Home Mortgage and Finance

There are currently 154 blog entries related to this category.

How much of a down payment do I need to by a Denver home? Or, I don't have enough saved for a down payment yet. These are the two most common questions/statements I hear when starting to talk with potential home buyers. I am very surprised to hear that most potential buyers feel they need 20% down to buy a home when in fact, I would say 75% of the buyers I work with end up putting less than 20% down when they finally do buy their home.

The advantage of putting 20% down is that you don't have to pay a for mortgage insurance. Mortgage insurance is a fee that is added on to your monthly payment to help protect the lender until you have 20% equity built up in the property. While in theory this is a best practice, in reality, saving 20% for a home

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Is now a good time to invest in Denver Real Estate? I get the question a lot and the answer is YES! The rental market is even crazier than the Real Estate market if you can believe that with right around a 1% vacancy rate for rentals. Rental rates are the highest they have ever been and with these crazy low interest rates, you can cash flow a property in a manner that has never before been possible.

I've been investing in Real Estate for about 6 years now and since I bought my first duplex I've seen the monthly rents go up six hundred dollars a month. I've seen the largest increase in the past 3 years and expect when I rent it again next year I will be able to ask even more and it will rent the first day on the market once again.

To invest in Real

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Yesterday I wrote about how mortgage interest rates are the highest they have been in the past year and how it looks like they will be hovering around 4% for the foreseeable future. To read the full blog, click here. Now that we have an educated guess as to what rates will do most likely the rest of summer, it only makes sense to look at how this will impact the Denver Real Estate market and what it means to buyers and sellers.


If we look at historical data, we see that whenever rates increase, so does market activity. This occurs because it gets a lot of buyers off the fence who think they have forever to take advantage of the low rates. And it also convinces renters that if they don’t do something quick, their chance to own for less than rent

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This week, mortgage interest rates hit their highest level in past year and it has a lot of buyers out there pretty concerned. With an average around 4%, the rates are still near all time historical lows but when compared to the mid to low 3’s we saw in September, it is a pretty significant jump. To find out why the rates are higher now and the long term forecast for rates, I turned to the expert, Tracey McVicker with SWBC Mortgage.


According to Tracey, “interest rates have increased dramatically over the past 30 days or so.  Most of this is because the stock market has been performing so well, which is usually to the detriment of the bond market, and thus rates. We looked to be having a bit of a rebound until on Wednesday May 22, after Fed

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Turn a good home into a great home with a Renovation Loan. 

A FHA 203(K) Renovation Loan may be able to help you get the home you’ve always wanted, by turning a home that’s almost perfect (or a home that needs extensive repairs) into the home that’s just right for you!  You can purchase and renovate your new home, all in one loan, with only one set of closing cost. 

Don’t let the wrong carpet color, lack of central air conditioning or a poorly designed kitchen stop you from getting the home that’s almost perfect for you.  If you have a vision of the perfect home, a 203(K) loan could help you bring that vision to life.

W.J. Bradley Mortgage Capital, LLC has created a unique partnership with RenovationReady to streamline the entire FHA 203(k) loan

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Denver recently announced the Metro Morgage Assistance plus program as a way to help more buyers reach the goal of homeownership. This program provides buyers with a 4% grant, that does not have to be repayed, that can be used towards a down payment and or closing costs. 

There are a few guidelines that you need to meet in order to qualify for the grant in addition to qualifying for a regular mortage. These criteria include:

- Must make less than $91,100 for households of two or fewer persons (and less than $103,000 for three or more).

- Must have a minimum FICO score of 640 (660 for manufactured homes) and a maximum debt-to-income ratio of 45.

- Even though a significant portion of your down payment will be supported by this grant, you may

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If you’ve been thinking about buying a new home with an FHA loan, you might want to give your lender a call!  As of April 1 FHA has made some BIG CHANGES!
 
This flexible, low money down program is great for folks without much saved for down payment or who might need a family member’s income to help qualify for a loan.  With an FHA loan your  entire 3.5% down payment can be a gift from family or if the house you find is a little more expensive than you planned, you can have family add a gift or be added to the loan to help you qualify.  In this market having that kind of flexibility with your financing can sometimes help you win the home you love.
 
As of April 1 all FHA loans with 10% down payment or less now have mortgage insurance for the life of the

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What is the Denver Real Estate market going to do as we get into spring? Historically, springtime marks the beginning of "buying season" for Real Estate in Denver and so the standard answer is that the market is really going to pick up. But with as crazy as the market has been the past three months, it is hard to say with any certainty that it can get any hotter than it is right now, but my gut says it will.

According to the S&P/Case Shiller home prices index that was released yesterday, the Denver metro area saw a 9.2% rise in home prices in January compared to last January at the same time. That marks 13 straight months of year-over-year gains and the highest gains since the housing market burst in 2006. According to an article in the Denver

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Buoyed by successes from past homeowner programs and with an eye on the future, the City and County of Denver and the Metro Mayors Caucus today launched the Metro Mortgage Assistance Plus Program, a new funding initiative to encourage home ownership.“There is no better way to help rebuild our local economy and expand the strength and vitality of our neighborhoods than to open the doors of home ownership to moderate and low-income buyers,” said Denver Mayor Michael B. Hancock.

The program reduces the usual barriers to home ownership by providing a 4% grant for down payment and closing cost assistance—money the borrower does not repay—and can offer a competitive interest rate on 30-year mortgages. The program can currently be used to purchase any property

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