In this video Henry Barr briefly explains lending options in our mountain community… This is Henry Barr from The Barr Team here at Remax Properties of the Summit in Frisco, Colorado. Today I am going to speak a little bit about lending options, particularly how much down payment is necessary in today’s marketplace. There are two segments of the market …
Article – How will the New Mortgage Rules Affect Home Buyers
“With the implementation of new mortgage rules that took effect on January 10, 2014, home buyers may discover a few new challenges in securing a mortgage as lenders will have additional restrictions in place to ensure that borrowers will be able to repay their mortgage loans.” CLICK HERE to read this quick article about new mortgage and lending rules that …
Article – Reality of Loan Approval
What kind of loan do you need to buy a home and how do you know if you will qualify? CLICK HERE to read a short article on the basics everyone should know about getting a home loan. https://www.coloradorealtors.com/reality-of-loan-approval/
Article – Credit, The Key to Buying a Home
Good credit is as important as it has ever been! Click here to read an article that emphasizes the importance of having good credit when getting a home loan. https://www.coloradorealtors.com/credit-the-key-to-buying-a-home/
Article – More Consumers Might Buy a Home If They Knew This
Please click the link to read an article that helps to clear up the misconception that a home buyer needs to have a large down payment (20%) to qualify for a home mortgage in the current market. Click here for Realtor Magazine article – ‘More Consumers Might Buy a Home If They Knew This’
How long does it take to get a home loan?
Here Henry explains how long it could take to get a home loan completed in the current market… Hi there, I am Henry Barr with the Barr Team in Frisco, Colorado at REMAX Properties of the Summit. Some people have asked “How long do loans take nowadays?”. Well that is an interesting question. They’re taking some where between 30 and …
What is an appraisal?
In this video Henry answers our questions about appraisals… Hi this is Henry Barr here at The Barr Team with Re/Max Properties of the Summit here in Frisco, Colorado. Rachel just asked me “What is an Appraisal?” An appraisal is a report given to a lender describing the value of a property based on current market conditions. The appraiser usually has …
Top 10 Real Estate Tax Deductions
Overwhelmed by the amount you need to save for a down payment? Here’s some motivation for you… The Top 10 ways being a homeowner can reduce your income tax obligation… from the National Assocation of Realtors. Yes, homeownership can be a significant financial commitment. But hey, it’s the American Dream. And Uncle Sam’s way of encouraging the dream is by …
Down Payment – How Much Do You Need To Save?
What’s the #1 thing that prevents first timers from buying sooner? You guessed it! Saving for a down payment. It’s no secret that saving 20% can take a while… after all, it’s tens of thousands of dollars of your hard earned money. So what to do when it seems like you’ll never get there? This great article from the …
13 Ways to Improve Your Credit… Starting NOW!
What can you do to improve your credit? Here are a couple tips to get you started… Start now! Time is a huge advantage to have on your side. Start making small changes now and working slowly on credit issues before you need the credit. If you wait to resolve credit issues or establish credit history until you need the …
Why Care About Credit Anyway?
Why care about your credit score, anyway? If you’re considering purchasing a home, here’s an example of the impact different credit scores can make on your interest rates… which translates to your monthly payments… which dictates the price of the home you can afford. Example: 719 credit score $1,900/month for Home “A” -40 679 credit score +$60 $1,960/mo for same …
Recipe for a “healthy” credit report
What does a “healthy” credit report look like? I’ve read very similar opinions on the “ideal” credit report from a variety of courses including Money magazine, the free annual credit report website, a few different finance books, Kiplinger’s, and others. The general consensus from experts regarding a “healthy” credit report is as follows: 2 installment loans – home mortgage and …
What is a Credit Score?
What is a Credit Score? Your credit score is a number between 300 and 850. This number represents the statistical likelihood that you will repay creditors. Your score is based on 5 different areas, with some parts carrying more weight than others. 1. Your payment history – makes up 35% of your credit score Do you pay your accounts on …
Mortgages & Pre-Approval… by Land Title
Lending is an important part of the overall home buying process. The attached article by our friends at Land Title Guarantee Company covers the following: 1. What items make up my monthly mortgage payment? The answer: “PITI” + “HOA” + “MIP” P – Principle I – Interest T – Taxes I – Insurance HOA – Homeowner’s Association Dues …
Starting the Process: The Pros of Pre-Qualifying
Mortgages are needed by many buyers at the time they choose to purchase a property. However, starting the mortgage process before you even find the home you want to buy can be very beneficial. Here are just a few of the reasons why pre-qualifying early can make a big difference. First and foremost, talking to a couple lenders and going …