Home Mortgage and Finance

There are currently 185 blog entries related to this category.

Now might be the best time ever to refinance your home because rates are near the lowest they have ever been and because of new FHA rules, you could greatly reduce your mortgage insurance. I've played the refinance game for years now, every time the rates drop, I refinance a little lower. I honestly thought I would never have the opportunity to refinance again. But I met with a lender today and he told me how low rates have dropped so I'm rushing to send over all my information to him to get the process started for my house and rentals right away. Below are two main reasons why refinancing makes so much sense.

1) Interest rates are near the lowest of all time. I was quoted 3.75% today for a 30 year fixed mortgage and 3.125% for a 15 year fixed

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2015 is going to be a great time to buy for first time buyers and those with low down payments. FHA recently announced some major changes that make their loans much more affordable again and a real option for first time buyers and those with lower down payments. And conventional loans have become available for those with 3% down for the first time ever. With incredibly low interest rates, one of the hottest markets in the country and now super affordable loans, there may never be a better time to buy in Denver.

Here are a couple updates that make buying so much affordable and more possible this year.

1) FHA just announced reduced mortgage insurance premiums for 2015. Most buyers I know opted to put 5% down last year to get a conventional loan over

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What is the Denver Real Estate market going to do in 2015?  I wish I could tell with certainty what it is going to do, but we all know that is impossible. The next best thing then is listening to what the experts have to say and trying our best to predict based on that. 

The Real Estate numbers in Denver the past 3 years have been pretty incredible and each year we wonder how it can continue. If you look at some stats though, it is pretty easy to see why it has happened and why it will continue. In 2014, 56,000 people moved to Denver County alone. That's not the metro area, that is Denver County! So when we wonder how all the new apartments being built are going to be filled, I think now we know. Over 85,000 people moved to Colorado last year and a

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It happens everyday...people walk into our Highland Square office and ask if we know of any rentals available in the area...if we can help them find a place to rent...if we know anyone that can help them find a Denver rental...and we are always happy to listen and give our best advice - which, lately, is to drive around and look for FOR RENT signs...many landlords don't even list their properties online anymore, because a) there are so many rental scammers on sites like Zillow, Trulia, and Craigslist and b) they just don't have to -- they can usually find a great, solid renter through word-of-mouth or a simple sign in the yard.

Unfortunately, rentals are few and far-between in the Denver Metro area these days. With vacancy at an all-time low, and

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According to Realtor.com's 2014 Housing Review, this year demonstrated a steady build-up of housing momentum - fueled by significant improvements in economic fundamentals, low mortgage rates, and compressed inventory - and is expected to carry the market into 2015 gains. 

Sounds like great news, right? Well....actually, it depends on your situation.

Top 5 Housing Predictions for 2015:

1. Millennials will drive household formations: Both population and households have grown at a slightly higher pace in 2014 and this trend will continue in 2015 with modest improvement over this year's increases. Households headed by millennials will see significant growth as a reflection of economic gains. Millennials will also drive two-thirds of household

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Yes, you read that right. Renters in Denver need to make $35 an hour to afford a median priced rental. $35 an hour is 4 times the minimum wage in Denver and is no small amount, especially for those just out of college and new to the area so it definitely caught me a little off guard.  When you think about how many apartments are being built in Denver you would think that this number would be coming down soon. But even with the influx of new rentals to the market, vacancy rates continue to fall and rental rates continue to climb. 

According to a recent article by the Denver Post, click here, the median rent in the Denver Metro area is $1,772 per month which means you would need to earn $70K a year to to abide by the rule of thumb that annual housing

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At BBVA Compass, we believe smart mortgage lending helps build strong neighborhoods and a better future. We offer many different programs which DO NOT have private mortgage insurance. We have programs for First Time Home Buyer’s, investors, 2nd home buyers, clients looking to refinance, and more. You name it... there’s a program out there to cater to each individuals needs.

One of the great loan programs we offer is our “Community Reinvestment Act” program which has no mortgage insurance, low FICO scores down to 620, fixed rate, and as little as 0-3% down, depending on the property type and area. BBVA Compass may even also pay certain closing costs (excluding discount points, interest and prepaid items) up to $4,500 (restrictions apply) on this

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There are a lot of reasons that people buy houses….some are emotional, some are logistical, and some are, of course, financial.  We thought that these 5 reasons summed up many of the best reasons for buying a house rather than renting...

1.) Housing is typically the one leveraged investment available.

“Few households are interested in borrowing money to buy stocks and bonds and few lenders are willing to lend them the money. As a result, homeownership allows households to amplify any appreciation on the value of their homes by a leverage factor. Even a hefty 20 percent down payment results in a leverage factor of five so that every percentage point rise in the value of the home is a 5 percent return on their equity. With many buyers putting 10

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It might seem counter-intuitive to list your house in the winter months, but actually there are many reasons to list and sell your property during the winter:

1. We see a measurable increase in online traffic on our Real Estate website when the weather gets cold...it makes sense, people are inside, and they are looking at properties online.  If you are thinking about selling your home anytime soon, yours should be one of them.

2. Transactions tend to run a little more smoothly in the winter months, when Realtors, Lenders and Title Company Reps are not as busy...your deal will have much more of their attention than it would get in the Spring, leading to less mistakes, faster closing times and more availability.

3. Buyers that throw on snow boots

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Have you ever walked into a house during your home search and thought, "This house would be perfect if only it had...." but then wondered how the heck you could pay for even the smallest remodel?

When buying a home you can spend most of your liquid assets on the cost of down payment as well as the cost of the move itself. What do you then do about those repairs/remodels you want to do?

Most people wait until they can save additional money. But what if you could buy that house, and add in the costs of those remodeling needs when you closed on your home, have the work done immediately? You can do all of this with an FHA 203K or Fannie Mae Renovation loan in Denver, for either a home purchase or refinance. 

FHA 203K Loan

An FHA 203k loan is a loan

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