Just seven miles north of Denver, the City of Thornton was composed solely of farmland until 1953. That’s when Sam Hoffman bought a lot off of Washington Street and the early stages of Thornton began to take root. Thornton was the first fully planned community of Adams County and the first to offer municipal services. Just three years after Hoffman made that simple little purchase, Thornton was incorporated as a city.
Compared to other cities in the U.S., Thornton is still just a baby. So, what better place to raise your own babies? The first thing you need is a house. What follows is a quick lesson in mortgages, refinancing and home equity loans that new and old Thortonites will find useful.
Pre-approved Loans
Pre-approval is your safest course of action. You will know going in that you would be wasting your time looking at a $200,000 home when you are only pre-approved for $100,000. Unless you can afford to pay cash for your new home, and most of us can’t, get pre-approved.
What Kind of Loan Do You Need?
Before you get pre-approved, you need to ask yourself one question, “What kind of loan do I want?” There are numerous loans available, but most fall under the two, all-encompassing umbrellas of “The Fixed Rate Mortgage” and “The Adjustable Rate Mortgage.” Following is a basic lesson on both:
OTHER TYPES OF LOANS
Mortgage Refinance Loans
What if you already live in Thornton and are just looking for a better interest rate? If, back when you bought your house, interest rates were at an all time high and you want to lower that rate, then a mortgage refinance loan may be what you are looking for. A mortgage refinance loan is very simply, a brand new loan on your existing house. You’ll have to choose a new loan, a new rate, and a new term (10-year note, 15-year note, 30-year note, etc…). You’ll also have to decide whether you want to cash out the existing equity you’ve built up in the house. You may need this cash at your new closing. But if you don’t, keep the equity in your home, it’s safer there.
Home Equity Loan
If you are comfortable with your current house payment and don’t want to refinance, but you still need some extra money for other essentials, then a home equity loan is your best option. You can take out a loan on the equity you’ve built up in your home and use the cash to pay for college, go to the Bahamas or remodel your house.
Whether you’re looking for a mortgage, refinance, or home equity loan in Thornton, we can help. Take a moment to fill out the form below, and a qualified lender will contact you right away.
