Archive for Denver Mortgages
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.
Congratulations to Mountain Crest Mortgage
Congratulations to Mountain Crest Mortgage, one of our Denver-area lending partners! It is wonderful to see a lender get such really good press!!
For the third consecutive year, our friends at Mountain Crest Mortgage made it to the finals as one of the three companies from the Denver/Boulder area selected for the award in the small business category (under 50 employees).
The awards banquet for the Denver/Boulder Better Business Bureau Torch Award for Marketplace Trust was held Thursday, October 15, at the Grand Hyatt Downtown.
I am thrilled to announce that this year, Mountain Crest Mortgage received the 2009 Torch Award for Marketplace Trust in this category.
In a statement made by the Denver/Boulder BBB to all nominees “thank you to these businesses who believe in the value of ethical business practices. Their efforts illuminate the importance of corporate conscience and responsibility in fulfilling our shared obligation to the marketplace.”
As in previous years, Mountain Crest Mortgage was the only mortgage company to make it to the finals.
In an environment where the national and local news are constantly reporting unethical activities linked to the mortgage industry, Mountain Crest Mortgage has continued to strive to lead the industry in service, support, and ethical operations.
For more information on Denver-area mortgage companies, please contact TeamCox Realtors - your Denver estate specialists – at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Denver Real Estate Update – October 2009
Denver Real Estate Update – October 2009
The weather is cooling off, but how is the Denver real estate market faring this fall? Metrolist released its September statistics this week, revealing that the Denver housing market has definitely stabilized over the past few months.
The year-over-year picture isn’t pretty – single-family and condo sales decreased 15 percent from 2008. The price trend offers hope, though, with the average sold price ($251,112) for a Denver home, including single-family and condominiums, increasing 4.88 percent from last year.
There is more good news to report in September, including that Denver housing inventory is 17 percent lower than it was a year ago, and almost 2 percent lower than it was in August. Lower inventory is crucial to a housing inventory.
There is also good news about the Denver economy. The state’s jobless rate fell a half percentage point in August to 7.3 percent. This is the lowest number since February and it contradicts the upward trend of national unemployment rate of 9.7 percent, which inched up last month.
Despite the bright spots, we are still in the midst of a Denver buyer’s market. This is simply the best time in recent memory to purchase a home in the Denver housing market. Interest rates are hovering at around 4.85%, and there is a great selection of homes on the market. Plus, if you are a first-time homebuyer in Denver, you do not miss you’re your opportunity to take advantage of the government’s First Time Homebuyer’s Tax Credit until November 30th.
For more 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.
What is a Home Affordable Refinance?
What is a Home Affordable Refinance?
If Fannie Mae or Freddie Mac owns your mortgage, you may be eligible for a Home Affordable Refinance, which would allow you to refinance your home, and possibly reduce your monthly payments.
What if I Don’t Qualify, Can’t Afford My Home and Owe More than it is Worth?
Keep in mind that you are not alone, and that foreclosure is not your only option. If your mortgage lender or servicer will not work with you to reduce your payment, you may want to consider a short sale. A short sale allows you to sell your home for less than what you owe to avoid foreclosure.
TeamCox Realtors is a Denver Certified Distressed Property Expert CDPE, who has undergone extensive training in navigating and negotiating short sales. We can help you determine if you qualify for a short sale.
According to the resources released by the government, the qualifications for a Home Affordable Refinance include:
-You are the owner occupant of a one-to-four unit home
-Your property’s loan is owned or securitized by Fannie Mae or Freddie Mac (see resources on this bulletin).
-You are current on your mortgage payments, meaning that you haven’t been more than 30-days late on your mortgage payment in the last 12 months, or you have never missed a payment on a loan that is less than 12 months old.
-You believe that the amount you owe on your first mortgage is about the same, or slightly less, than the current value of your home.
-You generate sufficient income to support the new mortgage payments, and a refinance improves the long-term affordability or stability of your loan.
Should you Hire a Third-Party for a Mortgage Modification
If you are considering a mortgage modification, then you have probably started to take notice of the slew of companies advertising to help you negotiate lower payments or a reduced loan balance with your mortgage company. While these offers are tempting, you should be very cautious prior to entering into a relationship with any of these organizations. According to a recent White House Press Release, “One tip-off that an offered service may be a scam is that it asks homeowners to pay upfront fees, officials said at the news conference. They stressed that none of the new programs announced by the Obama administration in recent weeks required any upfront fees.” Always make certain that a third-party is not charging upfront fees to assist with a loan modification.
Be very cautious of the organization’s affiliations, since many companies include words like “Federal” or “Government” in their names that are in no way affiliated with the government. If an organization claims to be affiliated with the government, or with the Obama administration, ask for their website address and do some research.
Don’t Delay
Since each passing day is important while exploring options related to your mortgage, don’t delay working with your mortgage servicer or lender to find a solution to your specific issue.
If you are a distressed homeowner in the Denver area, who is looking to avoid foreclosure, please contact TeamCox Realtors – your Denver real estate specialists – at 303-400-6060. We are here to help you explore all of your options to avoid foreclosure.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own