When buying property in Colorado, here is everything you need to know about location, mortgage options, and homeownership to help you find the perfect Colorado Mortgage Lender. The unparalleled and vast beauty of this breathtaking state is second to none. Naturally, Colorado is a very sought-after location, and there isn’t a shortage of real estate agents ready to get you into your new home.
Of course, finding the perfect new home is essential, and no one should overlook the value of an ideal location. The next step is funding. Given these points, you don’t want just to start filling out mortgage applications. Unquestionably, finding the best mortgage lenders and a trusted financial institution is equally imperative. Let’s dive into eight gorgeous Colorado cities and help you find your perfect location and a Colorado Mortgage Lender that can make your mountain dream home a reality.
Northern Colorado
- Fort Collins has a population of 166,788 residents and is best known as a quaint little college town. Rumor has it that Disneyland’s Main Street USA was modeled after Fort Collins. CSU Fort Collins is the largest university in the state. This sweet little city is bound to impress!
- Denver is not only the largest city but also Colorado’s capital. Best known for the Denver Art Museum, Ski Resorts, and close to the nearby Rocky Mountains. Considering the Denver International Airport is one of the major connecting airports when traveling cross country, Denver is an excellent location to buy in.
- Boulder is the home of the largest university in Colorado, the University of Colorado Boulder. Located only 30 minutes from Denver and nestled into this city, you will find the Eldorado Canyon State Park; consequently, you can expect plenty of skiing, hiking, and outdoor fun.
Central Colorado
- Aspen is one of the most iconic cities in the entire state. Although expensive (Listed as the highest cost of living in the state), if you can afford it, prepare yourself for upscale boutiques, black diamond runs, hiking, mountain-top yoga, and an elevated lifestyle. The panoramic views are breathtaking, and the city is booming with awaiting adventure.
- Colorado Springs, with an elevation of 6,035ft and on the eastern foot of the Rocky Mountains, hosts various outdoor activities and entertainment opportunities. Close by, you will find the glacier-carved Pikes Peak in the Pike National Forest. Additionally, you can enjoy the Broadmoor Manitou and Pikes Peak Cog Railway leading to the 14,114 ft summit. Colorado Springs hosts the Garden of the Gods Park, with red-sandstone rock formations and expansive mountain views.
- Grand Junction is one of the first cities you will encounter as you drive from Utah into Colorado. Naturally, one would expect countless outdoor activities in Colorado, and Grand Junction has plenty to offer. Colorado National Monument and Colorado Mesa University are both located in Grand Junction. Surprisingly, the area is also known for producing delicious grapes for local wineries.
Southern Colorado
- Durango, this southwest city, is teeming with history. Prepare to be tucked into the San Juan Mountains and the Mesa Verde National Park. Undoubtedly on the top of the must-do list for Durango is the Durango & Silverton Narrow Gauge Railroad. Here you can ride the rails on a steam-powered train ride that will make you feel like you’ve time-traveled into the 1800s.
- Trinidad is a fun place to live and work. You will find retirees, entrepreneurs, and families passionate about art, culture, and diversity. In essence, Trinidad is a gorgeous city with scenic views of the towering Spanish Peaks, balanced with a serene and slow pace of life. Trinidad truly offers something for everyone.
How Can a Colorado Mortgage Lender Help Get Rural Funding?
Aligning with an experienced Colorado Mortgage Lender is essential in your home purchase. Case in point, borrowers in rural Colorado may be eligible for loan options that differ from conventional loans. One example of this is USDA loans. These loan types are ideal for homeowners looking to inhabit rural land. These government-backed loan programs assist homebuyers looking to provide agriculture to less-populated areas. An additional benefit to these loans is that they often come with no down payment options, eligibility for closing cost assistance, and loan terms similar to VA loan programs.
Preparing For a Meeting With a Colorado Mortgage Lender.
Simply put, a qualified Colorado Mortgage Lender will be looking at your credit score, payment history, timely made credit card payments and financial stability. Generally speaking, the rules are all very similar, whether you are a first-time home buyer or a homeowner looking to use home equity cash-out or refinance with a second mortgage to buy another property. Additionally, your debt-to-income ratio is a qualifying factor. Mortgage brokers and mortgage companies all use mortgage calculators to determine how much you earn and how much you spend and balance the ratio of the loan amount you can afford to a comfortable monthly payment that allows you to live comfortably.
Ultimately, a top mortgage lender’s job is to keep you from defaulting on your loan by analyzing mortgage rates, inspecting your loan application, and ensuring you can afford your monthly mortgage payment. For the most part, all banking institutions work similarly; from the small credit unions with one or two loan originators on staff to the enterprise-level banking giants, the primary objective is to secure the loan from default. Therefore, your biggest priority is your credit score, consistent work history, and securing your down payment.
Ultimately, No matter what loan product you choose, every home mortgage will inevitably have its own needs, and loans are available for each situation. From FHA loans, Jumbo loans, refinancing options, lines of credit, and fixed and adjustable rate mortgages, there is indeed a loan for every home buyer. Let’s dive in and find a Colorado Mortgage Lender that can secure funding for your new property.
Here are the basic rules:
- Credit Score 620 or higher
- Secure a down payment (requirements vary based on loan type)
- Debt to Income less than 43%
- A Colorado Mortgage lender who can help.
- Consistent work history of 2 years preferred.
Your home plays a significant role in financial security. So, regarding your mortgage loan, you want to be sure you’re making responsible decisions. Undoubtedly, the loan process invokes insecurity in many people. In particular, navigating through a sea of paperwork and financial jargon can be unsettling without honest guidance. In fact, a lack of clarity can lead you down the wrong path and compromise your financial future.
You deserve to work with a lender who brings clarity and has your best interest at heart. Whether you are looking to purchase a home, help with refinancing, lower interest rates, or specifically ensure that you have made the best decision for the life of your loan, Mortgage Insider can help you after helping thousands of families reach their goals to create stronger financial futures.
The steps are simple:
1. Schedule a Call: An experienced loan officer can discuss your needs and guide you through the possibilities.
2. Get Approved: We’ll help you through the application process and facilitate the steps for approval.
3. Exhale: Put your feet up and feel secure knowing you made the best decisions about your home loan.
With proper guidance, you can get your first home, accommodate your growing family, and start that renovation project—whatever goal is on the horizon. An alliance with Mortgage Insiders will give you the confidence to know that your mortgage loan is setting you up for financial success. Mortgage Insiders offers today’s latest financial news and mortgage trends. Check out their channel for current events.
