Home Mortgage and Finance

There are currently 188 blog entries related to this category.

Yes, it's true! You can get a grant to help you to buy a home in Colorado!

The Colorado Housing and Finance Authority, or CHFA, was created in 1973 by the Colorado General Assembly. CHFA’s mission is to increase affordable housing and economic development in Colorado. Effective February 2, 2015, CHFA will be offering their popular down payment program as a grant instead of a loan! The grant will be:
- Non-repayable!
- In the amount of 3% of the first mortgage loan!
- Can be used for down payment, closing costs, and/or pre-paids.

Qualifications**
- Have a middle credit score of 620 or higher 
- Meet income and purchase price limits.
- Complete a CHFA-approved homebuyer education class prior to loan closing 
- Contribute a minimum of $1,000 toward the

1,975 Views, 0 Comments.



It is no secret that Denver’s real estate market is red hot. Limited availability and rising home prices continue to put Denver’s real estate statistics on the front page of national blogs and economic publications. Although many are timid to test their buying power in this market, real estate professionals will argue that there has never been a better time to invest. In order to be a successful buyer, you need to know exactly what you want, and what is available to you and your budget! Knowledge is power, and the more knowledge that you have in this market, the more likely you are to succeed.

This blog will be the first of many that will be comparing and contrasting what kind of real estate investment your money can buy you in Denver’s market. I will

2,448 Views, 0 Comments.

How much does renting instead of buying really cost you? There have been reports coming out pretty consistently the past few years showing how much more it costs to rent in Denver verse buying. It is about 50% cheaper to buy rather than rent in Denver right now which equates to a couple thousand more to rent per year. Depending on your situation, the flexibility might be worth it. But how much does it cost you when you look at it over a longer period? 

I found this great article on Market Watch about the $700,000 plus mistake that nearly six out of 10 millennials will make, click here. It breaks down the difference between renting verse buying for the standard loan term of thirty years and the results are startling.

Considering that the median home

2,848 Views, 1 Comments.

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

1,901 Views, 0 Comments.

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

2,233 Views, 0 Comments.

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

4,357 Views, 0 Comments.

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

2,280 Views, 0 Comments.

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

3,730 Views, 0 Comments.

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

2,657 Views, 0 Comments.

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

2,772 Views, 0 Comments.