Home equity is the portion of your home you actually own: the current market value minus the outstanding mortgage balance. This guide explains how to calculate home equity, how it grows as you make mortgage payments, and what to know before borrowing against it with a home equity loan, a HELOC, or a cash out refinance.
Home equity loans and home equity lines of credit (HELOCs) are the most common examples of second mortgages. This guide explains how each second mortgage works, why the lien position matters, the risks the CFPB flags, and how Colorado Springs homeowners can decide what fits.
A second mortgage, also called a junior-lien, is a loan you take out using your house as collateral while another loan is already secured by the same property. Home equity loans and home equity lines of credit are the most common examples. Here is how lien position works, why it matters, and what Colorado homeowners should weigh before borrowing against home equity.
Discount points and lender credits are two sides of the same tradeoff. Points mean paying more at closing in exchange for a lower interest rate over the life of the loan. Lender credits mean accepting a higher interest rate in exchange for money toward closing costs. Here is how each works, where they appear on the Loan Estimate, and how Colorado borrowers can decide.
CHFA does not lend money directly to consumers, so the loan officer at a CHFA Participating Lender becomes your guide. Here is exactly what that person will help you with, from choosing a program and confirming requirements to homebuyer education and closing day in Colorado.
You are never assigned a loan officer. Colorado homebuyers can pick any loan officer or mortgage broker they want, and CHFA program users can work with any loan officer at a Participating Lender. Here is what the official sources say and how to choose well.
CHFA's Find a Participating Lender tool lets Colorado homebuyers filter loan officers by Gold, Silver, and Bronze status. Those levels are determined by production — the number of households who used a CHFA loan program with that loan officer over the previous calendar year or most recent rolling twelve-month period.
A VA-backed purchase loan and a conventional loan both come from a private lender, but the VA guaranty changes the rules on down payment, mortgage insurance, the funding fee, and prepayment. Here is the point-by-point comparison for Colorado buyers, especially military families around Colorado Springs.
Falling short of the standard minimum active-duty service requirements does not automatically end your path to a VA home loan. The Department of Veterans Affairs lists specific qualifying discharge exceptions, a review process for discharge issues, and separate rules for National Guard members, Reserve members, and surviving spouses. Here is what happens next and how to apply anyway.
The Interest Rate Reduction Refinance Loan (IRRRL), often called a VA streamline refinance, replaces an existing VA-backed home loan with a new one. Here is what it can help you accomplish, who qualifies, what it costs, and how Colorado Springs veterans and service members can use it.