Denver Neighborhoods – Belcaro

No this is not your local bank….

“The neighborhood gets its name from the mansion of Lawrence C. Phipps (1862-1958) who was a United States Senator who represented Colorado from 1919-1931. Phipps chose “Belcaro” as the name of the mansion, yet today it is more commonly known as the “Phipps Mansion.” Phipps developed much of the neighborhood, and today it is dominated by many large ranch-style houses on large lots and tree-lined streets. A large gated community called the Polo Grounds occupies a section of the northern part of the neighborhood.”



Is an A.R.M. right for you?

Properly named Adjustable Rate Mortgage.

Broken down to basics, all mortgages fall into one of two categories of financing: fixed interest rate and adjustable interest rate, or ARM. Each has its pros and cons, benefits it confers upon the buyer and some ways in which it may not be right for all buyers.

While many people are currently opting for fixed-rate loans, ARMs can be extremely beneficial for many homebuyers.

W.J. Bradley offers a variety of adjustable-rate mortgages (ARMs). But why would you want to take a chance with an interest rate that fluctuates? It’s important that you understand what an ARM is and its characteristics before you commit to your new home financing. Below is some basic information about ARMs to get you started:

  • Lower starting costs
  • Lower starting rate than fixed-rate loans
  • Often easier to qualify for since rates and initial payments are lower
  • When interest rates are low, your mortgage rate is low — but keep in mind, if rates rise, so can your ARM interest rate, at set intervals
  • All ARMs have caps that prevent the rate from going over a certain amount; some are periodic (every six months or so), some are lifetime caps (the percentage that, when added to the start rate, tells you how high your interest rate can rise over the life of the loan)
  • Some programs start out with a fixed-rate period; if rates have risen when this period is over, you can choose to look for a better rate and refinance, or sell your home
  • Interest-only ARMs are available, and can be a good choice for borrowers who plan to spend a short amount of time in the home, such as first time home buyers who may plan to trade up in a few years.

If you’re looking for smaller monthly payments and lower qualifying requirements, if you plan to be in your home for a short time or if you need to keep more cash in your pocket for the near future, an ARM may be just what you’re looking for! It’s important that you speak with a licensed mortgage professional who can explain the pros and cons to determine if an ARM loan is right for your unique financial situation.

Denver Neighborhoods – Baker

No this is not the person that makes your bread….

“A portion of the neighborhood’s riverfront was homesteaded by William and Elizabeth Byers in 1859, just north of where James Beckwourth, a former slave, settled the same year. The first subdivision in Baker was platted along Santa Fe Dr. south of W. Sixth Ave. in 1872, and residential development took off in the 1880s. The part of the neighborhood north of Alameda Ave. was annexed into the city of Denver in 1883. The neighborhood includes hundreds of 19th century brick houses and 39 buildings by locally famous architect William Lang. More than 80 percent of the neighborhood was developed by 1900. In the 1970s the City of Denver named the neighborhood after Baker Junior High School (now Denver Center for International Studies) which had been named for turn of the 20th century University of Colorado president James Hutchins Baker, who never lived in the neighborhood.”



Denver December Real Estate Stats

Denver Home Market Trends – December 2012


Denver Home Market Update
December, 2012
Market Overview:
By the numbers, there are 7,706 homes available for sale at December month end, 2,684 homes came
onto the market, 3,090 homes were placed under contract, and 3,400 homes closed in December for a
closed dollar volume of $986 Million.

Monthly Market Recap – December, 2012:
Single Family:                                                                                 Condos:
Active Inventory is 6,366 units at month end                                Active Inventory is 1,340 units at month end
Sold units is 2,725                                                                 Sold units is 675
Average Days on Market is 75                                                     Average Days on Market is 67
Median Sold Price is $255,000                                                   Median Sold Price is $142,000
Average Sold Price is $315,451                                             Average Sold Price is $186,877

December Year-to-Date Market Recap (2012 versus 2011):
Single Family:                                                                              Condos:
Active Inventory 6,366 versus 8,854 (↓28%)                                 Active Inventory 1,340 versus 2,139 (↓37%)
Sold Units 37,164 versus 31,437 (↑18%)                            Sold Units 9,135 versus 7,950 (↑15%)
Median Price $250,000 vs $230,000 (↑9%)                               Median Price $142,000 vs $124,900 (↑14%)
Average Price $304,178 vs $279,858 (↑9%)                              Average Price $179,616 vs $159,141(↑13%)
Sales Volume $11.3B versus $8.8B (↑28%)                               Sales Volume $1.6B versus $1.3B (↑30%)
Days on Market 77 versus 105 (↓27%)                                    Days on Market 77 versus 116 (↓34%)

Market Narrative:
December activity showed seasonal slowdown from prior months.
Average and Median pricing returned to pre-recession numbers.
Inventory of homes available continued to decline.
Buyer demand continues through the year end and into 2013.
On a Year to Date basis, 2012 was a great year for the Denver market.

Overall, the Denver market has a two month supply of homes available for sale at the current sales
rate. Single Family Residential homes have a 2.06 month supply and Condos have a 1.76 month supply.

Denver Neighborhoods – Alamo Palcita

Did you even know that this existed?

“The history of the Alamo Placita Historic District tells the story of 1860s prairie land along Cherry Creek just three miles (5 km) southeast of the new town of Denver. Farsighted investor Moses Hallett, an attorney from Illinois, bought the land in 1864. Hallett’s quarter section of land became Arlington Park Addition, and later, Alamo Placita neighborhood. By 1887, Denver’s southern city limit was the northern border of Hallett’s claim (now East 6th Avenue). A road on the eastern edge of Hallett’s land, called Hallett Road, is now Downing Street. In 1889, Hallett sold his land to the Arlington Park Land and Improvement Company and became one of several investors in the company.”


Alamo Palcita

Denver Neighborhoods

As I am learning the specific Denver Neighborhoods I thought I would do a series on what I am learning. For the next few weeks I will be sharing with you some of the specific Denver neighborhoods. Their boundaries (ish) and some facts about each.  If you want to see the picture just click on it!


Denver Neighborhoods

Lending Language

Those crazy bankers and lenders. Tossing out words that you may not know what it means. Well, here is a little cheat sheet of terms and their definitions.

If you’re thinking of obtaining a mortgage, whether for a new purchase or a refinance, it’s a great idea to do some exploration beforehand to familiarize yourself with the process and what you can expect during your loan application, approval and closing. To help you better understand your options and make an informed decision when it comes to selecting your new home financing, we’ve gathered some of the most frequently used mortgage industry terms together for you to keep as a handy reference guide. If you have further questions about any of these terms or any other parts of the home loan process, please feel free to give me a call!

Annual percentage rate (APR): this is the actual interest rate you pay to borrow money. The APR includes the base interest rate, points, and any other add-on loan fees and costs. All lenders must follow the same rules to ensure the accuracy of the APR, so it provides consumers with a good basis for comparing the cost of loans from different lenders.

Automated Underwriting: we run your loan application through a computer system that evaluates certain numbers and information to determine if the loan appears to meet program guidelines.

Cash-out Refinance: a refinance where you borrow more than you need to pay off the original loan to get cash in hand. It’s an alternative to a home equity loan.

Closing costs: these fees are typically not part of the actual mortgage, and include such costs as title search, origination fees, discount points, prepayment of taxes and insurance, and real estate transfer taxes.

Disclosures: within three days of my receiving your fully completed loan application, you will receive these legal documents that explain your rights as a borrower on a mortgage loan. Disclosures will also show you the details of your loan amount, costs, monthly payments and payback terms.

Discount points: you can pay points at closing as a type of buydown in order to lower your overall interest rate and mortgage payment. One point equals 1% of the home loan value.

Good Faith Estimate: this is a federally regulated estimate of all the fees associated with your closing coats, including pre-paids, escrow items and lender charges.

Home price index: this is an industry tool that provides historical data on residential home prices in various regions.

HUD-1 statement: this document itemizes all of your closing costs and shows the fees you paid, such as real estate commissions, loan fees, points and escrow amounts. Also known as the settlement sheet or closing statement.

Loan modification: your lender may be able to modify the terms of your loan to make it easier for you to continue making payments and avoid foreclosure, without refinancing the loan. Generally it involves reducing the interest rate and thus the amount of your monthly payment for a fixed period of time.

Loan origination fee: the fee you pay for the lender’s services in administering your loan. A loan origination fee of 1 to 2 percent of the mortgage amount is common.

Loan-to-value (LTV) ratio: your lender will divide the amount of the loan by the asking price of the home and come up with a percentage. A high LTV, such as 90%, means you only have to come up with 10% cash as a down payment, while a lower LTV, such as 70%, means you need to come up with more cash to put down, but you may avoid the need for private mortgage insurance.

Mortgage insurance: when buyers take out a mortgage with less than 20% in cash to put down, lenders require them to pay mortgage insurance, a monthly premium that is added to the mortgage. This protects the lender should a buyer default on the home loan.

Mortgage Qualifying Ratios: these are the front-end and back-end ratios, which we use to calculate how much of your income is spent on your bills and how much will go toward your mortgage.

PITI: principal, interest, taxes and insurance: the four elements of a monthly mortgage payment. Payments of principal and interest go toward repaying the loan, while the payment for taxes and insurance goes into an escrow account to cover those fees when they are due.

Processing fees: lender fees associated with creating the loan or mortgage, usually part of closing costs.

Rate lock: this guarantees your interest rate for a set period of time while you complete the purchase of your home. Rates locks do expire but they can be extended, generally for an additional fee.

Secondary mortgage market: when we originate loans, we often sell them on the secondary market in order to raise more capital for more loans. Investors purchase our residential mortgages as a financial tool.

Truth-in-lending disclosure (TIL): this document discloses your interest rate, loan amount, the amount you will have paid upon the loan’s maturity and other relative financial information.

Underwriting: this is where your loan application is analyzed to ensure you will be able to repay the loan.

Walmart sells everything…including houses

Good ol’ “wallyworld” is taking a new spin. Walmart is now dipping its toe into the Real Estate world. For those who did not already know this. It’s true. Walmart now has in store real estate teams to help you shop for a home while shopping for your groceries.

There was a pole recently done to which consumers say the would consider getting a mortgage from Walmart. Folks even said they would consider even something like PayPal!

It will be interesting to see where the finance world will head and what the future for big banks hold.


If you want to read the article check it out HERE!