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What kinds of mortgages are available in Colorado? Are the loans recourse or non-recourse? What is the foreclosure process like in Colorado? What are the average real estate prices in Colorado, and how do they compare with other states? What are the most popular, and what are the fastest growing cities in the state? This article will examine those topics in depth.
Average Real Estate Prices in Colorado
According to homegain.com, the average price for a home in the United States is $173, 585. The average home in Colorado costs $219, 558.
Average home prices for various areas in the state are:
- Colorado Springs, $189, 305
- El Paso County, the county Colorado Springs is in, $193, 838.
- Denver, $213, 068
- Jefferson County, the county Denver is in, $259, 053
- Pueblo, $120, 712
- Pueblo County, $121, 286
Although some real estate experts point out that real estate prices in Colorado are one-third what they are in some other popular areas, like California, they also note there might be some obvious reasons prices are still above the national average. Some reasons include: the natural beauty of the state, including a mountainous area six times the size of the whole country of Switzerland, with many mountains more than 14, 000 feet high; the amount of outdoor recreation available; the largest city park system in the country in Denver; a mild climate; and more than 30 major colleges and universities.
Most Popular Cities in Colorado
According to the Denver Business Journal, Denver, the city is not only popular locally, but is the second most popular city nationally to live in, behind only New York City. Other experts who rated cities consider Colorado Springs as one of the top places to live, when considering cost of living, unemployment, green spaces, and other factors. Other areas rated as desirable places by some experts for various reasons, and that might be popular at least among some groups of people for those same reasons include:
- Highland Ranch, which was rated high by Money Magazine because of its strong job growth.
- Castle Rock, which was called the best place for familes, by Family Circle
- Gunnison, because of the terrain, things to do, and economic opportunity.
Fastest Growing Cities
Some of the fastest growing cities in the state are:
- Aurora, which was the 50th fastest growing city in the country, according to citymayors.com
- Colorado Springs, the 69th fastest
- Fort Collins, the 81st fastest
- Thornton City
- Arvada City
- Fort Collins
Reasons many people give for living in Colorado, which may cause the cities to grow so fast include the mild climate, the many days during the year when sunshine is available, the beautiful scenery, including the many mountains, and the economic opportunities available.
Interest Rates for Mortgages in Colorado
Although the interest rates in Colorado are slightly higher than nationally, a borrower can get a low rate, if he has demonstrated a high degree of trustworthiness as far as his credit. Someone wanting a shorter term mortgage, for example a 20-year loan, as opposed to a 30-year loan, can also get a cheaper rate.
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Find a local, licensed loan originator who works for a non-depository mortgage lender OR a mortgage broker. Either of these entities (and not a bank) will be able to help you locate a lender willing to lend. You do not have to be a U.S. citizen to obtain a mortgage in the U.S. Here's another trick. The industry uses this website as a way to shop and see what lenders have to offer their customers: