Denver is currently in a bit of a mortgage pickle. According to SmartMoney, there were 5,392 homes undergoing the foreclosure process in early 2006. This figure made Colorado the state with the highest foreclosure ratio throughout the United States. If the number of foreclosures in Denver continues to swell, the housing market could suffer. With an overwhelming number of homes on the market, For Sale sins may stay up for months. Although the situation is not currently dire, if the foreclosure trend continues, mortgage lenders may suffer.
Quick Denver Housing Facts
Percent of Homeowners in Denver: 67.3%
Percent of Renters in Denver: 32.7%
Median Denver Household Income: $47,203
Average Denver Credit Score: 672
Best City to Live in Colorado: Louisville
Median Denver Home Value: $166,600
How Much Real Estate Can I Afford in Denver?
You don’t have to be a mortgage broker, real estates agent, or rocket scientist to figure out how much house you can afford in Denver. All you need is a pen and paper, a little brain power, and us. We have a two step program that can help you better understand your place in the Denver housing market. First, we ask that you scribble out some responses to the following topics.
- Decide how much you are willing to spend on your monthly mortgage payments. It is very important to be very realistic when answering this question. Consider not only your income and bills, but your lifestyle and spending habits. Being honest now can help save you from being in a sticky situation later on.
- Decide which payment plans sound like they will be right for you. Check out the ever popular Fixed Rate Mortgage and Adjustable Rate Mortgages, but be sure to check out other ones too. A more uncommon mortgage plan may turn out to be the best one for you.
- Find out what the property taxes and mortgage rates are in Denver.
Now you are ready to do some number crunching. Check out our online mortgage calculators. We have a couple different ones, so you can choose to use them all, or just try out a few; its up to you. After that, you should be able to decide your net step. Are you ready to start looking for your house? Do you want to make an offer on a house? Do you want to wait until your credit score improves, or your savings account grows? At this point, you will know what’s best for you.
Refinancing in Denver?
Refinancing is a popular mortgage tool amongst homeowners. If the market interest rate drops a full 2% below the one you pay, its time to consider refinancing.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.