When Is the Best Time to Refinance Your Home in Colorado?
If you’re a homeowner in Colorado, you’ve probably asked yourself this question at some point: Is now a good time to refinance?
With interest rates in the news and the housing market shifting, it’s a fair question. But the real answer depends on your personal goals and situation, not just what the market is doing.
Focus on your goals, not just the market
Trying to time the absolute lowest rate can be tough. Instead, the best time to refinance is when it helps you achieve something financially meaningful.
Here are a few common reasons Colorado homeowners refinance:
- To lower their monthly payment
- To consolidate high-interest debt into one payment
- To tap into equity for home improvements, college, or other major expenses
- To remove private mortgage insurance (PMI)
- To shorten their loan term and pay off the home faster
The key is whether the numbers make sense, not whether the rate is at a historic low.
The Consumer Financial Protection Bureau has a great overview of what to think about before refinancing.
Are rates still too high?
Rates are higher than a couple years ago, but they’ve started to come down from recent peaks. And even in today’s environment, a refinance can still work in your favor if it fits your goals.
For example, if you bought your home with an FHA loan and now have more equity, refinancing into a Conventional loan could help remove your mortgage insurance. Or if you have higher-interest credit card debt, a cash-out refinance might lower your overall monthly costs.
And if your home has appreciated in value, you may have more flexibility than you realize.
You can check current average rates through Freddie Mac’s rate survey.
So when is the best time?
The best time to refinance your home in Colorado is when it helps you move forward financially, not just when interest rates are making headlines.
If you’re not sure where to start, I’ll help you run the numbers. I work with homeowners across Centennial, Denver, Highlands Ranch, Castle Rock, Parker, and beyond who are exploring whether a refinance makes sense right now.
Call or text me at 303-670-0137, email rbaxter@choicemortgage.com, or reach out here. I’ll help you figure out if the timing is right based on your goals.
