need help with this, there are many mortgage brokers in Colorado who are willing to help.)
11) Will the new property negatively impact my debt-to-income ratio? (The lender will look at your income, debt obligations and the new mortgage payment before they approve your loan. Talk to a professional lender if you have questions. It is better to ask than to regret.)
12) Will I be able to meet the minimum income requirement? (If you are looking for a cash-out refinance, it is always better if it will help you meet the minimum credit requirements.)
13) How long do I want this loan? (Cash-out refinance loans are for a fixed term of 5-10 years. Home equity loans can be paid back over a shorter period of time.)
14) What additional costs will my lender charge me for the new loan? (In addition to the interest on your new mortgage loan, lenders may also tak eback certain fees. Cash-out refinance loans include the A.P.R. (adjustment period rate), but home equity loans do not.)
15) Do I qualify for a mortgage loan? (A professional lender can help you figure it out.)
16) What are my other mortgage options? (Cash-out refinance loans may be an option, but they are often times a last resort. There are many other mortgage options to explore such as fixed rate, adjustable rate and step-rate home loan products available at banks, credit unions and mortgage companies in Colorado .)
17) How long does the process take? (Each lender has different processing times which can be anywhere from 1 - 3 weeks depending on how busy they are that month. You would need to talk to the lender first.)
18) How much can I borrow? (Most cash-out refinance loans can be up to 100% of the value of your home. Home equity loan limits are usually lower than cash-out refinance mortgages.)
19) Do I have to sign any documents or take additional steps before I close on the loan? (Depending on what type of loan you are doing, there may be other steps you will have to go through such as holding a closing meeting, paying taxes and insurance or taking a title insurance company appraisal. If there are additional steps, be sure to contact the lender first.)
20) When will I have access to my money? (As soon as you close on the loan and sign all of the necessary documents, you will be paid.)
21) Will I need a real estate agent or closing attorney to help with this process? (A real estate agent can often times help more than a lawyer. For example, a real estate agent can help guide you through the refinance transaction and understand different options available. A lawyer can help with closing documents and statutes that apply in Colorado . Be sure to speak with a professional lender if you have questions.)
22) Should I get any other quotes for this type of loan? (Always get at least 2 competitive quotes for your mortgage loan to ensure that you are getting the best deal possible. You can always look into the same or different lenders before making a decision.)
23) Should I use my existing lender, bank or broker? (We recommend that you find at least 3 different lenders and see what they will offer under the same circumstances. Your existing lender may offer you a good deal, but they may not be able to offer you the most competitive rate or any cash-out refinance options. There are many other options available in Colorado .)
24) Is this the best way to help me meet my home ownership goals? (This is a personal decision that can only be made by you. We have many happy clients that have used home equity loans and cash-out refinances. If you are interested in learning more about this option, there are many mortgage brokers in Colorado who may be able to help.) Show All
How much of your home can I sell for cash? (You can use our online tool to find out) Get a quick online estimate of how much cash you could receive for your home. Enter your home information to find out what you can sell your house for. This is an estimate and not a guarantee, but it can give you a general idea and help you get started. Get an estimate
How much of my home can I sell for cash?
You may have heard of a "cash-out" refinance where you are taking out some of your home's equity and getting it in cash instead. A cash-out refinance is typically the same as a traditional mortgage loan, except that the payment on your new loan will be more than the payments on your old one. You'll also get extra money from selling the subject property itself.
Conclusion
So what are your options if you would like to sell your home for cash? First, remember that the only way to guarantee a sale is by getting at least two professional offers. Then, choose the option that's most convenient for your situation. If you'd like to talk more about any of these options or get a quote from one of our real estate agents, simply fill out the form below or call us now at (720) 733-6166 and ask for Bill.
Top 5 Reasons Why Homeowners Sell Their House for Cash in Colorado: Because they need money fast. Because they can't get a conventional loan from a bank. To buy another home with cash. To pay off debt.