Colorado Guide to Home Financing, Mortgages and Home Equity
Loans
Colorado Home Financing and
Mortgages
According to the Office
of Federal Housing Enterprise Oversight, Colorado, which has been lagging
national house price growth for some time, experienced a “substantial
acceleration”, going from 0.5% to 1.38% price growth from the third to the
fourth quarter of 2004. Price appreciation is still however well behind the
national average of 3.67% for the fourth quarter of 2003. The Coldwell
Banker Home Price Index for 2003 shows average prices ranging from $170,505
in Colorado Springs to $424.475 in Boulder. The average price in the State
capital, Denver, was $284,225. Contributors to the Realty Times see good
prospects for the Colorado housing market in 2004.
Once you have found the Colorado property that suits
you, then you will want to think about financing your new home. If you are
already a home owner then you may want to borrow additional money with a
home equity loan. Most people buying a home take out a mortgage loan to
finance the purchase. They then repay the lender over a period from ten to
thirty years at an interest rate which may be fixed or adjustable. The
amount you can borrow depends on the value of the property, your income, and
your savings and debt. Fixed rate loans have payments at the same monthly
level for the life of the mortgage. Adjustable rate mortgages have interest
rates fixed for a period and then revised from time to time. This enables
the lender to offer a lower rate at the start of the mortgage. If you are a
first-time buyer you may be able to get some special mortgage deals.
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