Forward: the Colorado Springs Mortgage Insight is a series of mortgage articles written by local mortgage experts exclusively for our readers, here on Colorado Springs Real Estate Connection.

Often times when consumers are considering whether or not now is the appropriate time to refinance their Colorado Springs hey hear what the current interest rate is and base their decision solely on that one piece of information - interest rate.

There is more to the picture than just the interest rate, when looking to refinance your home in Colorado Springs. Most people do not consider the whole picture, which includes all liabilities, not just the mortgage payment. (Liabilities include all items that a homeowner owes money on, like a car payment, student loans, credit cards...)

The average American household has roughly $30,000 in credit card debt and they are paying an average interest rate of 12.99% ON this credit card debt. 

Let's take a look at an example of how considering more than just interest rate can be important:

Mr. Jones says, "I am currently at 6% on a 30 year fixed mortgage for my loan balance of $250,000, why would I want to refinance my home in Colorado Springs to a 6.25% interest rate? Wouldn't this increase my monthly mortgage payment?" 

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Life. Money. Hope.

Do you listen to the Dave Ramsey Show on the radio? If you are like us (Derek and Mariana Wagner) and many of our Colorado Springs real estate buyer and seller clients, you not only listen to Dave Ramsey, but are working your way through the Financial Peace University and on your way to a Total Money Make Over.

We are firm believers in the Dave Ramsey school of thought when it comes to debt, and are currently on our way to being completely debt free, like Dave recommends. We are on baby step 2 ... paying off all of our debt. What a great feeling it is to NOT have the theme song "I owe. I owe. So off to work I go." Running though our heads every morning!

Read More: The 7 Baby Steps to Begin Your Journey to Financial Peace

Not only are we Dave Ramsey students, but we are also Official Dave Ramsey ELP Colorado Springs real estate agents. (ELP = Endorsed Local Provider)

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If you are looking to move to Colorado Springs, or just want to find a very well-paying job here, you should check out Ladders.com. This new site is dedicated to jobs that pay no less than six figures a year.

And like the "other" job search sites, you can search for jobs in Colorado Springs yourself or you can post your resume and let potential employers find you.

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Forward: the Colorado Springs Mortgage Insight is a series of mortgage articles written by local mortgage experts exclusively for our readers, here on Colorado Springs Real Estate Connection.

Colorado Springs Mortgage Insight: Reverse Mortgages

Reverse mortgages are growing in popularity, here in the Colorado Springs real estate market. Whether seeking money to finance a home improvement, pay off a current mortgage, supplement retirement income, or purchase a new home, many senior Americans are turning to reverse mortgages. With all the Baby Boomers moving toward retirement, this is becoming a viable option for more people every year.

A reverse mortgage allows homeowners age 62 or better, to convert equity in their homes into cash without having to sell their homes or take on additional bills. 

To qualify for a Reverse Mortgage, the homeowner must:

• Be 62 years or older
• Have substantial equity in their current home

If this sounds interesting and you qualify for a Reverse Mortgage, there are some things to consider.

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Many homeowners in Colorado Springs may be facing a hike in their mortgage interest rate (or already have) and some of these homeowners (maybe you) may be unable to continue making mortgage payments and are now facing foreclosure.

Quite frankly, it is awful when you can no longer afford the home that you love.

Well, you are not alone. Thousands of homeowners are in the same position that you may be in right now, so there are now more options available to help you KEEP YOUR COLORADO SPRINGS HOME.

Here are some resources that you can look into that may be able to help, taken from the National Association of Realtors® Website:

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