22 NovFive Hurdles to Mortgage Qualifying
Everyone has heard of the tightening of the credit market but what does that really mean to you? What does that really mean to you as a home buyer? Over approximately the past six years we have gone from a race around a track to get a loan approved to a hurdle race. Let me [...]
Read More ...20 JunIt’s Official – Now is the Time to Buy!
When to buy a home is a huge personal decision to make. Every person or family needs to make the decision to buy on a variety of factors including their family budget, current housing situation, funds available for down payment, job security and so on. Outside of the individual factors in deciding to make a [...]
Read More ...29 AugValue of REAL Pre-Approval
INTERESTING STATISTIC – One of my colleagues shared with me an amazing statistic: Almost 30% of real estate transaction in the US are falling through AFTER GOING UNDER CONTRACT. I don’t know about you – but I want to do what I can to prevent things from falling apart that I have responsibility for, especially [...]
Read More ...26 AugHow Affordable is Housing in Colorado?
How do you determine whether you can afford something? Typically this is an individual or family decision based on your personal budget, funds available and your goals. When I think of whether I can afford something I am normally thinking about a smaller purchase or subscription like a TV, internet or a vacation. What about [...]
Read More ...10 MarWhere the Heck Did FICO Come From?
Not too long ago, the credit world was much different than it is today. Credit bureaus operated in near secrecy, gathering information in ways that may surprise you. For instance, did you know that Retailer’s credit (now Equifax) received information about you gathered by the Welcome Wagon hostess?
Read More ...01 FebCHFA FirstStep NOW Available
On January 28 we first told you about CHFA’s FirstStep and FirstStep Plus programs that were going to be available February 1, 2010. It is now February 1 and we wanted to let you know the details of the program. CHFA FirstStep Through the sale of non-taxable mortgage revenue bonds, CHFA is able to offer [...]
Read More ...15 JanDrop Your Rate from 5.5% to 4% – NO JOKE!
Would you like to drop your mortgage rate from 5.5% to 4%? Crazy question, right? In Colorado, qualified homebuyers can apply for the Colorado Housing and Finance Authority (CHFA) Mortgage Credit Certificate (MCC) to do just that. That was a mouthful! Everyone knows that their monthly payments for the first several years of their home [...]
Read More ...11 JanThe Lender that Could – I Knew I Could
The mortgage business can be a confusing industry to understand. There are different types of loans, different types of lenders and different paths for loans after closing. All of these can impact your ability to get approved for a mortgage loan, the terms of the loan or how smoothly the process goes. I bring this [...]
Read More ...08 JanDon’t have a lot of money for down payment?
(All stories shared on Lending A Hand contain fictitious names with changes to insignificant details. The privacy and trust of our customers is our top priority.) I received a call from a customer who was interested in a condo and wanted a maximum monthly payment of $1,000. We’ll call him Gaston (obviously a fictitious name). [...]
Read More ...30 DecGetting Started with a Pre-Qualification
(All stories shared on Lending A Hand contain fictitious names with changes to insignificant details. The privacy and trust of our customers is our top priority.) Bonnie and Clyde (fictional names, of course) called us up the other day to get qualified for a home purchase. Apparently the robbery profession isn’t what it used to [...]
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