22 Apr

Colorado Home Prices Rising at Fastest Rate in the Country

How to use a Home Equity Line of Credit HELOCAccording to the Denver Post who referenced a report from CoreLogic, a firm that tracks housing trends, home prices in Denver rose by 9.8% year over year in February. This home-price appreciation rate is currently the highest in the United States. The average sold home price in metro Denver is around $354,000 in March 2015. It was around $344,000 in February 2015 and was around $311,000 in February 2014.

RMLEFCU is offering Mortgage Loans at 4% APR* with no mortgage insurance and ½% origination fee for RMLEFCU members. If you are trying to buy a home, please contact a RMLEFCU representative.

That’s great, but you already own a home and you don’t plan on selling anytime soon. So what does this mean for you?

How to take advantage of low interest rates and the increased value of your home.

Refinance Before Rates Rise

No one knows when interest rates will be raised, but rumor is that it might be soon. If you haven’t refinanced your higher interest rate mortgage to a RMLEFCU low interest mortgage, please contact us right away. Why? Because you could save a lot of money!

Here is how:

  • Lower Interest Rate – Depending on how long you have been paying on your mortgage, a lower interest rate could save you money on your monthly payments and on the total interest on the loan.
  • Earn Equity Through Appreciation – Due to the likely appreciation of your metro Denver home, when you refinance you will likely gain equity in your home. This equity can be used to pay down higher interest rate debts such as credit cards, student loans, or car loans.

Using Your Home’s Equity

Your home’s equity is available to you in a couple different ways.

  1. Home Equity Line of Credit – A Home Equity Line of Credit or HELOC is a continuous line of credit you can access through a convenient Visa card that uses your home as collateral. We are currently offering incredibly low rates of 3.25% APR*. A HELOC can be used to pay down debts, make home improvements or for virtually anything. Please contact a RMLEFCU representative for more information. This offer ends 4/30/2015 but other great rates will likely exist!
  2. Home Equity Loan – If you know exactly how much money you’ll need for a project or to pay off a high interest debt, a Home Equity Loan might be right for you. A Home Equity Loan is a fixed amount you can borrow against your home’s equity.

Don’t forget, when you get a loan through RMLEFCU you are helping other members and yourself. That’s The Privilege of Partnership!

For more information on ways you can save money and capitalize on Denver’s hot real estate market, contact a RMLEFCU representative at (303) 458-6660 or email lending@rmlefcu.org.

*Annual Percentage Rate. With approved credit. Some restrictions may apply. Offer expires April 30th, 2015. Based on current Loan to Value and your credit history.

 

 

One thought on “Colorado Home Prices Rising at Fastest Rate in the Country

  1. Pingback: High Value Home Improvements to Make with Your HELOC - RMLEFCU Blog

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