Colorado homeowners have enjoyed some of the highest appreciation in the country! This incredible appreciation coupled with low interest rates has created the perfect opportunity to refinance and save!
Earlier this year Veros Real Estate Solutions, a company that specializes in property valuations and analytics, published a U.S. housing market forecast. The forecast extended through June 2017.
According to the report:
“The top forecast markets are showing appreciation in the 10% to 11% range with the Pacific Northwest and Colorado having a lock on 8 of the top 10. Seattle, Washington (+11.2%), Portland, Oregon (+11.1%), Denver, Colorado. (+9.9%) and other metropolitan areas in these same vicinities appear very strong over the next year.”
VeroForecast found 8 of the top 10 markets to be in Colorado with the Denver market leading the way with forecast appreciation of +10.8% up from its fifth place position of 9.9% just three months ago!
In the Denver metro area, the change was even higher than the state average at 10%. The rate handily beat the nation average of 6.0% year over year change.
Check out the report!
According to the report:
“The top forecast markets are showing appreciation in the 10% to 11% range with the Pacific Northwest and Colorado having a lock on 8 of the top 10. Seattle, Washington (+11.2%), Portland, Oregon (+11.1%), Denver, Colorado. (+9.9%) and other metropolitan areas in these same vicinities appear very strong over the next year.”
VeroForecast found 8 of the top 10 markets to be in Colorado with the Denver market leading the way with forecast appreciation of +10.8% up from its fifth place position of 9.9% just three months ago!
In the Denver metro area, the change was even higher than the state average at 10%. The rate handily beat the nation average of 6.0% year over year change.
Check out the report!
More Good Reasons to Refinance:
Access Your Home Equity
Your home equity, simply put is the value of your property minus the balance of your mortgage. This money is available to you to withdraw and invest.
Refinance to access your home equity. You can access your home equity and invest in a number of ways, including home renovations, additional real estate, post secondary education and much more. You can access up to 80% of your home equity with a conventional loan and 85% with an FHA.
Refinance to access your home equity. You can access your home equity and invest in a number of ways, including home renovations, additional real estate, post secondary education and much more. You can access up to 80% of your home equity with a conventional loan and 85% with an FHA.
Consolidate Debt
Another great reason to refinance your home mortgage is to consolidate debt.
With housing values on the rise all over the state of Colorado we have seen a great deal of appreciation and there is an excellent chance you have sufficient equity to pay off revolving and installment debt. This scenario typically will show a significant monthly savings.
With housing values on the rise all over the state of Colorado we have seen a great deal of appreciation and there is an excellent chance you have sufficient equity to pay off revolving and installment debt. This scenario typically will show a significant monthly savings.
Eliminate Private Mortgage Insurance
As anyone paying mortgage insurance knows, it can be expensive and burdensome but there is good news. Over the last year housing values all across Colorado have been increasing. That means that many homeowners who are paying mortgage insurance may now have enough equity to refinance to a new mortgage with lower, or zero mortgage insurance.
Lower Your Interest Rate, Payment or Loan Term
Other great reasons to refinance your mortgage is to lower your interest rate, your monthly payment, or reduce the term of your mortgage. This will save you money on a monthly basis and over the life of the loan.
