jody bruns: Preapproval vs. PreQualfied - What is the difference? - 09/19/16 03:20 AM
A Mortgage Preapproval Letter vs. a PreQualified Letter - are either worth the paper they are written on?
There's not a lot of difference between a prequalification letter and a preapproval letter. While there are some legal distinctions, in practice both terms refer to a letter from a lender that says the lender is generally willing to lend to a client, up to a certain amount and based on certain assumptions. This letter is often required when a prospective home buyer is looking to submit an offer to purchase real estate because it gives the seller confidence that a prospective buyer will … (17 comments)

jody bruns: The Affordability Window of Homeownership - 07/18/16 02:01 AM
For the last couple/three years, we have all given our clients the line about how affordable it is to buy a new home with low interest rates. Do we really understand what the “Affordability Window” is and are we prepared to explain to our clients that the window may be shrinking so it’s time to buy sooner than later?
First off – the “Affordability Window” is the gap between housing payment and income – not home prices and interest rates. Obviously, the larger the gap the more affordable homeownership can be for our clients.
This following graph (taken from some of my … (0 comments)

jody bruns: Marital Property vs. Separate Property: Facts You Should Know - 07/06/16 03:18 AM
It's great getting new clients - whether selling a new home or closing a new loan. Sometimes we don't realize how our hand in a transaction plays into other facets of our client's circumstances. 
Take Marital Property vs. Separate Property for instance.
Generally, there are three basic questions divorcing clients ask when deciding to get a divorce:
1. What is our propety?
2. What is it worth?
3. How are we going to divide it?
After answering these three questions, the obvious first step is to determine what portion of the equity is marital and what is non-marital. State laws vary broadly on this issue. Some state, … (3 comments)

jody bruns: Price-to-Rent Ratio Explanation Expanded - 07/05/16 07:00 AM
I received quite a few inquiries to further elaborate on my Price-to-Rent Ratio post, so here goes:
Even though we can do a quick calculation of the Price-to-Rent Ratio: what does that number really mean? Boiled down – just remember that if the number is lower than 20% it is in the best interest of the renter to at least consider buying a home and looking deeper into their specific situation.
To do so means understanding how to calculate the actual Net Monthly Benefit of owning a home. Owning a home over time has proved to be a strong contributor to building wealth – … (1 comments)

jody bruns: Waiting Periods after a Derogatory Credit Event - 06/22/16 12:52 AM
A common question I am often asked is, "How long do I need to wait to purchase a new home after I had to short sale my house; let my home go into foreclosure; filed bankruptcy; etc.?"
The answer is more grey than black and white for some borrowers now that there are "Extenuating Circumstances."
The one technical detail that often bursts a potential buyer's bubble is the 'date of the event.' Borrowers often think that the waiting period begins when the event happens - the date their home went into foreclosure or the date they filed for bankruptcy. The actual waiting period … (3 comments)

jody bruns: Partial Exclusion for Capital Gains on Sale of Real Estate - 06/20/16 03:26 AM
Did you know your sellers might not be totally out of luck with regards to their Capital Gains Exclusion if they sell within 2 years of purchase?
We all know you have to live in your home for 2 of the previous 5 in order to use your full exclusion of $250,000 single or $500,000 married on the Capital Gains in the sale of real estate. However, did you know that even if you don't meet all the home-sale exclusion tests, your tax break might not be totally lost.
When an owner sells a house because of special conditions, such as a change … (0 comments)

jody bruns: How a 1-0 Buy down Saves Your Clients $$$ - 06/17/16 03:42 AM
Do you have any real estate clients who could benefit from a Buy Down on their interest rate? Of course you do - but do you understand how a Buy Down can help them?
A Temporary Buydown is a mortgage loan option that reduces the borrower's interest rate for a specific amount of time.
The main benefit of this type of mortgage is to attract potential homeowners who expect to be making substantially more income in the near future. Another benefit of this type of mortgage is that it often means the buyer ends up paying less for the property than the seller's … (3 comments)

jody bruns: Appraisal Demands in the Denver Market - 06/13/16 11:44 PM
The Denver market is putting a strain on local appraisers!
We are all experiencing the painful delays with appraisals in the Denver market. I thought I would give you some information that might help you and your current listings and or purchase contracts.
New American Funding has just added a 3rd AMC providing us with a larger pool of appraisers which helps with turn times and demand. With the huge demand on appraisers in the current Denver market, here is some great information to help set expectations coming from all three AMCs:
         Properties located in the North counties: Weld and Larimer are 3-4 weeks … (3 comments)

jody bruns: Home Equity Lines of Credit and Divorce - 06/07/16 03:31 AM
Home Equity Lines of Credit and Divorce
Jody Bruns
Any time you have a marital home involved, it is important to identify any lines of credit attached to the home. Many times when you ask your clients what the mortgage balances are on the home – they may have forgotten about an open equity line because there is no outstanding balance on it.
Don’t stop with just obtaining a legal description on the property. Careful attorneys will not limit their inquiry to the legal description of the property. Instead, they will pursue actual evidence of ownership and encumbrances, including liens, by ordering a title … (4 comments)

jody bruns: Property Settlement Notes in Divorce - 06/07/16 03:23 AM
Property Settlement Notes in Divorce
Jody Bruns, CDLP, CMMU®
Property Settlement Note – a deferred payment in property settlement used to equalize property.
Used to equalize property Not taxable to recipient Does not survive bankruptcy  Very often when divorcing couples negotiate the terms and conditions of a property settlement, they agree to a structured settlement, which is a series of smaller payments paid over time, as opposed to a lump-sum payment. In this routine, a series of payments over a period of time comes to more than the agreed upon settlement sum because the recipient normally receives interest to compensate for the delayed … (1 comments)

jody bruns: Common Credit Concerns Found with Divorcing Couples - 06/07/16 03:21 AM
Common Credit Concerns Found with Divorcing Couples:
Jody Bruns
Mortgage payment is missed. Whether an oversight or intentional, when a mortgage payment is missed there are more repercussions than just a negative hit to the credit score.
 A single 30 day late mortgage loan payment can cause a credit score to drop by as much as one hundred points. A single 30 day late mortgage loan payment may prevent you from obtaining mortgage financing from 12 months up to 24 months depending on the loan program and investor.  Marital Home in Foreclosure Proceedings. Many times in a divorce situation there are financial … (1 comments)

jody bruns: National Appreciation Interactive Map - 06/07/16 03:06 AM
With the crazy roller coaster in the real estate market over the last 8-10 years, many would be sellers and buyes may still be skeptical of real estate as an investment. Every industry has 'cycles' - we just have the luxury of our cycels being all over the media! 
I have always loved using visual aides for my clients - the kinds of aides that provides a clearer picture and can tell a story - such as the change in appreciate or depreciation even so they can see the cycles.
I wanted to share a great interactive map with you that will allow … (3 comments)

Jody Bruns, CDLP, Niche Marketing Expert in Real Estate & Mortgage (Jody Bruns, LLC)

Jody Bruns, CDLP

Niche Marketing Expert in Real Estate & Mortgage

Aurora, CO

More about me…

Jody Bruns, LLC

Address: Greenwood Village, CO, 80111

Mobile: 720-692-7241

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