Colorado Mortgage - Bad Credit Mortgage - 30 & 40 Year Fixed Rate Mortgage - Second Mortgages

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Colorado Mortgage

Shop & compare mortgage rates by state, loan quotes, real estate articles and for helpful finance insight for consumers in Colorado and neighboring mountain states. Borrowers can choose from several home equity options, flexibility and convenience with our Closed End Stand Alone Second Mortgage Program. Choose from: Full Doc, 12 Month Bank Statements, Stated Doc and Reduced Doc available.

Refinancing or adding a second mortgage can help your credit rebound, and will often increase your credit scores with timely payments.

Combine your 1st & 2nd mortgages into 1 mortgage
Wipe out compounding credit card interest
Consolidate all your bills into one lower mortgage payment
Refinance your existing 2nd mortgage
Save up to 75% with Bill Consolidation
Interest Only Mortgage Options
Convert your adjustable rates to a Fixed Rate Loan
Rebuild your credit & Raise your Scores
Get Cash Out
Finance Home Improvements
Refinance your home equity line of credit

Mortgage Rates for Colorado
Aurora	Aspen	Colorado Springs
Pueblo Metro	Denver Metro	Grand Junction
Boulder	Vail

Don't let your past credit problems hinder your home finance options.

Refinancing or adding a second mortgage can help your credit rebound, and will often increase your credit scores with timely payments.

Colorado Legislature Proposes Creation of Licensing Exemption under the Consumer Credit Code

On March 8, 2006, the Colorado Senate began considering House Bill 1356, which if adopted, will create an exemption to the licensure requirements

for Supervised Financial Organizations. Under current law, only persons recognized by the state of Colorado as Supervised Financial Organizations,

or individuals who have obtained a license from the administrator are authorized to engage in the business of:

Making supervised loans or undertaking direct collection of payments from or enforcement of rights against consumers arising form supervised

loans he or she has previously made; and Taking assignment of and undertaking direct collection of payments

from or enforcement of rights against consumers arising from supervised loans. If the bill is enacted, certain licensed collection agencies and attorneys

who take assignments of supervised loans in default will not be required to obtain supervised lender licenses.

This bill passed the House on March 7, 2006 and is currently in committee in the Senate.

Mortgage Terms to Know for the Loan Process
Annual Percentage Rate (APR)	Second Mortgage	Home Equity Line of Credit
Is a interest rate reflecting the cost of a mortgage as a yearly rate. This rate is likely to be higher than the stated note rate or advertised rate on the mortgage, because it takes into account point and other credit cost. The APR allows home buyers to compare different types of mortgages based on the annual cost for each loan.	A fixed or adjustable rate loan, secured by the equity in your home. Interest is usually tax-deductible to 100% CLTV. Often used for home improvement or freeing of equity for investment in other real estate or investment. Great loan for refinancing to replace or substitute for consumer loans whose interest is not tax-deductible like credit card debt and personal loans.	A loan providing you with the ability to borrow funds at the time and in the amount you choose, up to a maximum credit limit for which you have qualified. Repayment is secured by the equity in your home. Simple interest (interest-only payments on the outstanding balance) is usually tax-deductible. Often used for home improvements, major purchases or expenses, and debt consolidation.
Combined Loan to Value	Fixed Rate Mortgage	Jumbo Home Mortgage
The relationship between the unpaid principal balances of all the mortgages on a property and the property's appraised value.	A mortgage loan with an interest rate that is fixed for the term of the loan. Monthly payments are fixed evenly for a specific term.	A loan which is larger (more than $417,000) than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.
FICO score	Good Faith Estimate	Negative Amortization
A FICO score is a credit score developed by Fair Isaac & Co. Credit scoring is a method of determining the likelihood that credit users will pay their bills. Scoring has become widely accepted by lenders as a reliable means of credit evaluation	A written estimate of closing costs which a lender must provide you within three days of submitting an application.	Occurs when your monthly payments are not less than the interest due. This unpaid interest is added to the unpaid balance of the loan. The danger of negative amortization is that the homebuyer ends up owing more than the original amount of the loan.

NO COST Home Equity Line of Credit:

Nationwide pays all 3rd party fees
No Cost second
Require a $20,000 draw at closing
Minimum loan amount is $20,000
Must Have Qualifying Credit Score & CLTV Requirements

Colorado Mortgage Loan Terms:

First Mortgage Product is available with a 2/28 or 3/27 LIBOR ARM, a 15/15 and 30/30 fixed term, and a 30/15-balloon term. The 2/28, 3/27 and 30/30 terms are available with an Interest Only option with some restrictions.
The Second Mortgage Loans are available with a 15,20, 25 and 30-Year fixed term and a 30/15-balloon term..
Pricing is subject to change daily. Please refer to loan officer for updated interest rates by state.
40 Yr Amortization: First Mortgage programs are available with a 2/38 or 3/37 LIBOR ARM and 40/30 Balloon first
Interest only is available on the 2/28, 3/27 and 30/30 first liens only

Apply Online or Call our Friendly & Experienced Loan Department at 1-800-584-0694