Reduce Your Home Loan Term in Denver, CO

Reduce Your Home Loan Term in Denver, CO

Would you like to reduce your Denver home loan terms? Even if US Mortgages wasn't your primary lender for your mortgage, we can help you reduce your mortgage term. Learn more about how we do this and contact us for more information.

How can US Mortgages help you reduce the term of your Denver mortgage?

Thanks to historically low interest rates, there has never been a better time to refinance your loan into a shorter term. For those who can afford a slightly larger monthly payment, reducing your loan term can mean paying less interest over a much shorter length of time, saving you thousands of dollars over the term of the mortgage.

Did you know that if you refinance a 30 Year Term Mortgage Loan into a 15 Year Term Mortgage Loan, the payments won't be twice as expensive? That's because the loans are amortized differently and your payments will be applied to the principal instead of interest. Another little-known fact is that 15 Year Term Mortgage Loans and 20 Year Term Mortgage Loans typically feature a lower interest rate than a 30 Year Term Mortgage Loan.

What else do we recommend to reduce the loan term on your Denver home mortgage?

Another trick to reducing the loan term on your home mortgage is making extra payments. You can always choose to pay more than the required minimum payment, no refinancing necessary! This is an attractive option for those with tenuous finances who still want to pay off their mortgage quicker. You can make larger payments as often as you can afford, while still having the option of making the basic minimum payment when money is tight. When is the strain of doing this worth it? If you're already close to your mortgage term, this might make the most sense if your household can make the sacrifice. Not only will you save in interest in the long term, in the short term you'll reduce the term of your loan. A final option is to do both: if you make extra payments after refinancing into the same style of 30 Year Term Mortgage Loan, the extra payments will get applied to your principal, bringing your payoff date closer.

Contact US Mortgages to learn more about how to reduce mortgage term in the Denver area today!

Pre-Qualify In Minutes

With just some basic information, you are on your way to your new Home. In most cases, our agents will call you in a few minutes to get things started. In some rare events it could be up to 24 hours. We always try to call between 8am and 8pm MST, Monday - Friday. If you would prefer we did call outside those ours, please just add in a note and we will be happy to oblige.

Why should I get pre approved for my home loan or refinancing?

Home loan pre approval in Denver simplifies the loan process. Preapproval allows a lender to see a full 360 degree view of the borrower's financial situation, enabling us to advise borrowers on all home loan considerations. This helps us identify which loan we offer is the best fit for the borrower. Prequalification allows borrowers to pursue the loan that's best for them and their financial situation.

How can I get ready for home loan prequalification in Denver?

Excellent question! A great place to start is by understanding what lenders look at. For the most part, lenders look at 4 things. The first is your FICO credit score which includes your payment history, credit utilization and the length of your credit history. The second is your income with respect to your monthly housing costs. The third is the number of current loans you have and their status. The fourth and final thing lenders consider is the percentage of the cost of the home you're looking to purchase that you can put as a down payment. Get ready for prequalification by understanding your status in these areas and identifying what you can do to improve them before buying a home.

About US Mortgages

US Mortgages has been securing mortgage pre approval in Denver for over 20 years. Let us know how to reach out to you, or give us a call today.

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Pre-qualification means one of our mortgage specialists will contact you. This does not represent an offer to enter into a loan agreement. Loans subject to credit and property approval. Normal credit qualifications and other terms and conditions apply. Not all loan products or terms are available in all states.