Refinance

Thinking it might be time to refinance your Colorado Mortgage? Want to see if rates are any lower? Maybe you want to take a little money out to redo your kitchen, add a deck or finish the basement? Regardless of your refinance needs, Colorado Mortgage Place can help you get the loan that best fits your goals.

What is your goal when you refinance your Colorado Mortgage? Do you just want to save money? Do you want a lower rate? Do you want cash out? Making the decision to refinance can be complicated. How much does your rate need to change? After fees, when do you really start saving money? How much cash can you take out? Is there a right time to refinance?

If your goal is to save money, you can start with this simple equation:

Total Cost of Refinance / Monthly Savings = Break Even Time

For example, if the refinance was going to cost you $2500 in fees and you were saving $250 every month on your mortgage or other bills you would break even in 10 months. Every month after would be pure saving.

$2500 (Cost of Refinance) / $250 (Monthly Savings) = 10 (Months to Break Even)

This simple equation is a great place to start; however it is only a starting point. Depending on what your goals may be this formula doesn’t really take all the factors into account. For example, this equation ignores rates that adjust in the near future, any need to pay off debt, loan programs that better fit your needs, fluctuating cash flows and numerous other reasons to consider a refinance.

If you are thinking about refinancing your mortgage, take a few minutes to fill our on-line application and let us know your specific needs. Either the same day or next business day we can provide you some answers and options to help meet your changing needs.

At Colorado Mortgage Place you will never be pressured to refinance your mortgage. If refinancing doesn’t help you meet your goals, we never recommend it.

Colorado Mortgage Place is a great resource you can use to educate yourself on refinancing, getting your questions answered, running numbers through calculators or filling out a quick application to kick start your loan process. Go to the mortgage faq for some quick answers, there are multiple mortgage calculators you can use, you can email us with your questions or fill out an online mortgage application to start the process.