Colorado Refinance Loans – Common Refinancing Myths

March 16th, 2022 by admin No comments »

There is a lot of misinformation out there when it comes to refinancing Colorado home loans. To make sure you are fully informed on the refinancing process, it is a good idea to read up before you apply for your Colorado loan. Here are three common refinancing myths to help get you started:

All Refinance Loans Have Closing Costs

Many people avoid refinancing their Colorado home mortgage loan because they don’t have money saved up for the required closing costs. What they don’t know is that saving up may not be necessary. There are some Colorado refinance loan programs that truly have no closing costs. Before applying for a loan, do some research and evaluate all of your options.

Cash-Out Refinancing is a Bad Idea

When it comes to job growth, Colorado is flourishing. The state has more seen more job growth in the last three years than almost any other state in the nation. As a result, home values in Colorado have done very well. If you need some cash for home improvements, debt consolidation, college tuition, or another intelligent investment, cash out-refinancing can get you the money you need. The only time cash out refinancing is a bad idea is if home values in your area are declining. Since this isn’t necessarily the case in Colorado, you shouldn’t have any problems.

It Takes a Long Time to Close on a Colorado Refinance Loan

Another common myth when it comes to Colorado refinance loans involves the amount of time that it takes to close on a loan. Contrary to proper belief, refinance loans can be closed within a matter of a few days. It all depends on which lender you are working with and how fast you can get the appraisal. If closing on the loan quickly is important to you, all you have to do is find a lender who is able to accommodate this need.