Denver is becoming expensive. For some a bit too expensive which is why they are turning to outlying areas for more affordable homes. Some of the homes located in these areas are Manufactured Homes which have very different requirements than a standard single family home, townhome or condo.
What is a Manufactured Home?
… Read the rest
Ummm, ok, what are those numbers? Those are numbers I think you will be quite interested in…
$402,302 is the average sales price in Denver right now.
$341,956 would be the mortgage amount with an average down payment (15%).
$8,836.68 is the extra interest paid over 30 years between a 3.875% rate and a 4% rate.… Read the rest
Humans are interesting and complex. At times people can seem very unpredictable yet we are all motivated by human nature. And human nature is predictable – motivated primarily by pain and pleasure.
How is this relevant to a mortgage? Well, making a home purchase or obtaining a mortgage is a very emotional decision. … Read the rest
The Denver market continues to remain hot which is driving prices ever higher. I don’t know about you but I have seen some buyers get priced out of the market. What is the solution?
Some are expanding into surrounding areas in an attempt to buy a home within their price range. … Read the rest
You have a CreditKarma or FreeCreditReport.com account and you keep a close eye on your credit score. You receive alerts notifying you of any activity or score changes. You are on top of it! Keeping tabs on your credit score through subscription programs like this may be helpful to see what is going on but do you know how mortgage companies look at credit scores?… Read the rest
Did you know you could dispute items on your credit report? Did you know that disputing items has become a popular method to clean up your credit and improve your score? I am here to tell you that credit disputes impact mortgage qualifying, so be careful.
Fair Credit Reporting Act
The Fair Credit Reporting Act (FCRA) was put in place in the 70s but was amended under the Fair and Accurately reflect Credit Transactions Act (FACTA) in 2003. … Read the rest
Want my opinion on whether we are headed for another housing crash? Well, either way you are about to get it. Today’s post is just that, my opinion. It is my opinion based on my own perceptions, experiences, view points and profession. When you are done reading this I would love to get your opinion. … Read the rest
Have you heard of the CHFA RISC (Risk Information Score Card)? I will explain what it is real quick in case you haven’t.
CHFA wanted to avoid being adversely selected due to their limited overlays so a few years ago they implemented the CHFA RISC. Only under certain circumstances was the RISC required. … Read the rest
Calculating an accurate mortgage payment can be quite difficult. There are hundreds, if not thousands, of mortgage calculators found online. Unfortunately, most of them are either too simple or make too many assumptions. You plug in one or two items and it spits out a payment for you. These can be great for very simple situations but we do not live in a simple world and sometimes we need a more accurate mortgage payment to be calculated.… Read the rest
The American Dream is to buy a home and we incur a massive debt to make that possible. We are always told that debt is bad and so therefore the first step after getting this massive debt is to work on paying it off, right? I am here to say that you should not pre-pay your mortgage until you read this…
Most Americans, in addition to the debt they incurred to make home ownership a reality, have other debts. … Read the rest