Capturing the beauty of Colorado has been a career for some photographers like John Fielder, who has spent years attempting to share all of the amazing wonders of this great state. Colorado is home to world-class skiing in the Rocky Mountains, unparalleled national parks, excellent educational institutions, and Colorado boasts having the second most number of sunny days per year (second only to Arizona). In addition, Louisville, Colorado is home to Interlocken, which is said to be the next Silicon Valley, and that means an abundance of well-paying jobs. Finally, Colorado has been voted one of the healthiest states in the country by several magazines and newspapers. With all of these amazing attributes, it is not shocking to discover that the once affordable housing costs have increased exponentially. This is great news for individuals who have kept their homes for many years, because the demand for housing in Colorado has increased, and the value of the average home has increased along with it. This could be a great time to consider refinancing your home.
Quick Colorado Housing Facts:
- Percent of homeowners in Colorado: 67.3%
- Percent of renters in Colorado: 32.7%
- Median annual income in Colorado: $49,670
- Average credit score in Colorado: 674
- Best Colorado city to live in: Louisville, CO
- Median Colorado home value: $166,600
When to Refinance in Colorado
Refinancing can be a very precarious process if one does not engage in sufficient amount of research. Too often, individuals are driven to refinance because they want access to their equity or because they want to lower their monthly payments; however, many of these people end up paying substantially more than they should have paid because they chose to refinance at the wrong time or because they did not engage in the right amount of research prior to refinancing. When you consider refinancing your home, especially in the competitive Colorado real estate market, it is important that you make sure that rates remain consistently below 1.5% or 2% of what you are currently paying. Also be sure to check to see that you do not have any penalties associated with prepaying your mortgage; this is where many homeowners who are refinancing find surprising, unexpected charges that can make refinancing a very expensive process. Refinancing is a process that should always save you money, so be sure to invest time and research before you commit to refinancing.
How much house can I afford in Colorado
Because of the high cost of housing, one of the biggest problems facing Colorado homebuyers is figuring out how much house you can afford. We have some great mortgage calculators that can help you figure how much home will fit into your monthly budget.
The first step in getting any mortgage, refinance or new purchase is to request a quote and get the ball rolling. We look forward to helping you get the best loan for you.
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