Guide to Refinance, Mortgage,
& Home Equity Loans in
Longmont, Colorado (CO)

Heralded as an “ All-America City” in 2006 by the National Civic League, Longmont , Colorado is on Money magazine’s list of 100 best places to live in the United States . The reason people love Longmont is its size, its quiet family-friendly atmosphere, and convenience to the bigger cities of Boulder and Denver .

The name comes from “ Longs Peak ,” a mountain that was named for the explorer Stephen H. Long, plus “ mont ” from the French word for mountain. The city boomed in the 1960s when IBM built a plant in Longmont , and the 90’s saw a number of high-tech firms bring their business to town. A city of around 76,000 residents, Longmont ’s home prices reflect its increasing role as a “bedroom community” for people who work in Boulder . The average price tag for a home is around $230,000.

Longmont is a mecca for Colorado computer tech workers and others looking for a suburban lifestyle near a big city. Home values have increased steadily in recent years, and securing a home loan or mortgage refinance for your move is a simple task. There are a number of refinancing, mortgage and home equity loan options available for your Longmont move.

These are the most common:

Traditional Mortgages

Fixed rate mortgages maintain the exact same rate throughout the entire loan’s term – usually fifteen to thirty years. That means you’ll always know what your payment amount is going to be.
Adjustable Rate Mortgages (ARMs), change the interest rate at specific points in the life of the loan depending on market rates. In most cases, these loans have “caps” that control how high the mortgage can get, and they are a good choice for people who need a lower payment at the beginning of their loan, or who intend to sell the home in a few years.

Non-Traditional Mortgages

Interest-Only loans come with terms where you only pay on the interest for several years, usually ten. This means the payments are much, much lower than they would be otherwise, but your payments will go up when the interest only term is over.
Balloon Loans, very short-term loans (usually about five years), come with very low interest. If you plan to stay in your home for a long time, this is not the loan for you, but if you plan to sell in a year or two they are an excellent choice.
The Option ARM allows you to choose each month which one of several payments you will make: the minimum payment, an interest-only payment, or an amortized payment. With this sort of loan, you can make a dent in your principal when you are flush, but pay less when times are lean. This is a good choice for borrowers whose income varies from month to month.

Finding the Right Lender

Once you have got a good idea of what sort of Longmont mortgage loan best suits your finance needs, you will want to do your homework and find a good lender to get you on your way. Do a little research and ask around because you want both low costs and good customer service. You will find yourself needing to choose between a direct lender, who will be lending you their own money, or a mortgage broker, who represents a number of different lenders. A good lender or broker will be happy to discuss interest rates, loan costs penalties and other details with you, and will not shy away from giving you a quote in writing.

Paperwork

After you have found your Longmont loan professional and know what sort of mortgage, refinancing or home equity loan you are applying for, you will need to get all of your paperwork in order. You will need W2s, pay stubs, bank statements, brokerage statements and more. If you apply for you loan in person, make sure you bring this documentation with you. If you apply for your loan with an Internet-based lender, they will ask you to fax copies of these documents to them. They may ask you to mail them copies, and even require that you have them notarized before sending them. Make sure you photocopy both sides of two-sided documents even if the back of the paper does not look important to you, it may have information that the lender requires.

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Other Colorado (CO) Guides to Refinance, Mortgage, and Home Equity Loans in Your City or Town:

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