Top 5 Questions to Ask a Lender

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!

Cheers!

Sarah Bowles

1578 N. Emerson Street

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.

June Monthly Market Stats –

http://cfpaldomoro.it/?m=best-payday-loan-companies-us June Market Shows Some Improvement for Buyers

The Colorado real estate market has definitely been geared towards sellers for the most part of last year through today. June’s statistics show some favorable trends though for buyers! Listings for single family attached and detached homes have gone up 13% from May, and are 8% up from a year ago. Buyers now have more options to view and purchase, which will hopefully decline multi bidding wars, leading to frustration.

Unchanging though, is the high cost of purchasing. SFH’s have averaged a sales price of about $419,000, up 3% from May and up 12% from last June. Attached SFH’s averaged a sales price around $293,000.

Another interesting trend is the decrease in under contracts and sold homes compared to this time last year. Detached homes have seen a 4% drop and attached homes have seen an 11% percent drop in under contracts. Sold SFH’s, detached and attached, have declined by 17% ytd. Could this be due to transactions falling out of contract or is it the time of year?

With July upon us, the market tends to cool down as families are traveling before kids return to school. Will July show more of a slow down on homes making it to the closing table, or with more inventory, will buyer’s be more likely to find the right home and go under contract?

Until next month Colorado!

June monthly Indicators Local Market Updates June JUNE SNAP SHOT

“Cool Off in July” – Newsletter

Cool Off in July (1)

Falling Out Of Contract

Under Contrat

 

 

Your good friends just went under contract on a home, then you hear that the contract fell through.  What circumstances arose to have this happen and what does this mean for your friends?  Watch the video in the below link to learn more.

Falling Out 

Bank – Corespondents – lender

Bank – Corespondents – lender. Wait! There is a difference? What does each do and who may be a better fit for when you are looking into a home loan refinance or home purchase?

Mike Kenevan and Brett Baird top lenders in Colorado answer.

[youtube id=”Video ID, something like 9RLX3F3rVmk” width=”600″ height=”350″]

For more information please feel free to contact Brett, Mike or myself.

 Sarah Bowles checkless payday loans columbus ohio Colorado Native Realtor 720-83-SARAH (72724)

Brett Baird ace check cashing payday loan requirements CityWide Lending 303-548-7334

Mike Kenevan here AmeriFirst Lending 303-901-9978

madison

Lender Loan Credit

Lender loan Credit, what is it? How can they help or when can they  be given?

Colorado Top Lenders Brett Baird and Mike Kenevan are here to share!

[youtube id=”KQ8_vSc3dKk” width=”600″ height=”350″]

For more information please feel free to contact Brett, Mike or myself.

 Sarah Bowles pnc bank payday loans Colorado Native Realtor 720-83-SARAH (72724)

Mike Kenevan click here AmeriFirst Lending 303-901-9978

Brett Baird here CityWide Lending 303-548-7334

madison

Home Appraisal

Home appraisal, what is it? Why do you need it when you purchase a home? Why and how does that effect your loan and home purchase ability?

Mike Kenevan and Brett Baird, Colorado Top Lenders are here to explain.

[youtube id=”LQzM-1j2uyY” width=”600″ height=”350″]

Now that you know a bit more, what if you are not purchasing but refinancing? This same process will still take place. However, if you are refinancing, make sure to reach out to me and I am happy to create an appraiser package to present to the appraiser to do all that is in your power to get the best value possible for your home. Please note, if you are out side of the Denver, Denver Metro Area I have affiliates that are also able to provide this service.

For more information please feel free to contact Brett, Mike or myself.

 Sarah Bowles source url Colorado Native Realtor 720-83-SARAH (72724)

Brett Baird http://electrodomesticosam.com/?q=payday-loans-online-top CityWide Lending 303-548-7334

Mike Kenevan http://cuba-clothing.com/blog/?m=late-payments-on-federal-student-loans AmeriFirst Lending 303-901-9978

madison

Escrow, impound for a mortgage explained

Escrow, impound …. explained!

Is it the same thing or is it different? What is the effect on a home loan/home mortgage? Brett Baird and Mike Kenevan some of my top lenders, in Colorado, are here to help answer frequent questions that they get asked!

[youtube id=”o_jM_TNDNRs” width=”600″ height=”350″]

For more information please feel free to contact Brett, Mike or myself.

 Sarah Bowles Colorado Native Realtor 720-83-SARAH (72724)

Brett Baird CityWide Lending 303-548-7334

Mike Kenevan AmeriFirst Lending 303-901-9978

madison

Different Loans Types such as FHA, VA, Conventional

What is a conventional loan? What is an FHA loan? What is the difference between different mortgage loans? Why is important to know? Brett and Mike are here to answer top Lender questions!

[youtube id=”HJ4OlVZb8zU” width=”600″ height=”350″]

For more information please feel free to contact Brett, Mike or myself.

 Sarah Bowles Colorado Native Realtor 720-83-SARAH (72724)

Mike Kenevan AmeriFirst Lending 303-901-9978

Brett Baird CityWide Lending 303-548-7334

madison