Mortgages

Mortgages

When purchasing a home in the Rocky Mountain region—whether it's a primary residence or second home—partner with a Colorado bank for the smoothest mortgage process.

Millennium Bank offers competitive rates and unparalleled personal attention. Local service simplifies the process. We can also help you refinance your existing home loan for lower payments.

Summary
  • Competitive rates
  • Wide range of financing options
  • Smooth process from start to finish
  • Investment property financing
  • Fractional ownership financing up to 4 owners
  • Jumbo loans available
  • No pre-payment penalty
  • Subject to credit approval
Refinancing

Refinancing could be right for you if you are looking to reduce your monthly payments, shorten the length of your loan, convert equity to cash, or convert an ARM to a fixed rate. If you're looking to refinance your Colorado home mortgage loan, Millennium Bank can help.

There are times to refinance, and times not to refinance. If the current value of your home has increased or if rates have dropped significantly since your mortgage, refinancing may be a good idea. If your home value has remained stable or you are in an area where the value of your home has declined, it probably isn't a good idea to refinance.

In addition to saving money, refinancing is a way to utilize your equity without selling your house. You can convert that equity into cash for home improvements, debt consolidation, paying for college, financing a vacation home, or just about anything.

How much will it cost?

Keep in mind there are closing costs associated with refinancing. These costs can be rolled into the mortgage, but that means you are adding to the principal. To determine if you will be better off refinancing for the long-term, determine how much you will save per month by refinancing. Calculate how many months it will take, based on these savings, to equal the closing costs. That is your break even point. If you will be in the home at least that long, you come out on top.