Colorado mortgage loans is committed to helping you find the right mortgage product for your needs in Colorado Springs. We understand that every borrower is different, and we off a varity of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
This mortgage rate quote form will take approximately 60 seconds to complete. Here's how our service works:
1. Complete our short form below
2. We will search hundreds of mortgage lenders and thousands of loan programs in our database
3. You will then receive quotes from up to 4 competitive lenders in your state
4. You choose the mortgage lender with the best rate and loan terms and save money!
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Our fast Mortgage application will help you find the perfect lender. It takes only one minute
This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
(November 2005) It's no wonder that the majority of homeowners
dream of one day being able to pay off their mortgage and live a
life free from the shackles of interest rates, home finance, and
worries about meeting the mortgage payments. Here are four tips
you can follow today to substantially slash your mortgage
payments, reduce your overall mortgage costs, and pay off your
mortgage sooner than later.
Tip #1: Ask for a Better Mortgage Rate from Your Bank Today. Has
your bank rewarded you for your large financial commitment to
them, for making your regular mortgage payments, or for being a
loyal long-term client? Did they contact you in the last few
months to save you money by renegotiating your mortgage when
rates were hovering around 50 year record lows? Phone them today
and tell them that you're looking for a better mortgage deal.
Did you know that 20% of bank clients sign their mortgage
renewal without bothering to check rates? The banks count on
these clients to pad their profits so they can give discounts to
borrowers who ask for it! Recently, we had a client who was in a
5 year fixed term at 5.35%. She called her bank and was told
that the early payout penalty for her $130,000 mortgage was
$1,700. We ran a free rate comparison analysis and found that
she would save $3,400 by switching her mortgage now. This client
saved $1,700 by using this one tip and reaped the rewards from
it.
Tip #2: Shop Around Using a Qualified Mortgage Broker. You can
shop around yourself, however, be aware that every time you
complete a new mortgage application, your credit bureau is
accessed and your credit rating is decreased by a small amount.
If you apply with a number of banks to compare their best
offers, remember that your credit rating can take a real
beating. As the banks rely on your credit rating to assess
whether to offer you a mortgage, shopping around yourself can be
a self-defeating exercise. We recommend you use a licensed,
independent mortgage broker. With only one application and
credit bureau, they can get you wholesale rates from the banks
and over 40 Canadian lenders. They are best suited to find you
the lowest rate and most flexible product to meet your current
and long-term needs. Make sure their consulting services are
free to you and they're renumerated by the mortgage lender and
not you.
Tip #3: Cut Out the Bank Add-Ons. Banks are notorious for
offering mortgages, income disruption, and life insurance at
high rates. Truth be told, they make huge profits on these
add-on products. While these products are of value, you can find
them at a cheaper cost elsewhere. If you don't have a financial
advisor, ask your mortgage broker to refer you to someone you
can trust to offer you insurance coverage at a better rate. You
can save yourself a substantial amount of unnecessary insurance
premiums every year by following this tip.
Tip #4: Pay Down Your Mortgage. You've cut your mortgage rate
down to size and saved on insurance costs. Now, put all those
savings back into your mortgage and repay it sooner. If your
budget allows it, leave your mortgage payments at the amount you
paid before and you can shave years off your mortgage. Make sure
your new mortgage lender offers pre-payment options without
penalties such as increasing your payments by 15% annually,
making lump-sum payments up to 15% of the original mortgage
amount every year, and doubling up your payment amounts. By
taking advantage of your pre-payment options, you can literally
save thousands of dollars on your mortgage costs and pay off
your mortgage faster.
About the author:
David Cooke is a senior mortgage consultant with Mortgage
Alliance in Calgary, Alberta. He has over 30 years of experience
working in business and education; writing articles on sports,
video, local history and financial matters. Visit his website at
http://www.mortgagealliance.ca/davidcooke