So you wish to apply for a Colorado refinance. Problem is, you are totally new to the whole business and are totally ignorant, even of the basics. What you need is a quick introduction and thats exactly what youll get if you read on.
Refinancing Explained
Refinancing is the process of transferring to a new mortgage agreement or to a new lender. You use your new loan to pay off the old one. You usually get through the whole process to take advantage of better interest rates, to lower your monthly payments, or to extend your mortgage terms.
So when is the right time to refinance? You must take a look at the Colorado refinance rates. You must only refinance when the rate youll be getting is at least 2% lower than your current mortgage interest rate. So what determines the interest rates? Its a combination of the effects brought about by a number of factors. Included in the list are the economic growth, the inflation rate, and the Fed funds.
Bad Credit Refinance Mortgage
Are you worried about your not so good credit report? You dont have to worry about that either. As a matter of fact, a Colorado refinance may be the salvation youve been looking...
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