Colorado at a Glance
Population
5,839,926
5,839,926
Average Household Income
$107,446
highest percentage of associate’s
degree holders in U.S.
degree holders in U.S.
Top 3 Industries: Agriculture,
Manufacturing, & Tourism
Manufacturing, & Tourism
The first step in having a successful home loan experience is finding the right mortgage lender.
NewFed Mortgage Corp. is committed to helping their clients navigate the complex process of securing a mortgage, and they work tirelessly to ensure that their clients are satisfied with the terms and conditions of their loan. Additionally, NewFed Mortgage Corp. has extensive experience working with clients in the Colorado market, which means that they have a deep understanding of the unique challenges and opportunities that come with buying a home in this region. Whether you are a first-time homebuyer or an experienced real estate investor, NewFed Mortgage Corp. can provide the guidance and support you need to achieve your financial goals.
Colorado is home to many great places to live, each with its own unique character and charm. One such place is Boulder, a picturesque city nestled at the foothills of the Rocky Mountains. Known for its thriving arts and culture scene, Boulder is home to a variety of museums, galleries, and music venues. It is also a hub for outdoor recreation, with countless opportunities for hiking, biking, skiing, and more. Another great place to live in Colorado is Fort Collins, a vibrant college town that boasts a strong economy, a lively downtown area, and easy access to the great outdoors. Other top picks include Denver, the state’s capital and largest city, and Colorado Springs, a family-friendly city that is home to many popular tourist attractions, including Garden of the Gods and Pikes Peak. With so many great places to choose from, Colorado is a wonderful place to call home.
No matter what your mortgage-related needs, the NewFed team is ready to help. From your very first home loan to refinancing a property you’ve lived in for years, we are here for you. Our experienced and knowledgeable team is always ready to answer any questions that you have.
Mortgage Property Types
The most common property types available in Colorado are townhouses, single-family residences, and condominiums, but you’ll also find some manufactured homes, multi-unit properties, and cooperatives (co-ops). Let’s run through the definition of each.
Townhouses
single-family, multi-floor homes that are attached to one another. They are typically uniform in design and are part of a homeowner’s association.
Single-family residences
freestanding homes on a piece of property, or independent residential structures that act as dwellings.
Condominiums
properties that are split into distinct units in one or more buildings. These are individually owned and can either be attached or detached (condex is an alternate term for a detached condo).
Manufactured homes
homes that are built piece-by-piece off-site in factories and then transported to a lot for final assembly.
Multi-unit properties
houses that can shelter more than one family living separately. They consist of duplexes (multi-unit homes with two attached units) or apartment buildings with a maximum of four units.
Cooperatives (co-ops)
multi-family properties where a legal entity owns the title. Residents accrue equity in the building by purchasing shares, allowing them to own a portion of the property (although their names will not be on the deed).
Refinancing
If you’re interested in revising or replacing the terms of an existing loan agreement, then you might want to consider refinancing. Usually, the decision to refinance is as simple as wanting to secure a lower interest rate, while another common motivation is to take advantage of the equity one has built in their property and convert some of it to cash. Some borrowers may even want to change the terms of their loan (for example, from a variable interest rate to a fixed), or to change the length of their loan agreement. Since loans with shorter terms usually have lower interest rates, the borrower can save a lot of cash by paying it off earlier and by paying less interest. Not only that, but refinancing is also a good way to bundle any outstanding debts into a single loan at a lower rate. For a more comprehensive overview of refinancing and what it entails, feel free to get in touch with one of our loan officers today.
Reverse Mortgages
Reverse mortgages are becoming increasingly popular among eligible people who are 55 or older. Essentially, a reverse mortgage is a special type of home equity loan that is available to homeowners 55 and up who have built up considerable equity in their primary property and want to draw it out as cash either monthly, as a lump sum, or as a line of credit. It’s a form of loan, and the money received is non-taxable and will be paid back when the mortgagee dies or sells the home. To find out more about reverse mortgages, check out our online overview.
