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!
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…..
Partnerships are a great thing to be in, as they show camaraderie, cooperation; all working towards the same goal and allows flexibility to accomplish more than if you were a party of one. Though it seems intuitive that working with another will make everything easier, egos and feelings can get in the way and make for a miserable experience. Finding the right business partner is like finding a personal partner; you need someone to support you through tough times, pat you on the back during successes, be on the same page with future goals, oh, and compromise. Is your work relationship solid? Does it possess the necessary attributes to be a success? Read on…http://ow.ly/8x8q302kQbt
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.
instant personal loans in india Month of May Shows Steady Climb in Pricing & Inventory
Surprising no more, the average sold price keeps rising in Colorado. REcolorado statistics show the month of May with an average single family home sold price at $407,662 about a 4% increase from the month of April. Inventory rose by 5% from April, yet is still down by 3% from this time last year. Every other category has seen a rise from the previous month yet new listings, actives, under contracts and sold properties are all down from this time last May. How will the rest of the summer trend? Will there be more inventory available as the summer progresses to help our Buyer’s or will it stick to trend and slow down as is typical during the summer months?
Until next month Colorado!
ReColorado May Local Market Stats
payday loan stores in garland tx Denver August Market Stats 2015
DENVER – September 3, 2015 –As the kids head back to school, we tend to see a seasonal slowing of the housing market. This August was no exception. According to REcolorado’s monthly report on the residential real estate market, signs of the traditional end-of-summer softening were seen in the Denver metro and surrounding area. Prices dipped a bit, the number of sold listings decreased, and homes stayed on the market longer. August brought continued moderation in sales prices for single family homes. The average sold price for a single family home in August was $363,625, down one percent from last month, but up 11 percent year over year. The,average price for a single family detached home was $405,863 in August, while a condo/townhome saw an average sale price of $257,048. “The Denver area saw a strong summer selling season, thanks to low interest rates, increasing employment and confident consumers,” said Kirby Slunaker, president and CEO of REcolorado. “The slight slowing of the housing market, coupled with moderating prices and an increase in new listings that came on the market in August will offer buyers more choices as we head into fall.”
As is typical for this time of year, August also brought a downtick in the pace of home sales. Month over month, home sales were down nine percent and there was a six percent decrease year over year. With 9,144 active listings on the market, inventory of available homes in August was up two percent as compared to last month, but down four percent as compared to last year. The number of new listings that came on the market also saw a seasonal decline, down 14 percent month over month. However, as compared to a year ago, new listings were up 14 percent. The market absorption rate continued to indicate a high level of demand for properties. There was a supply of just eight weeks of inventory at August month end. During the month, homes stayed on the market an average of 21 days, a two-day increase as compared to last month, and an eight-day increase over last August.
Click here REcolorado August 2015 Statistics Talking Points to see the full report for Denver August Market Stats 2015
Things to do in Denver!
Every Friday night from March 6-September 25 from 6-12 at 3530 Brighton Blvd in Denver there’s an event that is held that is one to not miss out on! Weekly artisans from around Colorado gather to combine vintage, food, live music. This is a great way to start your weekend off with a little funk and see some more of this city that we love! The bazaar is in a quirky art warehouse right next to Denargo Farm & Truck. Showcasing top talent from the area from chefs, jazz-rock infusion bands, artists and even BEER PAWN- which you will have to try out to truly understand! Bring unwanted vintage and zany items for trade for beer tokens! Fun cocktails, farm-to-table food, and local artists- whats not to love? Try it once and you’ll be sure to want to be a regular at this unique Denver specialty! For more information go to the website : http://thebigwonderful.com/friday-night-bazaar/
Every neighborhood in Denver is different, which means finding the perfect neighborhood for you and your next home requires research. To help with this process, every now and then we like to feature some of our favorite neighborhoods. One such neighborhood is Denver’s own Bonnie Brae.
What makes Bonnie Brae so special? Keep reading for 3 reasons Bonnie Brae is one of our favorite Denver neighborhoods!
payday loans uk phone numbers Great Vibe: The Bonnie Brae neighborhood is a very charming. Mixing elegant homes with a small-town feel, in addition to the proximity to downtown, Bonnie Brae is a truly unique and wonderful neighborhood to own a home.
follow site Great Location: Bonnie Brae is a charming neighborhood found a stone’s throw from Wash Park and Cherry Creek Shopping Mall, so plenty of fabulous dining and shopping is just minutes away. The famous Bonnie Brae Ice Cream shop is a central focus of the neighborhood, along with many other bars, restaurants, and shops. With easy-access to downtown Denver and the Denver tech-center, the commute from this home will be easy-as-pie.
Image via @jenkfisch on Instagram
go to site Perfect for Previous Home Buyers: With its great location and wonderful vibe, homes in Bonnie Brae tend to be out of most first time homeowners price range. This area is perfect for individuals who have previously owned a home, and individuals whose children have recently moved out of their house (nicknamed empty-nesters). With such a great location the kids will love visiting!