aurora denver co realtor: Negotiate a Buydown to Get into a Home Now
- 02/02/23 11:25 AM
If you are a prospective homebuyer, things have changed in the past year. Most notably, mortgage rates have more than doubled which has created an affordability gap that has taken approximately 15 million buyers out of the market. Inventories are growing but it isn't because more people are deciding to sell their homes; it is because it is taking longer to sell properties because less people are qualified. Current housing inventory is a little more than a quarter of what it was in 2008. Buyers are wondering when the market will return to normal, as if mortgage rates at three and four percent … (4 comments)
aurora denver co realtor: Will Soft Inquiries Hurt Your Credit Score?
- 01/05/22 04:24 PM
Soft inquiries, sometimes known as a soft credit check or a soft credit pull, do not impact your credit scores because they are not attached to a specific application for credit. They can occur when a credit card issuer or mortgage lender checks a person's credit for preapproval purposes. Examples of soft inquiries are when you check your own credit or one of your current creditors checks your credit. If you are concerned about the negative impact on your score, specify to the lender that you want a "soft pull" to see if you qualify for preapproval. Soft inquiries may appear on … (2 comments)
aurora denver co realtor: Paying Down Your Mortgage
- 12/21/21 04:04 PM
When the situation arises that you have a lump sum of cash to pay down your existing mortgage, there may be different options available. Pre-paying principal on a fixed-rate mortgage shortens the term of the mortgage but the payment stays the same. Conversely, recasting a mortgage with a lump-sum principal payment lowers the principal and interest payment but leaves the term intact with the same payoff date. The interest rate on the mortgage will stay the same regardless. Prepaying principal can be done at any time but may not be applied until the next payment date. Recasting cannot be done within the first 90-days … (2 comments)
aurora denver co realtor: Buy Before You Sell Options
- 11/01/21 05:22 PM
The decision to buy first or sell first, has always been a little of the "Which came first: the chicken or the egg?" type of question. Is it better to buy another home before you sell your current one or sell the current one before you buy the replacement? Some buyers don't have a choice because they need the equity out of the current home to purchase the new one and possibly, their income limits their ability to qualify for having both mortgages at the same time. However, some buyers, with sufficient financial resources, may have other options available to facilitate the move. … (2 comments)
aurora denver co realtor: A Lesson from a Pro
- 09/15/21 07:28 PM
A well-known professional home stager, recently, decided to sell the 4,000+ square foot home which she lived in with her husband. It was certainly well maintained and by most standards, could have gone on the market immediately. However, she still went through a full staging effort before she listed the home. The work included painting inside and out especially, changing the kitchen cabinets from gray to white. The carpet was replaced along with a few dated light fixtures. They stained the fence and added minor landscaping to make it look fresh and inviting. They removed personal items from the home that might be distracting and … (3 comments)
aurora denver co realtor: Credit Score and the Mortgage
- 06/21/21 04:04 PM
Credit plays a huge role in getting a mortgage because it is a variable that helps the lender determine the likelihood that the loan will be repaid on a timely basis. Credit bureaus evaluate people's credit worthiness using a FICO score. The higher the score the better the borrower's credit. The mortgage rate charged to a borrower depends on their credit score. There is an inverse relationship between credit score and interest rate changed. The higher the score the lower the rate and the lower the score, the higher the rate. Two separate buyers with the same income, purchasing the same price home may both be approved … (0 comments)
aurora denver co realtor: Before you Pay Cash for a Home
- 05/09/21 06:50 PM
Before you pay cash for a home, ask yourself if there is a possibility, at some point in the future, you might put a mortgage on the home and would want to deduct the mortgage interest on your federal tax return. Current federal tax law allows homeowners to deduct the interest on up to $750,000 in acquisition debt used to buy, build or improve a property. When a person pays cash for a home, the acquisition debt is zero. The only way to increase the acquisition debt is to make and finance the improvements to the home. As with many IRS regulations, … (1 comments)
aurora denver co realtor: Time for a Toilet Upgrade
- 10/22/19 05:02 PM
Whether it is a cosmetic or a mechanical reason for upgrading a toilet, you may not know all the choices that are involved to choose the right one for your home. The current toilet may have cracks or leaks in the bowl or tank. It could be the aggravation of constant clogging or inefficient flushing. Maybe there is damage in the porcelain bowl or built-up mineral deposits that are clogging the inlet holes or syphon tube. If frequent repairs have you on a first name basis with the plumber, it may be time to consider replacing the toilet. There are a lot of things to … (2 comments)
If you are a prospective homebuyer, things have changed in the past year. Most notably, mortgage rates have more than doubled which has created an affordability gap that has taken approximately 15 million buyers out of the market.
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