Guide to Mortgage Refinancing in Colorado

Lower your rates with Colorado mortgage refinancing
By Shannon Tani

When considering a mortgage refinance, Colorado business owners have many companies to choose from. Depending on the terms of your current mortgage, you may be able to save a lot of money on mortgage refinancing in Colorado.

When you are researching the Colorado mortgage refinancing process, however, it's important to do the math to make sure that you are really getting a better deal by refinancing. Once you add up all the extra costs, you may end up paying for.

Look for the following additional costs in your Colorado mortgage refinance to see if you're getting a good deal:

1. Mortgage points. One point represents one percent of the total cost of your mortgage. Ask your Colorado home refinance company how many points they charge before you sign the paperwork.

2. Private mortgage insurance. If you have more that 20% equity in the property, you may not have to worry about this, but if not, Colorado mortgage refinancing services may require you to purchase this.

3. Closing costs. Different companies charge different amounts for mortgage refinancing in Colorado. Make sure you understand the terms.

Action Steps

The best contacts and resources to help you get it done

Pay for additional costs with CO mortgage refinancing If you have equity in your property, but need money to pay for other expenses, you may want to consider a mortgage refinance that allows you to take the extra money. This is a great way to get funding.

I recommend: Check out the commercial mortgage rates at Bank of Colorado. Vectra Bank also offers real estate financing to business owners. See if these banks are the right fit for your business.

Use a Colorado mortgage refinancing company to lock in a low rate If you're paying high interest rates due to an adjustable rate mortgage, you can take control by refinancing with a fixed rate mortgage. You don't have control over the interest rate with an adjustable rate mortgage, but with a fixed rate, you will always know what your monthly mortgage payment will be.

I recommend: The Colorado State Bank and Trust has commercial mortgage products to suit any business. Alternatively, consider using Colorado Business Bank in order to get your real estate loan.

Get a lower interest rate with Colorado mortgage refinance services If mortgage rates were high when you first got your mortgage, you may be able to get a lower rate when you refinance. This is a great way for many business owners to save some money on their commercial real estate loans.

I recommend: Colorado Capital Bank offers a number of services to business owners, including commercial mortgages. You may also be able to get a lower interest rate through First National Bank.

Tips & Tactics

Helpful advice for making the most of this Guide

Some Colorado mortgage refinance companies may advertise low rates, low or no closing costs or no points mortgage loans. If you choose to go with one of these companies, make sure you read the fine print. They will often make up the price difference with an additional hidden fee.