Colorado Refinance
There are lots of facts to focus on when you’re shopping for a Colorado refinance. If you overlook some key points, though, you may be making the same mistakes as many Colorado mortgage shoppers before you. You can avoid getting caught in traps now that could have negative consequences later by knowing what these potential pitfalls are and avoiding them.
Control your Colorado cash out
In the recent past, the cash out Colorado refinance, where Colorado homeowners borrowed extra money when they did a Colorado refinance, was all the rage. Unfortunately, that type of borrowing got many people into serious financial trouble when housing values dropped, and they found themselves underwater on their Colorado mortgages.
Know your break-even period
If you’re going to refinance in Colorado, it’s going to cost you. It may feel like first mortgage déjà vu, because you’ll be required to pay closing costs again, including fees for appraisals, credit checks, title insurance, application, and points, to name a few.
Appraisal shock
The ultimate determination of whether you’ll qualify for a Colorado refinance or not will depend partly on your appraisal, especially if you’re in an area where Colorado real estate values have dropped. Prepare yourself by checking with a local Colorado realtor, and asking for a list of recent Colorado properties that have sold that are comparable to yours. This will give you some idea of how much your Colorado home is currently worth. Before the appraiser comes, fix any obvious problems that may be an eyesore, like broken windows or messy landscaping.
As the old saying goes, “Fool me once, shame on you…fool me twice, shame on me.” The above traps have fooled many borrowers. Now that you know them, you can easily avoid them, and your Colorado refinance will definitely give you the benefits that led you to do it in the first place. Want to find out about more pitfalls in the refinancing world? Give Best Home Loans Colorado a call to find out how easy and safe a Colorado refinance can be.
Links:
First Option Mortgage
First Option Lending
Refinance at First Option Mortgage
Refinance at First Option Lending
Control your Colorado cash out
In the recent past, the cash out Colorado refinance, where Colorado homeowners borrowed extra money when they did a Colorado refinance, was all the rage. Unfortunately, that type of borrowing got many people into serious financial trouble when housing values dropped, and they found themselves underwater on their Colorado mortgages.
Know your break-even period
If you’re going to refinance in Colorado, it’s going to cost you. It may feel like first mortgage déjà vu, because you’ll be required to pay closing costs again, including fees for appraisals, credit checks, title insurance, application, and points, to name a few.
Appraisal shock
The ultimate determination of whether you’ll qualify for a Colorado refinance or not will depend partly on your appraisal, especially if you’re in an area where Colorado real estate values have dropped. Prepare yourself by checking with a local Colorado realtor, and asking for a list of recent Colorado properties that have sold that are comparable to yours. This will give you some idea of how much your Colorado home is currently worth. Before the appraiser comes, fix any obvious problems that may be an eyesore, like broken windows or messy landscaping.
As the old saying goes, “Fool me once, shame on you…fool me twice, shame on me.” The above traps have fooled many borrowers. Now that you know them, you can easily avoid them, and your Colorado refinance will definitely give you the benefits that led you to do it in the first place. Want to find out about more pitfalls in the refinancing world? Give Best Home Loans Colorado a call to find out how easy and safe a Colorado refinance can be.
Links:
First Option Mortgage
First Option Lending
Refinance at First Option Mortgage
Refinance at First Option Lending
