Colorado lenders announced a significant increase in home loan activity locally. Colorado mortgage rates hit record levels, so applicants should feel confident they are getting the best rate possible when buying a home or refinancing an existing mortgage. If you are tired of dealing with loan brokers that do not understand your local housing market, then you will enjoy the lending process at Nationwide. Colorado mortgage loans of all types are available to qualified borrowers. If you are buying a home, talk with a Colorado lender who can help you get a pre-approval letter quickly and that may help your offer get accepted.
Colorado Mortgage Rates Dropped to 3.5% on thirty-year fixed rate home loans!
Adding a 2nd mortgage can help consolidate credit card debt and help reestablish good trade lines that help increase your credit score.
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)
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.
Good Faith Estimate
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
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Nothing on this web site contains an offer promise either to make home financing or that any participating lender will guarantee any home loan for any purpose or on any specific terms.
Loans cannot be made online or be approved without an underwriter analyzing your credit score, debt to income ratio and combined loan to value.