Colorado Home Equity Loans
When it comes to obtaining a home equity loan or home equity line of credit (HELOC) in Colorado, going with a local lender is the best choice for borrowers. Qualified Colorado lenders offer competitive rates on both home equity loans and HELOCs. One of the best ways to determine which home loan type is the right fit is to determine how the money will be used and paid back. For a one time expense such as a new roof or bathroom redesign, a fixed rate, home equity loan is ideal. However, home equity loans typically require a higher monthly payment which is a better fit for those with a steady income.
Because it is a revolving line of credit, HELOCs are a good match for homeowners dealing with an ongoing project that requires periodic cash installments. Variable rate HELOCs often have a lower monthly payment; however the payment schedule may not be as fixed as what would be expected with a home equity loan.
Whether it’s a home in Pueblo (81001) to a quaint bungalow in Fort Collins (80521), most qualified lenders allow homeowners to tap into up to 80% of their home’s loan-to-value.