Colorado Mortgage Lenders and Rates (CO)

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Featured Mortgage Lenders in Colorado

Colorado Mortgage Quick Facts

Colorado State Population: 4,601,403
Median Colorado Home Price: $166,000
Colorado Home Ownership Rate: 67.3%

Types of Mortgage Loans Available in Colorado:

How Your Credit Score Affects Your Mortgage Rate

The first step: you need to know what your current credit score is. You should compare that against the average Colorado consumer credit score which is 673. The national average credit score is 677. Your credit score will impact what your home mortgage rate could be. Historically home mortgage rates have ranged from 5% to over 13%. Lenders create their home mortgage rates by using the Federal Discount Interest Rate (FDIR) and then increase it by using an internal formula to create their own home mortgage rate. When you apply for a home mortgage, your home mortgage rate will be determined by a whole host of factors, but your credit score is a very important factor.

Colorado Mortgage State Laws

Licensing

A broker is exempt from needing a license if he/she works strictly with financial institutions. A broker who works with any other clients is required by law to have a license

Organization of the Industry

The Colorado Mortgage Association does not have much control on the activities of its members. For example, the mortgage rates are determined by companies, not the CMA.

All mortgage information given to a potential buyer has to be in English and in simple language.

The Fair Housing Act and Equal Opportunity Credit Act protect potential buyers from being denied a loan, or given an unfair loan based on sex, race, religion etc.

Foreclosure

Colorado is mainly a title theory state, which means that the property title remains with the lender until the mortgage is paid in full.

As a result, foreclosure is mainly non-judicial.

Judicial foreclosures are permitted, however, and mortgages may serve as liens.

Trust Deeds are the most popular method because their power of sale specifications make them the quickest method of foreclosure.

Mortgage Fraud Office
White Collar Crime Supervisor
http://denver.fbi.gov/
Federal Office Building, Room 1823
1961 Stout Street, 18th Floor
Denver, CO 80294-1823

Colorado Counties:

Adams County, Alamosa County, Arapahoe County, Archuleta County, Baca County, Bent County, Boulder County, Broomfield County, Chaffee County, Cheyenne County, Clear Creek County, Conejos County, Costilla County, Crowley County, Custer County, Delta County, Denver County, Dolores County, Douglas County, Eagle County, Elbert County, El Paso County, Fremont County, Garfield County, Gilpin County, Grand County, Gunnison County, Hinsdale County, Huerfano County, Jackson County, Jefferson County, Kiowa County, Kit Carson County, Lake County, La Plata County, Larimer County, Las Animas County,Lincoln County, Logan County, Mesa County, Mineral County, Moffat County, Montezuma County, Montrose County, Morgan County, Otero County, Ouray County, Park County, Phillips County, Pitkin County, Prowers County, Pueblo County, Rio Blanco County,Rio Grande County, Routt County, Saguache County, San Juan County, San Miguel County, Sedgwick County, Summit County, Teller County, Washington County, Weld County, Yuma County.

Source
-US Census

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.

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