High Mortgage Debt? Refinance Luxury Colorado Springs Homes and Save
We are in a window of opportunity. Owners of Colorado Springs homes who financed a substantial amount of their purchases may be able to save lots of money by refinancing now. In fact, borrowers around the nation are using the Home Affordable Refinance Plan (HARP) to save thousands of dollars annually. Borrowers save because they pay less interest on their home loans.
The Colorado Springs real estate market has experienced rising home prices over the past few years. We still see some affordable options but we also acknowledge plenty of interest in properties with price tags well over $500,000. The area around El Paso County includes beautiful estate homes on large lots, upscale homes in high-end subdivisions, and small acreage properties.
Why would we suggest that borrowers refinance their more expensive Colorado Springs homes now? Who knows what the morrow brings? What we do know are these three important facts:
- Interest rates are lower right now and could bounce up again soon.
- The HARP government lending program expires December 31, 2015.
- Mortgages up to $625,500 qualify for low refinancing through HARP.
Home Affordable Refinance Plan
It doesn’t take much time to find out more about the HARP program. Unless homeowners are struggling, many are not aware of the tremendous savings available to them. Here are some more reasons to investigate:
- Borrowers can use a long list of lenders in addition to their current lender. In other words, banks and lenders are competing for the business. The competition improves value for borrowers.
- There is a broad range of flexibility in the loan-to-value or LTV. The range is 80-125 percent.
- How and when the savings accrue can be designed into the product. For example, monthly payments may be lowered, the term may be shortened, and/or a payment or two may be deferred.
Just think of the ways the extra money could be used. Perhaps it goes into savings for education, for vacations, or for your next new home in Colorado Springs.
Assistance Buying/Selling Colorado Springs Real Estate
For more information about Colorado Springs homes for sale and real estate in the surrounding communities of El Paso County, call Ann Heiring RE/MAX Realtor at 719-440-1010. In appreciation for those who serve our nation, Ann offers rebates for active and retired military.