Archive
You are currently browsing the Denver Home Loans blog archives
for the year 2009.
By Angela Lanfranco
Mortgage Rates Continue to Drift in the Aurora, Colorado Region
According to recent reports, mortgage rates in Aurora continue their slide, although they are still above the records lows that were reached this past spring.
Freddie Mac Vice President and Chief Economist stated: “Average fixed-rate mortgage rates were lower than last week and were down 0.4 percent to 0.5 percent from the levels of early June. For a 30-year fixed-rate mortgage, the rate reduction over the past five weeks translates into a monthly payment saving of $56 on a $200,000 loan.
“The latest economic reports were influenced by recent energy-cost movements. Although higher gasoline prices fueled a 0.7 percent monthly jump in the consumer price index for June, the index was down 1.4 percent from June 2008 and represented the largest 12-month drop since January 1950. In addition, retail sales rose 0.6 percent in June bolstered by automobile sale incentives and higher gasoline prices; the average price for regular gasoline has since fallen 6.1 percent from its recent high set over the week ending June 22, according to the Energy Information Administration. And finally, industrial production fell only 0.4 percent in June, the slowest decline in eight months.”
His statement stems from the release of the Primary Market Survey release by Freddie Mac for the week ending July 16. Results showed that interest rates for the 30-year fixed-rate mortgage had an average of 5.14 percent with 0.7 point despite the previous week’s average of 5.20 percent with 0.7 point.
Further inspection of the report shows that the 15 fixed-rate mortgage dropped 6 basis points to an average 4.63 percent. Even the Adjustable Rate Mortgage market is seeing a continued slide, with the one-year Treasury-indexed ARMS averaged 4.75 percent with 0.5 point, down substantially from the week ended July 11 when the rate was 4.82 percent with 0.6 point.
The low rates in the Aurora region could be very good for prospective homebuyers. Even Fannie May showed further decline in their rates reporting their government guaranteed 30-year FHA and VA mortgages recently hovering in 6 percent territory down to an average 5.51 percent from 5.69 a week earlier.
The largest drop for Fannie Mae rates was the one-year ARM, averaging 2.99 last week compared to 3.27 the previous week.
Buyers looking for homes can take advantage of these nearly-record low mortgage rates in Aurora as the market continues to struggle to solidify. Loans are available – talk to a loan officer today!
By Angela Lanfranco
Tips for a First Time Home Buyers in Aurora, Colorado
Golden Lenders has heard all the same variations that first time home buyers in the Aurora, Colorado area hear. Don’t you want to own your own home? Paying rent is a waste of money. Isn’t it time you “settled down” and got a home? Sound familiar? Well, despite the negative connotation that seems to flow along with all this “advice”, owning a home is an important milestone in your life, and should be considered, once you have the right information in place to gauge it. Ready to own a home? Consider the following.
How Much Can You Afford?
More than 80% of homebuyers begin their search for a home online. Seeking out loan parameter and financing options will help you to decide the price range you can comfortably afford. Golden Lenders offers first time buyer rates and great loan options for you.
How Long Will You Need to Search
Once you know your price range, it’s time to begin seeking out your new home in earnest. Armed with the vision of your perfect home, take the time to hunt, online at first, for the home that looks like it fits your perfect location, size, price and style. Find a few of these options, 3 or less, and call your realtor to set up an appointment go to the property and see it in living color.
Start slow, and take real time to view the property. Ask questions about age or any existing issues with the property, the neighborhood and any other juicy tidbits that the realtor may have in their notes. This is going to be your home, so be thorough.
On that note, there is no need to see dozens of homes and spend weeks visiting properties. If you are specific as possible about your search criteria, then you’ll find a few good prospects easily.
How Can You Compare the Homes You View?
- Bring a digital camera along and start each series of pictures with a shot of the house number or the for sale sign with the MLS number.
- Makes notes or bring a mini recorder for your Q and A with the realtor.
Take about a week between your home viewing to mull over your notes and pictures before making your final choice, then contact Golden Lenders for next steps to buying your first Aurora home.
By Angela Lanfranco
Use ARVADA Home Loans to Find the Right Home
There are a lot of criteria that go in to finding your new home, and ARVADA Home Loans wants to assist you with this crucial process. Consider the following when you begin your search for your next home. You’ll be glad you did.
It Really Is Location, Location, Location
The first and most vital criteria to be considered when you are looking to buy a home, the location will be a key factor in deciding what kind of future you’ll have in your new home. ARVADA Home Loans suggests looking at the following details very closely when considering your home search location.
-
City Mouse of Country Mouse? Do you relish the quiet of the country and forego the noise of a more urban setting? Country settings also offer fewer conveniences than a suburban dwelling, but long drives on quiet roads can make up for a little more car time. Do you want to walk to the theatre, have a dozen different restaurants “around the corner”? Then a city home may be your ideal.
-
The Burbs? As a location set somewhere in between country and city, the suburbs offer a lot of the same conveniences, to a degree, as a city home with a lot less noise, congestion and traffic.
-
Once you decide between as country or city setting for your ARVADA Home, you need to think about where on a block you want to live. Want a dead end road to avoid traffic? Middle of the road (or block) fine with you or do you relish a corner lot to get a full view of all the action on your street?
-
Location also can be effected by school districts and local tax fees.
Single, Double or Combo?
No, we’re not talking about fast food ordering, ARVADA Homes wants you to now consider the type of house you want.
We at ARVADA Home Loans are waiting to speak to you once you’ve got the perfect home in mind using this guide.
By Angela Lanfranco
How To Calculate A Mortgage Payment
If a mortgage loan option has a monthly payment that is most suitable for your financial condition, then undoubtedly it is the most appropriate mortgage option for you. The mortgage payment calculator is a useful financial tool to ensure that you find such an option. It determines your probable monthly payments through calculating parameters associated with loan and property details. In addition, it takes into account insurance and tax details. You just have to enter these figures and you would come to understand whether the loan fits your budget.
To calculate a mortgage payment, the monthly mortgage payment calculator is of tremendous help and moreover, it is easy to use. There are four elements that you need to input in the initial stage. They are the interest rate, the loan amount, price of the home and the loan tenure. The interest rate is the rate payable to the lender, the loan amount is the amount that you want to borrow, the home value or price of the home is the projected price and the loan tenure is the period of time that is required to pay off the loan completely (usually 15 or 30 years). The second step to calculate a mortgage payment involves three more elements and they are yearly homeowner’s insurance premium, yearly taxes, as well as yearly PMI or Private Mortgage Insurance.
While using a mortgage calculator, the principal domains that you need to monitor are the tenure of the loan and the interest rate. If you enter a reduced rate of interest, you can hope your monthly mortgage payments to drop. The extent to which an interest rate reduction influences your monthly payments is dependent on the amount of your loan.
If you select a loan with a short repayment tenure, you can anticipate your monthly mortgage payments to go up. You should think about the fact that you’re repaying the same loan within a reduced time period.
A mortgage payment calculator is an outstanding tool to compare between lenders. It would assist you to locate a mortgage that suits your budget. You can also look for other mortgage loan calculators for performing other calculations.
By Angela Lanfranco
Promoting Home Sales with Denver First Time Homebuyer Loans
As our house market tries to survive the long-lasting recession and the burst housing bubble, there is optimistic news for qualified Denver first time homebuyer loans. The government has allotted an $8,000 tax credit for Denver home buyers that fit a set of criteria. There are also great options for FHA backed loans, for newer homes and those in need of more repair to pass Denver code requirements.
$8,000 Tax Credit Denver Criteria
- You must not have owned a principal residence within three years prior to the date of purchase on your intended property.
- Home purchases must be made between Aril 8, 2008 and December 1, 2009.
- The credit ranges from 10% of the purchase price up to $8,000.00.
- Yearly adjusted income must be less than or equal to $75,000 a year for a single buyer, or $150,000 for a joint purchase.
Interesting Points
- If you tax liability is less than the allotted credit, you will receive a refund for the difference.
- You must live in the purchased primary residence for a minimum of 36 months or you will be required to repay the credit.
Denver FHA Loan Criteria
- Down-payment for Denver first time homebuyer loans is only 3.5%.
- Bankruptcy and bad credit have less impact on eligibility.
- 100% financing for FHA Denver home loans.
FHA 203k Denver Home Loans
- Eligible properties must be in need of rehab or repair.
- The current process is much easier than the older paperwork required for Denver homebuyers.
- The property must be an FHA approved condo development of 1-4 units.
- Down-payment equals 3.5% of the total amount borrowed.
Interesting Points
- Luxury items are not eligible for FHA 203k Denver Home Loans.
- Health and safety concerns must be addressed prior to any cosmetic work.
As the housing market continues to level out, these valuable options for Denver first time homebuyer loans could easily be the deciding factor for many Denver first time homebuyers who are considering buying a home during the rest of 2009.
