Did you know that Summit County, Colorado home owners get preferred treatment over just about every other county in Colorado?
It’s true. There are only four counties in all of Colorado that are considered “High Balance, High Cost” counties. These areas get to take advantage of lower rates for loan amounts, that traditionally, are considered Jumbo mortgages in other parts of the state. Take a look, Colorado High Balance Counties (pdf).
The four counties that get this special treatment include some of Colorado’s most picturesque portions of the state. Eagle, Lake, Pitkin, & Summit counties are home to many of Colorado’s mountain communities. Average home prices are high. In response, Fannie Mae designates these areas as high cost which allows homebuyers & refinancers to obtain conforming fixed and adjustable rate mortgages with balances up to $729,750.
The difference in rates can produce significant savings. For example a $500,000, 30 year fixed mortgage at 5.5% has a principal and interest payment of $2,838.95. Drop that interest rate down by .5% and the P&I payment goes down to $2,684.11.
If you live in Summit County and purchased your home between 2002 & 2008, when the loan maximums were lower, it’s possible that you received higher Jumbo interest rates and may now be eligible for lower Non-Jumbo conventional financing.
With today’s low rates, you should look into your options. We’d love to help. Give us a call at 970.455.4131 or “Contact Us” by email for a quick and simple review.