Archive for Denver Mortgages
What is Colorado’s Foreclosure Rate?
RealtyTrac released new foreclosure filing statistics last week, revealing that Colorado has the country’s tenth highest foreclosure rate in the second quarter of 2010. Colorado’s foreclosure filings decreased 4.59 percent from the first quarter of this year, but increased 4.73 percent from the same quarter of last year.
According to the report, in the second quarter of this year, Colorado had 15,287 foreclosure filings, which is around one foreclosure out of every 141 housing units. The national foreclosure rate is one out every 144 housing units. While tenth (on a list that we don’t want to be on) may sound high, keep in mind that our state once ranked toward the very top of this list, so we’ll take tenth for now. California had the highest number of foreclosures in the country.
Are you a Denver homeowner in distress? TeamCox Realtors is a Certified Distressed Property Expert, or CDPE. We have undergone extensive training to help Denver homeowners explore options to avoid foreclosure, including exploring a possible Denver short sale, or a even a loan modification. Please contact us at 303-400-6060 to see if we how we can help you.
Why Should You Buy a Denver Home After the Homebuyer Tax Credit Expired?
We’ve been asked numerous times over the past month: “Why should I purchase a home now when the tax credit expired at the end of April?”
The answer is simple. Interest rates have fallen dramatically since April 30th. The following example illustrates how interest rates can dramatically increase your buying power. Think about it in terms of a $250,000 loan. The average interest rate in April was 5.34 percent, meaning that the principal and interest every month on a 30-year fixed loan would be $1394.48 and cost $471,111 over the life of the loan. The average interest rate is currently around 4.78 percent, meaning that the average principal and interest payment on the same loan would be $1308.64 per month and cost $502,012 over the life of the loan.
By purchasing the same home right now versus in April, you would save $86 per month and close to $31,000 over the life over the loan. Since the homebuyer tax credits ranged from $6,500-$8,000, it is obvious that a lower interest rate will save you much more money in the long-run.
Since there was a mad dash in April to purchase a home by the April 30th deadline, there is less competition out there right now, meaning that you have more homes to choose from and you have more negotiating power.
If you are a Denver homebuyer, don’t miss your opportunity to take advantage of these once-in-a-lifetime interest rates. For Denver mortgage lender recommendations, or for information on the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Denver Mortgage Rates Sink to Five Month Low!
Calling all prospective Denver homebuyers! U.S. mortgage rates dropped below 5 percent this week, the lowest level in five months. Interest rates on U.S. 30-year fixed-rate mortgages averaged 4.93% for the week ended May 13, which is down from last week’s average of 5.00% . This is the lowest level since December 2009.
If you are a Denver homebuyer, don’t miss your opportunity to take advantage of these once-in-a-lifetime interest rates. Low interest rates can dramatically increase your buying power.
For information on Denver real estate, or for Denver mortgage lender recommendations, please contact TeamCox Realtors at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Does $6,500 Cashback Sound Good?
TeamCox Realtors – Denver real estate specialists – and ALMC Mortgage have teamed up to offer a Homebuyer Training for 2010 Repeat Buyers and First-time homebuyers and YOU are invited!
There will be door prizes, light refreshments and industry professionals available to answer questions! We will address the following topics:
• Why should I buy again?
• What are “HUD homes,” and are they a good deal?
• Should I look at a “Short Sale or a bank owned property?
• Should I use a real estate broker! How do I find one?
• How much money will I have to come up with to buy a home?
• How do I know if I can get a loan? And How do I lind a lender!
• I know there are lots of types of mortgages – how do I know which one is best lor me?
• When I lind the home I want, how much should I seller?
• vVhat if my offer is rejected or countered?
• I have to sell my current home first-what are the steps?
• How to qualilfy for $6500 in income tax credits-ACT by APRIL 30th.
Please join us Jan 21st from 7pm-8:30pm Lil’ Ricci’s NY Pizza at 15352 E Ida Drive Centennial. Please RSVP to 303-696-6933 or Cheryl@almcmortgage.com by Wednesday Jan.20th 2009.
Banks are Warming Up to Short Sales
Banks are Warming Up to Short Sales
While banks have notoriously been resistant to short sales, as this recession crawls on, they are beginning to warm up to short sales in increasing numbers. During the first six months of 2009, the number of short sales tripled to 40,000 from a year earlier. Why the change of heart? Banks are under pressure from the government to approve short sales. The Treasury Department also recently unveiled a plan to incentivize lenders and loan services to close short sales.
The bad news is that for every short sale, there were 25 foreclosures started or completed in the first half of this year. One foreclosure is too many. It is essential that if you are a distressed homeowner in Denver, that you seek help from a trained real estate professional, preferably a Certified Distressed Property Expert, or CDPE, who can help you avoid foreclosure.
For more information on short sales in Denver, please contact TeamCox Realtors – Denver real estate specialists – at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Denver Mortgage Rates Rise for First Time in Five Weeks
The 30-year fixed-rate mortgage averaged 4.81% for the week ending December 10, 2009, according to Freddie Mac’s Primary Mortgage Market Survey. Last week’s average was 4.71%, and last year’s average was 5.47%.
What is putting pressure on mortgage rates? This week, long-term bond yields increased slightly, following an upbeat employment report, revealing that only 11,000 jobs were shed in November, and fixed mortgage rates followed suit.
What does this mean for a prospective Denver homebuyer? Rock-bottom interest rates is definitely one of the most important motivators, since buying power is dramatically increased. If you are sitting on the fence, now is the time to purchase a home. Even if home prices were to decrease, which is unlikely at this point, mortgage rates are likely to increase in the near future.
For information on purchasing a home in the Denver area, please contact TeamCox Realtors – Denver real estate specialists – at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
New Guidelines in Place to Help Denver Homeowners Avoid Foreclosure
The U.S. Treasury set long-awaited guidance yesterday, through the Home Affordable Foreclosure Alternatives Program, which is designed to expedite the short sale process of homes and for other loan modification alternatives to slow the rising rampant pace of foreclosures.
Since TeamCox Realtors, Certified Distressed Property Experts, or “CDPE,” actively helps distressed Denver homeowners facing foreclosure, we are pleased to see this new piece of legislation. A few of the new guidelines are setting limits on the time it takes a bank to approve an offer and capping claims of subordinate lenders.
If you are in financial difficulty and facing foreclosure, pick up the phone and call a knowledgeable real estate agent immediately. Do not delay. We can help, and now with the Dept. of the Treasury behind us, we have greater means of offering assistance.
Calling ALL Denver Homebuyers (Not Only the First-Timers)!
Calling ALL Denver Homebuyers (Not Only the First-Timers)!
You already own a home, and you may be longing for a new one. You’ve sadly watched as all of the recent incentives have gone to first-time homebuyers. Well, it’s your turn now – the newly expanded $6500 tax credit is all yours!
There are several incentives that make this too good of an opportunity to pass up:
• There is currently a significant inventory of replacement homes (priced above $350,000) available in the Denver area.
• Interest rates are under 5 percent, which will not last as inflation will begin to impact the national economy. In approximately a year’s time, these low rates will be gone for a very long time, possibly forever. Purchasing a home with one of these very low interest rates will guarantee you a 5 percent rate for 30 years!
• Denver’s very low (by comparison) unemployment rate of 7 percent is just one of the contributing factors that makes Denver one of the few U.S. cities to have a 1.8 percent housing price increase over the same period last year.
We sincerely believe the worst has passed for the Denver housing market. If you have even considered purchasing a new home to create a better lifestyle for your family, do not let this perfect coming-together of reasons to buy a home in early 2010 pass you by. To qualify for the tax credit, you must have a home selected by March 30, 2010 and close on that home by June 30, 2010. It is also important to know that the National Association of Realtors worked very hard to get the first-time homebuyer tax credit extended to include move-up buyers. The NAR was told, in almost no uncertain terms, this bill will not be extended beyond March 30, 2009. Time to get moving!
For information on purchasing a home in the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Denver-Area Foreclosures Decline from Last Year
There is good news for the Denver real estate market this week. According to RealtyTrac Inc., Denver-area foreclosure filings decreased 1.6 percent in the third quarter of last year. There were 9,235 Denver-area properties that were in some stage of the foreclosure process in the third quarter, which equates to one per every 113 households.
While a lower foreclosure rate is great news for the health of the general Denver housing market, one distressed Denver homeowner is too many. If you are a Denver homeowner who is looking to avoid foreclosure in the Denver area, please contact TeamCox Realtors at 303-400-6060. We are a CDPE, or a Certified Distressed Property Expert, trained to help homeowners explore alternatives to foreclosure, including short sales, loan modifications, and much more. We have helped numerous homeowners avoid foreclosure and put them on a path to a brighter future.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Financing Your First Denver Home
Financing Your First Denver Home
First-time Denver homebuyers and sellers might want to consider an alternative to a price reduction, since the monthly payment is usually a huge concern to them. The monthly payment is essential for the budget minded, but it is also extremely important for the buyer to qualify. Here is a financing possibility for both buyers and sellers to consider:
A 5 % interest rate on a 30-year fixed mortgage sounds pretty good, doesn’t it? While we think this is a great rate, here is another possibility for a seller to consider – instead of taking a lower price for a home, how about the seller paying 2.25% of the sale price and offering this great rate to the buyer?
Example:
Sale Price: $278,000 X 2.25% = $6,255
Loan 90% $250,000 X 2.50%* = $6,255
Payment for $250,000 @ *4.375% = $1,248.21
VS Seller reducing price by 2.25% and buyer pays market rate of 5% = $1,312.9
(* 2.50% of the loan amount paid by seller.)
The pricing can be very similar for FHA buyers as well.
For more information on financing your first Denver home, or for a lender recommendation, please contact TeamCox Realtors – Denver real estate specialist – at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
