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It's Hard To Imagine

by The Colorado Springs Group™

With mortgage rates below 5% since 2009, you’d think any homeowner who should refinance would have already. However, it is estimated, there are approximately 6.5 million borrowers who would benefit with significant monthly savings by refinancing.

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Rodney Anderson of Supreme Lending, on his weekly radio program, described a recent pipeline meeting where they reviewed every pending mortgage application his company was processing. They had seven refinancing applicants whose current mortgage was over 9% and twelve with a rate between 7% and 9%.

“Some 550,000 American homeowners with a mortgage could save $500 or more each month by refinancing at today’s rates. Over three million could save at least $200 per month.” said Ben Graboske, CTO with Black Knight Financial Services.

Getting a lower interest rate should be reason enough but eliminating the mortgage insurance should make the decision a no brainer. With increased home values, the loan-to-value ratio may no longer require mortgage insurance which would add additional savings.

Homeowners need solid information about what their home is worth and whether they’d benefit from refinancing. The most reliable solution is to talk with a qualified mortgage professional. The internet is a great place for generalized info but each person’s situation is unique. Call if you'd like a recommendation of a trusted mortgage professional or would like to know what your home is worth.

What's Stopping You?

by The Colorado Springs Group™

The majority of tenants say they’d like to own a home but continue to pay rent and missing out on financial and emotional advantages. There seems to still be a lot of misinformation in the marketplace.

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There are a number of programs for low or no down payment options. Veterans can get into a home with no down payment or closing costs. In qualifying areas, USDA has zero down payment programs. FHA requires 3.5% down payment and there are conventional programs for as little as 3% and 5% down.


People with credit issues need expert opinions about their specific situation. Borrowers with bankruptcies or foreclosures may be eligible to purchase again after certain periods of time. There are short-term fixes for some types of credit problems. There is an extended list of individual issues that a skilled mortgage professional may be able to overcome.

 

Most tenants realize considerably lower cost of housing by owning once the appreciation, amortization and tax savings are considered. The savings in the first year alone could easily be more than the down payment required.

 

Plug in your own numbers in a Rent vs. Own to see what your real cost of housing may be. Contact us for a recommendation of a mortgage professional who can give you accurate information about your situation.

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2015 Second Quarter Sales Activity

by The Colorado Springs Group™

Broken down by area to give a better prospective on the results for the second quarter. Single Family & Patio Homes

Black Forest: 54 Sales for a total dollar volume of $24,130,934

Briargate: 300 Sales for a total dollar volume of $101,106,193

Central: 224 Sales for a total dollar volume of $50,455,385

East: 228 Sales for a total dollar volume of $50,077,609

Fountain Valley: 544 Sales for a total dollar volume of $115,000,411

Falcon - Peyton: 266 Sales for a total dollar volume of $73,978,152

Marksheffel: 86 Sales for a total dollar volume of $23,319,030

Northeast: 337 Sales for a total dollar volume of $85,170,073

Northwest: 148 Sales for a total dollar volume of $52,903,120

Northgate: 164 Sales for a total dollar volume of $68,404,683

Old Colorado City: 103 Sales for a total dollar volume of $24,814,967

Powers: 421 Sales for a total dollar volume of $100,950,356

Southeast: 171 Sales for a total dollar volume of $27,295,009

Southwest: 170 Sales for a total dollar volume of $64,949,590

Tri-Lakes: 218 Sales for a total dollar volume of $94,088,624

West: 69 Sales for a total dollar volume of $17,452,953

"Based on information from the Pikes Peak REALTOR Services Corp. ("RSC"), for the period 4/1/2015 through 6/30/2015.  RSC does not guarantee or is in any way responsible for its accuracy.  Data maintained by RSC may not reflect all real estate activity in the market."

2015 June Sales Activity

by The Colorado Springs Group™

Broken down by area to give a better prospective on the results for June. Single Family & Patio Homes

Black Forest: 18 Sales for a total dollar volume of $7,866,984

Briargate: 113 Sales for a total dollar volume of $40,566,420

Central: 71 Sales for a total dollar volume of $16,026,237

East: 90 Sales for a total dollar volume of $19,658,477

Fountain Valley: 194 Sales for a total dollar volume of $41,999,246

Falcon - Peyton: 94 Sales for a total dollar volume of $25,976,859

Marksheffel: 27 Sales for a total dollar volume of $7,370,908

Northeast: 113 Sales for a total dollar volume of $28,885,581

Northwest: 61 Sales for a total dollar volume of $21,927,222

Northgate: 74 Sales for a total dollar volume of $28,699,439

Old Colorado City: 37 Sales for a total dollar volume of $8,997,488

Powers: 151 Sales for a total dollar volume of $37,383,301

Southeast: 54 Sales for a total dollar volume of $8,697,250

Southwest: 62 Sales for a total dollar volume of $21,840,850

Tri-Lakes: 66 Sales for a total dollar volume of $29,406,515

West: 24 Sales for a total dollar volume of $5,763,045

"Based on information from the Pikes Peak REALTOR Services Corp. ("RSC"), for the period 6/1/2015 through 6/30/2015.  RSC does not guarantee or is in any way responsible for its accuracy.  Data maintained by RSC may not reflect all real estate activity in the market."

Build Equity Faster

by The Colorado Springs Group™

Equity is an asset and an appreciating home is an investment. While some people have resolved themselves that a mortgage payment is a normal part of life, others have set goals to get their home paid for as soon as possible. There are several strategies that will work but they all require persistent vigilance.

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A shorter term mortgage such as 20, 15 or even 10 years will not only pay off sooner, it will generally have a lower interest rate. A recent comparison at Freddie Mac’s Primary Mortgage Market Survey showed a 30 year fixed-rate mortgage at 4.04% compared to a 15 year fixed-rate at 3.20%. The fees for the shorter term were even .1% less. The shorter term with the lower rate would have a higher payment but some people consider it forced savings.

Additional principal contributions to any length fixed-rate mortgage will save interest, build equity and shorten the term of the loan. Some homeowners may apply lump sums at various times during the year such as when bonuses are paid or a tax refund is received.


Other owners might increase their payment by $100, $200 or more each month. Setting the increased payment through electronic banking would insure that you consistently make the extra amount.


Bi-weekly payments make 26 half-payments in a year which equals 13 full-payments. Because of the frequency, it reduces the interest that is due. This might work well for borrowers who are paid every two weeks but could present cash flow problems for those who are paid on schedules that don’t coincide.


Making one extra payment a year will have almost the same effect as a bi-weekly payment. The 13th payment would be completely applied to principal.


Before embarking on one of these strategies, it would be wise to verify with your lender that it complies with their policies. Check out the Equity Accelerator to see how it could affect your loan.

Three M's of Homeownership

by The Colorado Springs Group™

Among the many reasons people have to own home, they include having a place of their own, to raise a family and to share with friends. Additional benefits include security, investment, peace, pride and enjoyment.home maintenance 250.jpg

Together with the benefits come the responsibility to take care of the home for its livability and viability as a sound decision. A homeowner’s concerns can be broken down into three areas.

The maintenance on the property is something that every homeowner deals with. Changing filters are easy to handle yourself. Other things might require a skilled professional but identifying the “right” one can be challenging.

Minimizing expenses can reduce the cost of living in the home. It’s good to recognize when a repair is appropriate compared to a replacement. Reputable and reasonable service providers are key to keeping expense low.

Managing debt and risk becomes the financial side of the effort. Taking advantage of low interest rates or shorter terms for refinancing, making additional principal contributions are just a few ways to manage debt. Home warranty programs and homeowner insurance tips can reduce risk.

We sincerely want to be a resource for you not only when you buy or sell but all of the years in between. It is actually the reason we send this newsletter to you.

Rating Service In Real Estate

by The Colorado Springs Group™

This would seem like a simple topic, but it's very complex. One of the reasons is that not all real estate companies and/or realtors offer the same services. Another reason is what constitutes good negotiation skills... Getting everything you want, or did you ask for unrealistic things that made negotiations tough to start with?

Ratings are mostly based on knowledge, responsiveness, negotiation skills, etc. While these things are just fine none of these address how you felt the transaction was handled, for example: Were there any surprises, Was there any pressure, Were you given support, What would you change next time, How likely are you to use this realtor/company again?

Many ratings you see are fake, yes I said fake, and if they aren't fake let's consider how they are verified/validated... with an email address. How does a realtor have 60 reviews when they only sold 10 homes? 150 reviews and none were done locally (IP addresses tracked)?

Ratings/Reviews our company has are done by a 3rd party company that verifies sales and information before sending out surveys. We have to pay for membership and you can't pick and choose who you let submit a review. This company requires first and last names that are cross referenced with property addresses. We do this because we are confident we will do a great job, and our ratings/reviews back that up. As part of the process we are required to provide buyer and seller guarantees. What you can expect from us is clearly laid out, and if we don't follow through on anything you are given the opportunity to enlighten others who may consider using us in the future.

Displaying blog entries 1-7 of 7

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The Colorado Springs Group™
6665 Wild Indigo Drive
Colorado Springs CO 80923
(719) 799-3686

Kevin & Jessica
The Colorado Springs Group
6665 Wild Indigo Drive
Colorado Springs, CO 80923
(719) 799-3686