Unfortunate circumstances can suddenly plague your life, resulting in your immediate need for a loan. Getting a mortgage for your property is a significant decision, which is why you should get one from a credit union. Credit unions act as banks. That means you can have a checking or savings account in the same place where you got your mortgage. Since these financial businesses have your financial information, it’ll be easy getting access to their multiple services. There are plenty of other benefits, so you should experience them through some of the best credit unions here in Colorado.
Guaranteed Rate is available online exclusively. That provides convenience to those who don’t have the time or capability to travel to a physical building. You can fill out an application on their website. Guaranteed Rate is transparent about their mortgage rates. They give you details on the various factors that would affect the resulting costs, like your credit score or property location. You’ll get a personalized rate by filling out a detailed questionnaire.
Loan Depot offers its services online and at their physical locations for those who feel more comfortable talking to a lender in person. This credit union provides multiple kinds of mortgages. Your budget might work better for a fixed rate, or maybe an adjustable-price is easier for you. LoanDepot also clarifies that the first time you finance with them is the last time you’ll pay lenders fees. That is a guarantee that will only apply to the one property the borrowed capital was for. This credit union will additionally refund your appraisal fee.
Quicken Loans has establishments all over the nation, not just Colorado. With features like various mortgage options and online applications, it’s no wonder they have high ratings from various consumers and sources. The many types of loans you can get to refinance your home allow you to choose the best method. Some of these mortgage products include:
- Mortgage Refinance
As with most of the credit unions on this list, you need a minimum FICO score of 620 to qualify for a mortgage. You can lock in an interest rate with Quicken Loans’ RateShield for 90 days while searching for your home.
You can start applying for a mortgage loan online, over the phone, or in-person with Citibank. Current rates are displayed right on their website. They contain both fixed- and adjustable-prices to accommodate for various situations. The fixed-rate mortgages can last 10, 15, 20, and 30 years. Like many other credit unions on this list, you can make an initial payment of 3% of the loan. You can get rate discounts or other benefits if you’re already a Citibank customer.
This credit union provides competitively low prices for their mortgage loans. Rocky Mountain Bank & Trust is recommended for home-buyers ranging in experience from beginner to veteran. There are multiple types of mortgage loans provided by this company. Many of them are available with most of the other credit unions on this list, like the FHA and VA loans. This credit union additionally offers portfolio mortgages. That’s useful for those that don’t mean the conventional requirements for conforming loans.
It’s significant to mention that Rocket Mortgage is owned and operated by Quicken Loans. The main difference is the former provides many of the online services and processes for the latter. Much of what Rocket Mortgage provides for home financing is determined by Quicken Loans. That means that their rates and fees are practically identical. If you want to use the services of Quicken Loans with the convenience of applying from home, work, or anywhere you can get an internet connection, then Rocket Loans is for you. You can access this credit union extension on their website or through an app.
What’s great about applying for loans online is it’s green; you waste paper filling out essential documents. In addition to that are the advantages offered by Reali Loans. They have terms lasting 15 or 30 years, help owners of no more than six properties, and much more. Reali Loans provides their step-by-step process of obtaining a mortgage:
1. Getting pre-approved.
2. Filling in the application.
3. Having your home inspected and appraised.
4. Closing the process.
5. Follow the move-in instructions.
Reali Loans will help borrowers through each step. You can quickly complete the whole process because it’s online, and this credit union saves you money by not charging application fees.
Military members, or those related to one, will benefit heavily from financing their home with this company. There’s a good chance you already have banking with Navy Federal Credit Union if you’re part of the armed forces. If that’s the case, then getting a mortgage with them would help you out. They have a feature called the Freedom Lock, helping you keep a lower fixed rate until you get your home. You won’t have to worry about any loan down payments. Navy Federal Credit Union will help you get into your new home as conveniently as possible.
San Juan Mountains Credit Union provides first mortgages for new home-buyers. They even have low-interest rates to help you save money. This credit union has a fast approval process for their loans. So if you need to move into your new home as soon as possible, this company can help you. There are also flexible terms to accommodate those that want to pay off their loan a little sooner. On top of all that, the San Juan Mountains Credit Union has a friendly staff that can help you throughout the process.
New American Funding comes with mortgage loans ranging from low- to no-down-payment with fixed- and adjustable-rates. The minimum FICO score to qualify is 500. This credit union offers multiple kinds of mortgages, including reverse and cash-out refinance loans. Unlike some of the other options on this list, New American Funding isn’t transparent about its fees. They’re still a useful option for current homeowners looking to refinance their mortgage. This last positive quality might not mean too much to you, but it’s worth mentioning this company’s excellent customer service.
This credit union contains various loan options that are either conventional or backed by the government. Carrington Mortgage Services allows potential borrowers to fill out an application online. You might be someone who has a limited credit score. This company can still pull up data on various payments you’ve made in the past, like rent or bank statements, and determine your qualifications from there. You won’t find the rates on the Carrington Mortgage Services website’s homepage. They’re available after you click on the “Get Started” link or contact them directly.
Mortgages can help you continue with your life without sacrificing too much money at once. Interest is how credit unions and other lenders profit from the borrowed money. That doesn’t mean that it doesn’t benefit you as well. Paying interest is tax-deductible. If the mortgage is for a commercial property, then it could be a great investment opportunity. So check out one of the many credit unions in Colorado so you can finance your home or business today.
Should you need a calculator to run through some calculations, you can use our simple mortgage calculator. We can help refer you to number of lenders who offer preferred rates so you can find the best mortgage deal. Should you need to sell a home, we also provide instant home value reports to see the value you can expect when selling. Or, if you just want to view some properties you can start your Colorado property search by browsing the current housing stock. We’re here to help you throughout your journey of buying a home in Colorado.