How to Get Low Income Long Term Loans in Colorado

by HomeLoan.com

The market for low-income long-term loans in Colorado is steadily increasing. Getting a long-term loan, or refinancing your mortgage, can give you much-needed money. It could be to buy a new car, consolidate loans, make repairs to your property or just give you additional monthly financial security. You can get a long-term loan in Colorado, even if you don't make a lot of money.

Things You'll Need

  • Budget
  • Your credit report
  • Deeds/property documents

Step 1

Figure out your monthly budget. Deduct living expenses (food, bills, transportation) from your income and decide on the monthly amount you can afford to pay for your long-term loan.

Step 2

Get a copy of your Colorado credit report. It's better to get one copy from several sources each (see Resources below) to have a balanced overview. Compare the credit report with your personal records, and look for any differences. Be prepared to answer any questions from prospective lenders.

Step 3

Figure out the value of your property, the equity and the closing costs. These numbers will help you decide on a lender when you get quotes for low-income long-term loan packages.

Step 4

Decide which type of low-income long-term loan works best for you and your household. ARMs (adjustable rate mortgage) are higher interest but may be easier to get than FRMs (fixed rate mortgage). Look into loan extensions, such as opting for a 30-year long-term loan instead of a 15-year loan (see Resources below).

Step 5

Shop around for the best low-income long-term loan. This can be a local Colorado bank, a specialized lender or an online lender. Get quotes and estimates from a lot of sources to compare before you make a decision.

Step 6

Choose the loan in Colorado for you. Put in the application and wait for approval.

Step 7

Get your low-income long-term loan.

Tips and Warnings

  • Be prepared to wait for your loan to process because getting long-term loans is popular.
  • Fixed rate mortgages are more stable than ARMs.


Featured Articles

Copyright © 2017 HomeLoan.com