Getting the Best Mortgage Rates in Colorado Springs (10-15-30-Year Fixed, 5/1, 7/1 ARM)
Known for its high elevation and natural landmarks like Garden of the Gods and Pike National Forest, Colorado Springs is truly a beautiful piece of the Rocky Mountains.
With expansive vistas, miles of hiking trails, and a thriving arts and entertainment district, there are plenty of reasons to purchase a home in Colorado Springs.
Whether you’re looking to purchase a new home or refinance an existing Colorado Springs mortgage, finding the best Colorado Springs mortgage rates is crucial to ensuring that homeownership remains affordable over the long term.
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Hidden Costs of Colorado Springs Mortgage Rates
Before you even start the application process, it’s helpful to consider the following “hidden costs” of a Colorado Springs mortgage:
- Mortgage application fees (typically 1-2 percent of the total purchase price)
- “Good faith deposit” (helps the seller know that you intend to buy)
- Down payment (20 percent of the total mortgage)
There are also closing costs for Colorado Springs mortgages to consider, which can include a wide range of expenses from:
- Mortgage points
- Attorney’s fees
- Inspections or surveys
- Title insurance
- Escrow deposit
- City recording fees
Although all Colorado Springs mortgages are subject to differences depending on loan amount, location, appraisal, etc., Investopedia estimates that the average closing costs in Colorado are $1,910.
In fact, Colorado has the 12th highest closing costs in the nation, which increases the importance of finding the best mortgage rates in Colorado Springs.
Garden of the Gods—Colorado Springs, CO
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Tips to Save for Down Payments on Colorado Springs Mortgages
Along with finding the best mortgage rates in Colorado Springs, many new homeowners struggle with saving enough money for a sizable down payment.
If you don’t have a savings already established, the thought of putting aside thousands of dollars to get a better rate can be daunting.
Below, we’ve compiled a few tips to help you save for a down payment and get the best Colorado Springs mortgage rates:
Re-Examine Your Budget
While some expenses are non-negotiable, creating a monthly budget can help you identify and fix overspending in non-essential categories.
Free budgeting tools—like those from Mint and Personal Capital—will take your monthly expenditures and sort them into categories like food, restaurants, bars, and entertainment.
Budgeting software can be excellent tools towards helping potential homeowners come to a greater awareness of their finances and start saving towards a Colorado Springs mortgage.
Pick Up Additional Income
Earning additional income is a great way to increase your financial stability and build your down payment savings to lock in great mortgage rates in Colorado Springs.
There are plenty of options for stay-at-home jobs to consider, or you can pick up a part-time job to supplement full-time income.
Make a commitment to apply additional income to a Colorado Springs mortgage savings, and you will be in good shape to contribute a 20 percent down payment.
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Conclusion – Getting the Best Rate on Colorado Springs Mortgages
Buying a first home is not a quick shopping experience. The average processing time for Colorado Springs mortgages takes between 30-45 days, including the start of application to the closing.
Given this, home buyers in Colorado Springs should be prepared for a longer processing time and create a plan to avoid unnecessary delays or extra expenses when applying for Colorado Springs mortgages.
Ultimately, finding the best Colorado Springs home loans is a combination of evaluating long-term affordability and partnership.
No matter what Colorado Springs mortgage lenders you prefer, it’s important to partner with a financial institution that you trust and are comfortable working with for the next few decades.
There are plenty of ways to identify the best Colorado Springs mortgage lenders, including fees, quality of customer service, and how competitive their Colorado Springs mortgage rates are.
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