Colorado Mortgage Rates
Compare Colorado mortgage rates and choose the best option for your needs.
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Today's Mortgage Rates Trends in Colorado
| Product | Rate | 1w change | APR | 1w change |
|---|---|---|---|---|
| 30-year fixed | 7.621 | -0.52% | 7.644 | -0.52% |
| 20-year fixed | 7.492 | -1.15% | 7.521 | -1.14% |
| 15-year fixed | 6.863 | -1.11% | 6.899 | -1.1% |
| 10-year fixed | 6.843 | -0.19% | 6.893 | -0.19% |
| 30-year fixed-rate FHA | 7.254 | 0.37% | 8.371 | 0.3% |
| 30-year fixed-rate VA | 7.221 | -0.19% | 7.465 | -0.19% |
- 30 Year Fixed
- 20 Year Fixed
- 15-Year Fixed
Mortgage in Colorado: Top Lenders in 2024
Are you considering purchasing a home in Colorado State? One of the most convenient options to finance your purchase is through a mortgage loan, regardless of whether you're looking for a residential estate or an apartment. It's important to note that the terms and conditions of home loans can vary significantly among different mortgage lenders. To estimate your future expenses, you can utilize our mortgage calculator. In this guide, we will evaluate and explore some of the highly regarded lenders to help you identify the ones that are worth considering.
CO Mortgage Lenders Comparison
All of the lenders that have been reviewed are reputable companies with established track records and competitive rates. In order to provide you with comprehensive information, we will compare these lenders based on several key criteria, including the APR (Annual Percentage Rate), the minimum down payment required, and the minimum eligibility requirements. By considering these factors, you will be able to make a well-informed decision about which lender aligns best with your specific needs and financial circumstances.
Advanced Mortgage and Investment Co
Advanced Mortgage & Investment Company (AMIC) is a mortgage lender based in Alabama that was established in 1999. Since 2003, AMIC has established a strong online presence. Currently, AMIC provides services in several states, including Alabama, California, Colorado, Florida, Louisiana, Mississippi, and Tennessee.
AMIC offers a range of options for both home purchase and refinancing, which include conventional fixed-rate mortgages with terms of 10, 15, 20, 25, or 30 years, as well as adjustable-rate mortgages. It also provides government-insured loan programs such as FHA, VA, and USDA. To qualify for a conventional loan, a minimum credit score of 620 is required.
AMIC's extensive loan options and online presence make them a potential choice for borrowers in the mentioned states who are looking for different mortgage programs and terms.
| Pros: | Cons: |
|---|---|
| Established track record. AMIC has been in operation since 1999 and has closed billions of dollars in loans, indicating its experience and reliability as a lender. | Limited coverage. While AMIC operates in many states, its coverage may not be as extensive as some of the larger national lenders. |
| Online presence. AMIC has maintained a strong online presence since 2003, making it convenient for borrowers to access their services and information. | Limited information. While AMIC's website provides some details about its loan offerings, it may not offer the same level of comprehensive information and resources as larger lenders. Borrowers may need to contact AMIC directly for more specific information. |
| State coverage. AMIC currently operates in several states, including Colorado, ensuring local expertise and knowledge of the region's specific market. | Qualification requirements. It's important to consider that qualifying for a mortgage with any lender can be challenging. Borrowers will need to meet certain credit score and income requirements to secure a mortgage through AMIC or any other lender. |
| Diverse loan options. AMIC offers a range of loan options, including conventional fixed-rate and adjustable-rate mortgages, as well as government-insured programs like FHA, VA, and USDA loans. This allows borrowers to choose a mortgage that suits their specific needs. |
PenFed Credit Union
Pentagon Federal Credit Union started in 1935 and was at first aimed exclusively at service members. However, it is now open to everyone, allowing broader access to its services.
Pentagon Federal Credit Union offers competitive APR values for different mortgage terms. For borrowers with a good credit score ranging from 700 to 739 and a 20% down payment, the APRs are 5.596% for a conventional 15-year mortgage, 6.078% for a 20-year mortgage, and 6.548% for a 30-year mortgage. The credit score requirements are a minimum of 650 for conventional loans and 700 for non-conforming jumbo loans. For FHA options, a credit score of around 620 is typically sufficient.
It's important to note that rates and eligibility criteria may vary based on individual circumstances and other factors. As with any mortgage lender, prospective borrowers should carefully assess their financial situation, compare rates, and consider their specific needs before making a decision.
| Pros: | Cons: |
|---|---|
| Long-standing history. The Pentagon Federal Credit Union has been in operation since 1935, indicating a strong track record and experience in the industry. | Credit score requirements. The Pentagon Federal Credit Union has minimum credit score requirements of 650 for conventional loans and 700 for non-conforming jumbo loans. These requirements may be challenging for some borrowers to meet. |
| Availability. While originally focused on serving service members, the Pentagon Federal Credit Union allows anyone to apply for its mortgage loans, providing broader accessibility. | Limited information. Detailed information regarding additional fees, eligibility criteria, and specific loan features may not be readily available. Borrowers may need to contact the credit union directly for more specific details. |
| Competitive APR values. The APR rates offered by the credit union for various mortgage terms are competitive, particularly for borrowers with good credit scores and a 20% down payment. | |
| FHA options available. The Pentagon Federal Credit Union provides FHA loan options, with a minimum credit score requirement of 620, making it accessible for borrowers who may not meet higher credit score thresholds. |
Quicken Loans Mortgage
Quicken Loans is the previous brand name of Rocket Mortgage, the US-wide leader in capitalization across consumer lenders, adopted in 1999. As a result, customers can expect the same range of options, terms, and services provided by Rocket Mortgage. These offerings include conventional mortgages with both fixed and adjustable rates, jumbo loans, home equity loans, HELOCs (Home Equity Lines of Credit), as well as government-insured programs such as FHA and VA loans, which are available for both home purchase and refinancing.
To qualify for conventional loans, a minimum credit score of 620 is required. The advertised APR for a 30-year fixed-rate mortgage stands at 7.199%, which is relatively higher compared to similar offers in the market. It's worth noting that Rocket Mortgage operates in all states across the United States, including Washington D.C.
It's essential for prospective borrowers to evaluate their specific needs and financial circumstances, compare rates, and carefully consider the terms and conditions before making a decision.
| Pros: | Cons: |
|---|---|
| Wide range of mortgage options. Quicken Loans Mortgage offers a comprehensive selection of mortgage options, including conventional loans, jumbo loans, FHA loans, VA loans, and more. This allows borrowers to choose a loan program that best suits their needs and financial situation. | Potentially higher interest rates. The advertised APR for a 30-year fixed-rate mortgage from Quicken Loans Mortgage is 7.199%, which may be relatively higher compared to similar offers in the market. It's crucial for borrowers to carefully review the interest rates and terms to determine if they align with their financial goals. |
| Streamlined online application process. Quicken Loans Mortgage provides a user-friendly online platform, making it convenient for borrowers to apply for a mortgage from the comfort of their homes. The digital application process can save time and simplify the overall experience. | Limited in-person customer service. Quicken Loans Mortgage primarily operates through its online platform, which means that face-to-face interactions with loan officers may be limited. Some borrowers may prefer a more traditional approach with in-person support. |
| Strong reputation and experience. Quicken Loans Mortgage, the previous brand name of Rocket Mortgage, has had a long-standing presence in the lending industry since 1999. The company has established a solid reputation and garnered extensive experience, providing borrowers with a sense of reliability and trust. | Potential for additional fees. Like any mortgage lender, there may be additional fees associated with the loan process, such as origination fees, closing costs, and other charges. It's important for borrowers to thoroughly review and understand these fees to assess the overall cost of the mortgage. |
| National coverage. Quicken Loans Mortgage operates in all states, including Colorado. This nationwide presence ensures that borrowers in Colorado can access their services and benefit from their mortgage offerings. |
Average Mortgage Rate in Colorado from 1978 to 2018
The chart shows average conventional mortgage 30-Year Fixed Rates in Colorado.
Source: Federal Housing Finance Agency Monthly Interest Rate Survey
Information about the Housing Market and Real Estate Prices in Colorado
| Criteria | Amount, $ |
|---|---|
| The median home value in Colorado | $488,336 |
| The income required to buy the median priced home in Colorado | $80,012 |
| The monthly mortgage payment required to buy the median priced home in Colorado | $1,853 |
| The median household income for Colorado | $84,338 |
Things to Consider When Choosing a Mortgage Lender
Acquiring a mortgage loan entails a significant long-term commitment spanning from 15 to 30 years. It is crucial to exercise caution and carefully evaluate the lending institution before finalizing any agreement. Several key factors should be taken into account when selecting a lender.
Type of Lender
There are two popular options – banks and online mortgage lenders. Banks frequently offer attractive rates but they tend to practice strict credit checks. The approval time is longer, and eligibility criteria are quite hard to comply with. Online lenders work much faster, and their requirements for homebuyers are not too severe.
APR and Fees
Like any other loan, a mortgage comes with various costs in addition to the interest rate. These expenses encompass additional fees like origination fees, mortgage insurance fees, closing costs, and more. Currently, the average mortgage rate in Colorado for a 30-year fixed-rate loan is 6.58%. It's essential to consider these factors when evaluating the overall cost of a mortgage.
Terms and Conditions
In this context, it is important to take into account the minimum down payment required, which can range from 0% to 20% depending on the type of loan and your current circumstances (such as being military, employed, self-employed, etc.). Another significant factor to consider is the loan term, which represents the total length of the loan. Common choices for loan terms include 15 years and 30 years.
What Mortgage Lender is the best in Colorado?
Choosing a reliable mortgage lender in Colorado can be a subjective decision as it depends on individual needs and preferences. One prominent industry leader in this field is Rocket Mortgage, which has demonstrated its success with a loan volume of $11.5 billion in 2021. However, it's always advisable to review a comprehensive list of recommended lenders to make an informed choice that aligns with your specific requirements.
First-Time Homebuyer Programs in Colorado
First-time homebuyers in Colorado have access to several government programs aimed at increasing mortgage affordability:
- Federal Housing Administration loan program. Under this program, homebuyers receive insurance from the federal government. The insurance fee is included in the overall loan cost. In return, borrowers enjoy benefits such as low-interest rates and minimal credit requirements. With an FHA loan, individuals with a FICO score as low as 500 and a debt-to-income ratio of 50% can qualify.
- USDA loan program. Geared towards individuals residing in rural areas, the USDA loan program offers mortgage loans with a zero down payment requirement. However, participants must ensure that their annual income does not exceed 115% of the average income in their region.
- VA loan programs. Insured by the Veteran Affairs Department, VA loans are available to former military personnel or their spouses. These loans provide favorable terms and conditions, including low or no down payment requirements.
Pre-Approval: What Does It Mean?
Preliminary approval serves as a confirmation of a prospective homebuyer's credibility and informs home sellers that lenders are prepared to approve a mortgage loan for the buyer. To obtain a pre-approval, the individual must provide documentary evidence of their ability to repay the loan. This typically includes earning statements, account statements, a W2 form, or alternative proof of income covering a minimum of two years. Additionally, filling out the Uniform Residential Loan Application form is necessary.