You’ve decided you’re ready to buy a new home. Whether this is your first or your fiftieth, chances are you’ll need to speak to a lender about what is is you can afford, the interest rates that you qualify for, and your target mortgage payment.
These five questions will help you on your path to new home ownership!
1. What is the interest rate?
Your lender will offer you an interest rate based on the loan and your credit. The interest rate, along with the mortgage balance and loan term, will determine your real monthly payment. A loan with a lower balance or a lower interest rate will make for a smaller monthly payment. If you’re not satisfied with the interest rates offered, you can work on fixing your credit.
2. What is the monthly mortgage payment?
As you hone in on the budget for your new home, make sure you are explaining to your lender what you want your monthly payment to be. Oftentimes we forget to include insurance and taxes in your monthly payment- as well as potential home owner’s association fees. Your monthly mortgage payment shouldn’t make you house poor- you should be able to put your money to work for your other financial goals, as well!
3. Is the mortgage fixed rate or an ARM?
Fixed-rate loans are the same rate for the total lifetime of the loan, which can be 10 to 30 years. Adjustable-rate mortgages, or ARMS, have interest rates that change at regular intervals. If you don’t plan on living in your home for the duration of the loan, a hybrid ARM might be a better choice for you. Ask your lender to break down all of the available options.
4. Can you meet contract dates and deadlines?
Most local lenders are excellent at meeting contract dates and deadlines- like the appraisal deadline or closing date. If your lender cannot make the deadlines that are in your local real estate contract, they could potentially lose the home for you.
5. Do you have other mortgage products with lower rates I might qualify for?
Make sure you work with a lender who is capable of creative thinking and who can help you with your current situation. There are a variety of different mortgage products that may fit your needs better than a conventional option.
If you’re ready to buy a home and need to be connected with an excellent local lender, reach out to me. Finding a lender is often the first step in home ownership!
For any other questions, please don’t hesitate to reach out!
1900’s Denver brownstone with over 2000 sf offers an open main living area with original details. The fully restored wood windows, banister details, original hardwoods and tall ceilings capture the history and charm that Denver has to offer. The large windows and skylight shower the home with natural light. Enjoy quiet, as the walls are brick and very thick. The basement has a second entrance, so you can use it as a den or as a rental or mother-in-law suite. The neighbors are a delight and are passionate about community! Enjoy all that Denver and Uptown have to offer, with access to theaters, museums, shopping and dining! Downtown Denver is less than 5 minutes away- so you’ll never miss a beat.
Shaping Denver Get Involved!
Recently we had an opprotunity to be appart of the BRUN neighborhood meetings. We learn so much in these meetings and will share other fun bit-o-info on other blogs. However, after our most recent meeting we learned about an AMAZING opprotunity that gets US, the community, involved.
“Involved”, you may groan. YES! Involved!
Have you ever made a comment, complaint or quandry about any of the following:
- Denver Parks or Denver Recreation?
- Denver Pedestrian Walkways, Pathways and Trails?
- Land use or Transportation?
- Denver Transit?
Now if you say No, then this a call out. “WE DON’T BELIVE YOU!” If you haven’t gripped about traffic, sidewalks, road closures or any of that then you may be living, well, not in Denver.
Well here is your chance! Get up, do something about it. Get involved. Stop with the “talk” and put some “ACTION” into it! Denver is heading up DenverRight. Their statment is simple, ” Community-driven planning process that challenges you to shape how we want to evolve”. It’s that simple!
So with that, now we all have NO excuse to grip, complain any more. There is now an opprotunity for us to get invovled and help our Little Big City of DENVER grow into what we hope and know it can become!
Check out the video below for some more info, but hey, lets get involved and do something about this city we love called DENVER aka Mile High aka, #myplaceIcallhome.
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Denver Civic Center Park
If you have ever driven in Denver, you may have once driven by the capitol building off of Colfax and Broadway. As well as you may have been privy to experience the frequent bus stops and pedestrian clusers. Well, so did Denver! After a a bit of research the city of Denver and the DownTown Denver Partnership have created a plan to help with the traffic movement and pedestrian safety.
They have created an entire plan to change the flow of traffic as well as the pick up drop of for pedestrians.
If you want to see what the whole plan is here is the information in detail!
School FACTS and Real Estate
October 2016 Events
Be A Smart Ash – Don’t mind if I do
Recently walking around Denver I noticed a few trees with a little plastic sleve wrapped around them. The print on the sleve was simiply “BeaSmartAsh.org”. Well isn’t that cute and “punny”. After a few weeks, curiousity got the best of me.
What was this all about? So I started to do some research.
I found out that Denver started to run a campaign to give discounted and sometime FREE trees to Denver homes. SAY WHAT?!!
There are two campaigns that are run. One, that is currently running is the BeASmartAsh.org. The Second Campaign will start at the begining of the year.
Why should you care? Well, the site does a great job of soliciting why. My take on it…we need more trees!!
Want to see if you are a canidate for a tree? Here is a direct link to apply!
So if you live in Denver, or know someone who does…share this. It is a really neat program and it will help our “Little-Big-City” Denver become more beautiful and cool!
August, in the Denver Metro Area once again had a low active inventory for buyers to view. Activity though in the metro area proved to be on the up, as sold single family homes and condos were up compared to July. Interestingly, the average and median sold prices for single family homes were down from July, giving buyers a bit of relief from having to offer over-listed price. Condos average and median sold prices were up and prove strong from prior month and year-over-year! Click on the image below, to view the FULL report from DMAR…..