realtor denver aurora co: When do You Lock Your Mortgage Rate?
- 02/20/23 08:38 PM
2/ Locking your interest rate protects you from increases due to market conditions. Locking early safeguards your budgeted payment. By locking the rate, if the market goes up, you get the lower rate; if it goes down after the lock, you may be able to pay a fee and lower the rate.
Knowing when to take the lock is determined by which direction you think the market is going. If you think rates are going up, lock in early. If you think rates are going down, ride the rate to within a few days of closing.
Some lenders may allow a borrower to lock a … (3 comments)
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realtor denver aurora co: Difficult to Buy What Is Not For Sale
- 07/14/22 01:35 PM
Buyers are becoming discouraged there are not enough homes on the market, especially, in certain price ranges. When they do find something they want, there may be multiple offers and they end up losing to another buyer.
Some buyers after experiencing several of these instances have decided to wait until the market changes. It is understandable but it may be a very long wait as well as being a very costly decision.
Inflation is affecting all sectors of the economy; prices on food, cars, and electronics are going up as well as housing and mortgage rates. Home prices rose 20.2% year over year … (4 comments)
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realtor denver aurora co: Homeownership and the Three M's
- 05/29/22 12:52 PM
Homes are valuable assets and must be maintained so they function properly, are safe, enjoyable and hold their value. Attention to maintenance, minimizing expenses and managing debt & risk will protect your investment.
Maintenance
It is interesting that people understand the necessity to maintain a car and regularly have the car inspected, repaired and do regular maintenance. Even though a house could be worth many times more than a car, homeowners regularly neglect what should be routine maintenance.
Failure to maintain a home properly adversely affects the value. Many times, buyers will discount the price they are willing to pay for a home … (3 comments)
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realtor denver aurora co: Existing Homeowners May be Facing Higher Payments
- 05/29/22 12:38 PM
Existing Homeowners May be Facing Higher Payments5/18/2022 As a current homeowner, you may be basking in the consolation that you bought before the market got crazy with higher prices and interest rates. However, it doesn't mean that you may not be facing higher mortgage payments for next year.
Most homeowners pay their taxes and insurance into an escrow account with their mortgage payment. The lender monitors the account to be sure there are enough funds available when the taxes and insurance are due. If there is a shortage, it could cause your payment to increase.
In 2021, the national average increase in home … (1 comments)
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realtor denver aurora co: Today is a Skills Market
- 05/28/22 08:00 AM
In today's ultra-competitive real estate market where there is only 1.7 months supply of inventory compared to 6 months in a balanced market, and the average home is getting 4.8 offers per sale, it is more important than ever to have the right person "champion" your cause.
In the Middle Ages, it became customary for a person of nobility to appoint a "champion" to fight for them in their stead. Trial by combat ended in the 15th to 16th centuries but the practice of "fighting" or speaking in one's behalf continues even to this day.
Lawyers will take up the cause of their client … (2 comments)
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realtor denver aurora co: Removing or Adding a Person to a Loan
- 10/26/21 05:15 PM
Removing or Adding a Person to a Loan In divorce situations, it is common, for the spouse who keeps the home to refinance to remove the other spouse from the loan. Equally as common, first-time buyers who don't have enough income to qualify may ask a parent to co-sign and must add their name to the mortgage.
Another situation that requires removing or adding a person to a loan could be to qualify for a better interest rate. The difference in a minimally acceptable credit score and something that might be considered "good" could be as much as a 0.5% higher rate for … (3 comments)
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realtor denver aurora co: Encouraging Multiple Offers
- 10/24/21 08:46 PM
Based on the current competition due to lower than normal inventories, it is possible for a seller to find themselves on the beneficiary side of a multiple offers. Two or more parties may be trying to buy your home at the same time and because of the competition, they increase the purchase price, possibly, remove unnecessary contingencies and try to make their offer as attractive as possible.
This can pleasantly result in you realizing higher-than-expected sales price and proceeds of sale. While it may not materialize, it is good to understand what could happen and the best way to handle it. Your real … (0 comments)
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realtor denver aurora co: Cash-Out Refinance
- 10/24/21 08:32 PM
Cash-Out Refinance10/13/2021 With the rapid appreciation that homes have had in the last two years, most homeowners have equity. A common way to release part of the equity is to cash-out refinance but some homeowners may not be eligible currently.
This type of loan replaces the current mortgage by paying it off and an additional amount of cash for the owner. Generally, lenders will consider a new mortgage up to a total of 80% of the current value.
Typically, the rate on a cash-out refinance will be slightly higher than a traditional purchase money mortgage. As is in any lending situation, the rate depends … (1 comments)
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realtor denver aurora co: Keep Your Current Home as a Rental
- 10/24/21 08:18 PM
Let's assume that you have owned your home for several years. It has increased in value and the unpaid balance considerably less than you originally borrowed. In short, you have equity in the home. You're thinking about buying another home and one of the questions going through your mind is "should we find a replacement property before we put our home on the market?
It is a good question but maybe there is another one you should be asking. "Should we keep our current home and convert it to a rental when we buy another home? The answer to the … (0 comments)
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realtor denver aurora co: Doing Nothing is Costing Something
- 07/21/21 09:57 AM
It has been said that more money has been lost due to indecisions than ever was due to making the wrong decisions. Many times, the larger the decision, the more likely procrastination comes into play and doing nothing will cost something.
Buying a home is certainly one of the biggest decisions people make. Careful consideration and planning are necessary steps leading to a prudent decision. Considering today's market that includes a global pandemic, financial volatility, and rapidly rising home prices, it is understandable that many people thinking about a home purchase are in a wait and see posture.
However, there is a cost … (1 comments)
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realtor denver aurora co: Things Have Changed
- 08/04/20 09:12 AM
The soothsayer in Shakespeare's Julius Caesar issued his famous warning "Beware the Ides of March." Who knew that in 2020, around the middle of March, the world, as we knew it, would force such dramatic changes on us from the Coronavirus.
In America, it has brought our economy to its knees as we sheltered in place for over four months. During this time, changes have affected our lives and many of those changes could be permanent.
Previously, smaller homes were becoming the trend for not only efficiency but upkeep so owners would have more time to do things including travel. Now, travel is … (0 comments)
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realtor denver aurora co: Rethinking Home
- 05/27/20 09:26 AM
The last two months of the new normal stay at home has led many homeowners to rethink the way they live in their home. It has now become an office for working at home; a school for children; a gym to stay in shape; and a place for recreation.
The repurposing has people evaluating whether their home still meets their needs or if some changes are necessary. In some cases, adult children have moved back home, and, in others, there are parents who have moved in for the first time.
Staying at home and sheltering in place is necessary but how much … (2 comments)
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realtor denver aurora co: Convenience at a Cost
- 05/12/20 09:04 AM
The convenience of selling your home without the hassle of getting it ready, putting it on the market, showings, open houses, negotiations and repairs comes at a cost ... a significant part of your equity.
The companies, referred to as iBuyers, that buy homes from sellers are for-profit organizations. They expect to make a profit from sellers who are willing to discount the proceeds they'll realize as an alternative to the conventional method of selling a home for people who need a quick sale.
The promotions for these companies generally state that you can receive a cash offer in a few … (3 comments)
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realtor denver aurora co: It Starts Before the Statement is Sent
- 05/04/20 11:28 AM
The deadline for challenging your property tax assessment this year may be later than normal due to the stay at home orders but when you are notified, you'll want to be ready to decide whether you can save some money on property taxes this year.
There are two elements that determine the amount of property taxes you'll pay for the year: the assessment of value and the property tax rate. Both determinations occur long before the property tax statement is sent.
Property owners are notified in writing what their assessed value is for the year. It is estimated that most owners don't … (0 comments)
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realtor denver aurora co: What Kind of Properties are These?
- 02/25/20 05:06 PM
It is the way the property is used that determines the type of property it is, not what it looks like. Based on the intent of the owner, the property could be a principal residence, income property, investment property or dealer property.
A principal residence is a home that a person lives in. There can be only one declared principal residence. It is afforded certain benefits like deducting the interest and property taxes on a taxpayers' itemized deductions, up to limits. Up to $250,000 of gain for a single taxpayer and up to $500,000 for a married couple filing jointly … (0 comments)
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realtor denver aurora co: Instant Buyers Save Time But Cost Money
- 02/17/20 05:43 PM
There are a multitude of companies across the Internet, referred to as iBuyers, who are suggesting that sellers can save the hassle of putting their home on the market, showings, repairs, open houses and other things by accepting their instant offer to purchase.
The adage goes "if it sounds too good to be true, it probably is." The price to be paid for the convenience of not having to deal with the hassle is a lower net sales price than you'd probably realize if you took a more conventional approach to selling your home.
These companies are not charities and … (0 comments)
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realtor denver aurora co: Expectations
- 01/28/20 08:03 PM
Think of your REALTOR® as an invaluable part of the team who is going to help you meet your expectations. Ideally, what every owner wants when they sell their home is to get the highest possible sales price in the shortest period with the least inconveniences. They may not realize that's what they want but if you ask enough questions, they are the three most common expectations.
Even when REALTORS® put their home on the market, they have the same three expectations.
The challenge is that to achieve two of these may come at the expense of the third item. The maximum price … (2 comments)
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realtor denver aurora co: How to Take Care of your Washing Machine
- 11/11/19 03:21 PM
Preventive Maintenance: How To Take Care of Your Washing Machine By WIN Home Inspection • October 9, 2019
One of the most helpful modern conveniences is the washing machine. When it's working, there's nothing like having clean clothes at your convenience. But when it's not, it certainly makes life more difficult. There are a few easy maintenance tasks that help keep your washing machine in tip-top shape. With these tips, you'll have fewer service calls and a washing machine that lasts longer.
Wash Your Washer
This seems like something that would happen naturally. Isn't our washer there to wash clothes? So, … (4 comments)
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2/ Locking your interest rate protects you from increases due to market conditions. Locking early safeguards your budgeted payment. By locking the rate, if the market goes up, you get the lower rate; if it goes down after the lock, you may be able to pay a fee and lower the rate.
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