Tips: How to compare Colorado mortgage loans

You need to know four important features to shop for a Denver Colorado mortgage:

The term. Some mortgages have fixed rates for the entire term, some have variable rates that can change monthly or yearly, and others have a fixed rate for a certain number of years followed by a variable rate.
The rate. You’ll want to know the interest rate and the annual percentage rate (APR). The APR adds in points, fees and certain other charges, all expressed as a yearly rate to help you compare loans. If the rate is variable, ask how often it can change and how high your payments could go.

The points. A “point” is 1% of a mortgage. Typically, the more points the borrower pays, the lower the interest rate. But if you plan to sell in just a few years, you won’t recoup the upfront cost.

The fees. These may include origination or underwriting fees, broker fees, transaction costs and closing costs. Many reputable lenders will give you the estimate in advance. In any case, many of the fees are negotiable. Interest rates for a “no cost” or “no fee” mortgage will be higher. Fees are not always the same as closing costs.

Brought to you by:

Vince Reece
Colorado Mortgage Guy
Plum Creek Funding
Office: 303-818-0699

19519 E Parker Square Dr
Parker, CO 80134

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