Tuesday, January 31, 2012
Check out my latest real estate colum...
Check out my latest real estate column titled "List Now Or Wait Until April?" at http://ow.ly/8MD86
Check out my latest real estate colum...
Check out my latest real estate column titled "List Now Or Wait Until April?" at http://ow.ly/8MD86
Check out my latest real estate colum...
Check out my latest real estate column titled "List Now Or Wait Until April?" at http://ow.ly/8MD86
List Now Or Wait Until April? By Dan Polimino.
A question was posed to me the other day if a seller should list his home now or wait until April 1st for the start of the selling season. As I have stated many times before, the selling season in Colorado is April 1st through July 31st. That is the best time to try to sell a home. It's spring/summer, homes look great, and buyers are in the market. Normally, I would advise sellers to put their home on the market in April, but I am not suggesting that this year.
At the end of December, there were only 8800 single-family homes on the market, according to Metrolist, in all of Metro Denver and surrounding suburbs. My business partner, Gary Lohrman, who has been in the business for 33 years, says he has not seen that low of inventory since the mid-80's. There's no question that everyone agree that these numbers represent some historic lows. As such, I would advise potential sellers to take advantage of the market right now.
I would expect that by April or May, we would see an additional 2000-4000 homes coming into the market. If you are thinking about selling, why not beat the rush and get your home on the market before April? Granted the weather won't be that great and the yard won't be picture perfect, but you also won't have potentially a few thousand more homes to compete with.
Yes, you could join the masses and put your home on the market this spring, but I think that the smart move here is to beat the competition. Again, normally we would not be having this conversation in February, but I think there is an opportunity here for sellers. If you do decide to wait until spring, start thinking now about getting your home ready for sale. What projects need to be done in the next two months to get your home showing better than everyone else? The buyers will be out and you need to be ready. If you are not sure what to do, speak with an agent today.
Dan Polimino is an Owner/Broker with Keller Williams Realty DTC. He can be reached at dan@coloradodreamhouse.com and www.coloradodreamhouse.com/denverpost
At the end of December, there were only 8800 single-family homes on the market, according to Metrolist, in all of Metro Denver and surrounding suburbs. My business partner, Gary Lohrman, who has been in the business for 33 years, says he has not seen that low of inventory since the mid-80's. There's no question that everyone agree that these numbers represent some historic lows. As such, I would advise potential sellers to take advantage of the market right now.
I would expect that by April or May, we would see an additional 2000-4000 homes coming into the market. If you are thinking about selling, why not beat the rush and get your home on the market before April? Granted the weather won't be that great and the yard won't be picture perfect, but you also won't have potentially a few thousand more homes to compete with.
Yes, you could join the masses and put your home on the market this spring, but I think that the smart move here is to beat the competition. Again, normally we would not be having this conversation in February, but I think there is an opportunity here for sellers. If you do decide to wait until spring, start thinking now about getting your home ready for sale. What projects need to be done in the next two months to get your home showing better than everyone else? The buyers will be out and you need to be ready. If you are not sure what to do, speak with an agent today.
Dan Polimino is an Owner/Broker with Keller Williams Realty DTC. He can be reached at dan@coloradodreamhouse.com and www.coloradodreamhouse.com/denverpost
Friday, January 27, 2012
Check out "The Capital Grille, Denver...
Check out "The Capital Grille, Denver, CO - Yelp review of the week" at http://ow.ly/8IAUQ
Check out "The Capital Grille, Denver...
Check out "The Capital Grille, Denver, CO - Yelp review of the week" at http://ow.ly/8IAUQ
Check out "The Capital Grille, Denver...
Check out "The Capital Grille, Denver, CO - Yelp review of the week" at http://ow.ly/8IAUQ
The Capital Grille, Denver, CO - Yelp review of the week
This week we are going to see Yelp reviews of The Capital Grille, located at 1450 Larimer St., Denver, CO 80202. Come see why steak lovers are on a mile-high high in Denver. As the Zagat Guide praised, you'll find "awesome steaks served by the pros are the order of the day" at The Capital Grille. It is centrally located in historic Larimer Square, just a few blocks' walk from the Convention Center and Coors Field as well as the Denver Center for The Performing Arts. Complimentary valet parking makes it easy to succumb to the urge for the perfect steak.
Few of the top reviews are given below:
Justin from Westminster, CO says, "Great job as always Tiffany and Kelly, I had a great time and had the chance to meet other great yelpers! I had to leave early to a small family issue but the time I was able to spend there was phenomenal with the food, drinks and fast and friendly staff! Thanks again!"
Mike from Denver, CO says, "Wow, what a great way to spend a Sunday afternoon! I think I had a cold one in my hand within about 2 minutes of getting my name tag, the servers were all super nice and very attentive. I plopped down at a table in the bar to catch some of the football game and the next thing I knew there were plates of sliders, lobster rolls, and truffle fries coming at me. All were REALLY good, well done Capital Grille! I heard a rumor that there was also some kind of soup and a salad going around but I don't think any of it made it out to the bar area I was in. Not that I needed it, far from it! I guess the tip is if you want to try all the food at one of these things find a table by the kitchen and hit them up as they head out to the floor. Great crowd, great food & drink, great location. Thank you Tiffany N. for putting it all together, you're the best!"
Few of the top reviews are given below:
Justin from Westminster, CO says, "Great job as always Tiffany and Kelly, I had a great time and had the chance to meet other great yelpers! I had to leave early to a small family issue but the time I was able to spend there was phenomenal with the food, drinks and fast and friendly staff! Thanks again!"
Mike from Denver, CO says, "Wow, what a great way to spend a Sunday afternoon! I think I had a cold one in my hand within about 2 minutes of getting my name tag, the servers were all super nice and very attentive. I plopped down at a table in the bar to catch some of the football game and the next thing I knew there were plates of sliders, lobster rolls, and truffle fries coming at me. All were REALLY good, well done Capital Grille! I heard a rumor that there was also some kind of soup and a salad going around but I don't think any of it made it out to the bar area I was in. Not that I needed it, far from it! I guess the tip is if you want to try all the food at one of these things find a table by the kitchen and hit them up as they head out to the floor. Great crowd, great food & drink, great location. Thank you Tiffany N. for putting it all together, you're the best!"
Wednesday, January 25, 2012
Check out Denver Real Estate Weekly M...
Check out Denver Real Estate Weekly Market Update titled "I made a major change to KW" at http://ow.ly/8FZlM
Check out Denver Real Estate Weekly M...
Check out Denver Real Estate Weekly Market Update titled "I made a major change to KW" at http://ow.ly/8FZlM
Check out Denver Real Estate Weekly M...
Check out Denver Real Estate Weekly Market Update titled "I made a major change to KW" at http://ow.ly/8FZlM
Tuesday, January 24, 2012
Check out my latest real estate colum...
Check out my latest real estate column titled "Real Estate Etiquette 101" at http://ow.ly/8ErUx
Check out my latest real estate colum...
Check out my latest real estate column titled "Real Estate Etiquette 101" at http://ow.ly/8ErUx
Check out my latest real estate colum...
Check out my latest real estate column titled "Real Estate Etiquette 101" at http://ow.ly/8ErUx
Real Estate Etiquette 101. By Dan Polimino.
If you are going to buy real estate, sell real estate, invest or act as an agent, there really is some etiquette that goes along with the territory. I get emails and letters from buyers, agents and sellers all asking me to write about this topic. By no means am I an expert in the field of any etiquette, but some of what I am going to suggest here sounds like common sense.
Buyers:
1) Even if you pull up to the house and you hate the neighborhood, please go in and see the house. I know a lot of people say, "Why would I go in when I already know that I would not live in that neighborhood?" Because the people living there have probably taken considerable time to make the home presentable, not to mention that they've left for a few hours just so you could see it. It's not easy having your home show ready particularly if you have kids or other challenges. I try to show everyone that I respect them and even if the buyer will not go in the home, I as the Realtor do and leave my card.
Agents:
1) Buyers change their mind, your schedule gets undone, and things happen. If this is the case, please call into the showing desk and cancel the showing. Even if it's an hour before the scheduled showing, a cancellation call really help the seller. Better yet, when you cancel, give them a reason. This lets the seller know that there was no showing and why.
2) Leave a card. This has been a long time practice of Realtors, but I am still amazed at how many don't do it. We all know that when we leave a card, the seller can come home and have some peace of mind that all of their hard work was not in vain.
3) Feedback is a must. I have written about this before, but I think the industry would be amazed at how many more homes all of us would sell if we just submitted feedback on every showing. It's the only tool we have to make adjustments to what the market is telling us.
Sellers:
1) The home must be show ready. Let's be honest: if you think it's ok to leave your home looking like a tornado hit it, then you are better off declining the showing. A house that looks like a disaster has little chance to sell.
2) Don't be home for the showing, if at all possible. Being home is uncomfortable for the buyer and it takes away from the showing.
Dan Polimino is a Realtor with Keller Williams DTC Realty. He can be reached at dan@coloradodreamhouse.com and www.coloradodreamhouse.com/denverpost
Buyers:
1) Even if you pull up to the house and you hate the neighborhood, please go in and see the house. I know a lot of people say, "Why would I go in when I already know that I would not live in that neighborhood?" Because the people living there have probably taken considerable time to make the home presentable, not to mention that they've left for a few hours just so you could see it. It's not easy having your home show ready particularly if you have kids or other challenges. I try to show everyone that I respect them and even if the buyer will not go in the home, I as the Realtor do and leave my card.
Agents:
1) Buyers change their mind, your schedule gets undone, and things happen. If this is the case, please call into the showing desk and cancel the showing. Even if it's an hour before the scheduled showing, a cancellation call really help the seller. Better yet, when you cancel, give them a reason. This lets the seller know that there was no showing and why.
2) Leave a card. This has been a long time practice of Realtors, but I am still amazed at how many don't do it. We all know that when we leave a card, the seller can come home and have some peace of mind that all of their hard work was not in vain.
3) Feedback is a must. I have written about this before, but I think the industry would be amazed at how many more homes all of us would sell if we just submitted feedback on every showing. It's the only tool we have to make adjustments to what the market is telling us.
Sellers:
1) The home must be show ready. Let's be honest: if you think it's ok to leave your home looking like a tornado hit it, then you are better off declining the showing. A house that looks like a disaster has little chance to sell.
2) Don't be home for the showing, if at all possible. Being home is uncomfortable for the buyer and it takes away from the showing.
Dan Polimino is a Realtor with Keller Williams DTC Realty. He can be reached at dan@coloradodreamhouse.com and www.coloradodreamhouse.com/denverpost
Thursday, January 19, 2012
Check out "Country Road Cafe - Yelp r...
Check out "Country Road Cafe - Yelp review of the week" at http://ow.ly/8z4sO
Check out "Country Road Cafe - Yelp r...
Check out "Country Road Cafe - Yelp review of the week" at http://ow.ly/8z4sO
Check out "Country Road Cafe - Yelp r...
Check out "Country Road Cafe - Yelp review of the week" at http://ow.ly/8z4sO
Wednesday, January 18, 2012
Read "The mutual benefits of a Divorc...
Read "The mutual benefits of a Divorce Mortgage" at http://ow.ly/8xJEs
Read "The mutual benefits of a Divorc...
Read "The mutual benefits of a Divorce Mortgage" at http://ow.ly/8xJQg
Read "The mutual benefits of a Divorc...
Read "The mutual benefits of a Divorce Mortgage" at http://ow.ly/8xJEs
The mutual benefits of a Divorce Mortgage
A divorce mortgage is a refinance transaction that removes the departing spouse from the current debt secured by the home or other real estate. The spouse retaining the property refinances the loan that is currently in both parties name with a loan in their name alone. A common misconception is that the departing spouse is no longer liable for the mortgage if they sign a Quit (not quick) Claim Deed to surrender their interest in the property. Even if the departing spouse no longer has an ownership interest in the property they are still liable for the mortgage unless the mortgage holder agrees to release them from liability, or the loan is paid off.
In a divorce mortgage the departing spouse may receive cash for their portion of any equity in the home, or simply benefit by being relieved of future financial obligations on the property. Future financial obligations include: potential damage to their credit scores if the remaining spouse does not pay on time, difficulty qualifying for new debt because they are still liable for the old mortgage, etc. The remaining spouse benefits because they now control the property and do not have to rely on the departing spouse if they want to sell or refinance. Yes, I know this is often addressed in the divorce papers compelling one of the parties to perform. In the real world, I see departing spouses who ignore what they are supposed to do, or even worse die, thereby complicating things even further.
Experience has taught me that this should be accomplished as soon as possible. While both parties benefit from a divorce mortgage, we should not assume a departing spouse will be reasonable or follow the conditions in a divorce decree. A sad example of this is the couple who divorced and the departing spouse was supposed to quit claim her interest in the property to her husband. The balance on the mortgage was over $30,000 higher than the value of the property. Despite the orders of the court, the ex-wife refused to sign the quit claim unless she received an additional $5,000! In this case, the remaining spouse, the husband, is stuck with a high interest rate loan that cannot be refinanced.
Chip Allen
Crestline Mortgage Bankers
A Division of Universal Lending Corp
Direct: 303.947.2109
Fax: 303.987.0676
Loanchip@hotmail.com
Colorado Mortgage Broker License # 100019831
NMLS# 378621
Your Lender for Life!
When people you care about need a mortgage,
for purchase or refinance, please do not keep me a secret.
In a divorce mortgage the departing spouse may receive cash for their portion of any equity in the home, or simply benefit by being relieved of future financial obligations on the property. Future financial obligations include: potential damage to their credit scores if the remaining spouse does not pay on time, difficulty qualifying for new debt because they are still liable for the old mortgage, etc. The remaining spouse benefits because they now control the property and do not have to rely on the departing spouse if they want to sell or refinance. Yes, I know this is often addressed in the divorce papers compelling one of the parties to perform. In the real world, I see departing spouses who ignore what they are supposed to do, or even worse die, thereby complicating things even further.
Experience has taught me that this should be accomplished as soon as possible. While both parties benefit from a divorce mortgage, we should not assume a departing spouse will be reasonable or follow the conditions in a divorce decree. A sad example of this is the couple who divorced and the departing spouse was supposed to quit claim her interest in the property to her husband. The balance on the mortgage was over $30,000 higher than the value of the property. Despite the orders of the court, the ex-wife refused to sign the quit claim unless she received an additional $5,000! In this case, the remaining spouse, the husband, is stuck with a high interest rate loan that cannot be refinanced.
Chip Allen
Crestline Mortgage Bankers
A Division of Universal Lending Corp
Direct: 303.947.2109
Fax: 303.987.0676
Loanchip@hotmail.com
Colorado Mortgage Broker License # 100019831
NMLS# 378621
Your Lender for Life!
When people you care about need a mortgage,
for purchase or refinance, please do not keep me a secret.
Tuesday, January 17, 2012
Check out my latest real estate colum...
Check out my latest real estate column titled "$400,000 to $800,000 Can Be A Tough Sell" at http://ow.ly/8wgjO
Check out my latest real estate colum...
Check out my latest real estate column titled "$400,000 to $800,000 Can Be A Tough Sell" at http://ow.ly/8wgjO
Check out my latest real estate colum...
Check out my latest real estate column titled "$400,000 to $800,000 Can Be A Tough Sell" at http://ow.ly/8wgjO
$400,000 to $800,000 Can Be A Tough Sell. By Dan Polimino.
Last week, I broke down the various price ranges in real estate and what we might expect for the coming year. I mentioned that the 400-800K price range might be the toughest price range to sell for a variety of reasons. Let's take a look at what we know about this demographic.
The buyer for the 400-800K range is generally what we refer to as a 'move up buyer.' They are probably living in a 300-500K home and are looking for their next move up. The problem with this demographic is that they have been hit hard by the economy. Many have lost good paying jobs and as a result, are struggling to stay in their current home. The thought of buying a bigger, more expensive home is not even on their radar. If they are still employed and wanted to move up, they have a few challenges. The first is that they need to be able to sell their current home. Many may be underwater on their current house and don't have the cash to buy their way out. If they do have the cash to buy their way out, they won't have enough for a down payment on a new home.
The next problem area that this group falls into is lending. The guidelines have become so strict that many buyers in this price range can't qualify for a loan. The required down payment is too large, the credit scores needed are too high, and or the documentation needed for approval can't be met. If you can’t sell the home you're in and you can't qualify for a new loan, that's two strikes against you.
All of the above factors contribute to make this price range one of the toughest to sell in this economic market. Don't misinterpret what I am saying here. Homes in this price range do sell and will continue to do so in the future. This price range just might have a few more challenges than others.
Finally, I have a personal announcement for all of you who read this column so faithfully week after week. I have decided to leave Fuller Sotheby's for another opportunity. I want to thank everyone at Fuller for their love and support over the years. They are fantastic people to work with and for. I wish them much success.
I have been asked to become one of the Broker/Owners of Keller Williams Realty DTC and to help build a luxury division of that company. I am excited about the opportunity and the possibilities. I am still representing clients in buying and selling homes; I am just doing it under a new title and banner. I look forward to continuing this column each week and in serving you.
Dan Polimino is a Realtor with Keller Williams Realty DTC. He can be reached at dan@coloradodreamhouse.com and www.coloradodreamhouse.com/denverpost
The buyer for the 400-800K range is generally what we refer to as a 'move up buyer.' They are probably living in a 300-500K home and are looking for their next move up. The problem with this demographic is that they have been hit hard by the economy. Many have lost good paying jobs and as a result, are struggling to stay in their current home. The thought of buying a bigger, more expensive home is not even on their radar. If they are still employed and wanted to move up, they have a few challenges. The first is that they need to be able to sell their current home. Many may be underwater on their current house and don't have the cash to buy their way out. If they do have the cash to buy their way out, they won't have enough for a down payment on a new home.
The next problem area that this group falls into is lending. The guidelines have become so strict that many buyers in this price range can't qualify for a loan. The required down payment is too large, the credit scores needed are too high, and or the documentation needed for approval can't be met. If you can’t sell the home you're in and you can't qualify for a new loan, that's two strikes against you.
All of the above factors contribute to make this price range one of the toughest to sell in this economic market. Don't misinterpret what I am saying here. Homes in this price range do sell and will continue to do so in the future. This price range just might have a few more challenges than others.
Finally, I have a personal announcement for all of you who read this column so faithfully week after week. I have decided to leave Fuller Sotheby's for another opportunity. I want to thank everyone at Fuller for their love and support over the years. They are fantastic people to work with and for. I wish them much success.
I have been asked to become one of the Broker/Owners of Keller Williams Realty DTC and to help build a luxury division of that company. I am excited about the opportunity and the possibilities. I am still representing clients in buying and selling homes; I am just doing it under a new title and banner. I look forward to continuing this column each week and in serving you.
Dan Polimino is a Realtor with Keller Williams Realty DTC. He can be reached at dan@coloradodreamhouse.com and www.coloradodreamhouse.com/denverpost
Monday, January 16, 2012
Monday, January 9, 2012
Thursday, January 5, 2012
Check out "A-1 Scuba & Travel Center ...
Check out "A-1 Scuba & Travel Center - Yelp review of the week" at http://ow.ly/8j4N9
Check out "A-1 Scuba & Travel Center ...
Check out "A-1 Scuba & Travel Center - Yelp review of the week" at http://ow.ly/8j4N9
Check out "A-1 Scuba & Travel Center ...
Check out "A-1 Scuba & Travel Center - Yelp review of the week" at http://ow.ly/8j4N9
A-1 Scuba & Travel Center - Yelp review of the week
This week we are going to see Yelp reviews of A-1 Scuba & Travel Center, located at the SW corner of Oxford and Santa Fe in Englewood, Colorado. They carry a large selection of quality scuba diving equipment, the best brands, the best equipment, and offer very reasonable prices on everything. They also carry scuba regulators, gauges and computers to fit every need and budget, wide variety of books, accessories, DVDs, diving watches, fish ID cards, dive lights, framed pictures and posters, awesome sunglasses, sunscreen, and everything else you need for a great dive trip.
Few of the top reviews are given below:
Rich from Evergreen, CO says, "Came in looking for snorkeling gear for a trip in a few weeks. I came in an hour before close and got a full hour and 10 min of instruction and advice, and the sales guy was respectful of our budget. I'm not sure how other scuba shops are in town, but this one is great!"
Christine from Denver, CO says, "I did there "Try Scuba" class and it was very interesting. I really enjoyed it and the staff was friendly and helpful and the instructor would take the time in a full class to make sure I was okay on the dive (my ears were hurting - still gotta learn the "pop" the ear technique). Anyways, this has inspired me to want to take the full scuba course prior to my vacation to the Cayman Islands that I have plans in Novemeber. I liked the tiki vibe the pool area had, I thought it was totally fun. I really like that one of the "dive options" at the end of the course included diving at the denver aquarium. Which seems super fun. Although this place is no where near my home (downtown denver), if it was closer I would do the course there. There is a different dive shop just blocks from my home. I'm gonna check it out... if I'm not satisfied then I'm gonna make the trek down to A-1."
Few of the top reviews are given below:
Rich from Evergreen, CO says, "Came in looking for snorkeling gear for a trip in a few weeks. I came in an hour before close and got a full hour and 10 min of instruction and advice, and the sales guy was respectful of our budget. I'm not sure how other scuba shops are in town, but this one is great!"
Christine from Denver, CO says, "I did there "Try Scuba" class and it was very interesting. I really enjoyed it and the staff was friendly and helpful and the instructor would take the time in a full class to make sure I was okay on the dive (my ears were hurting - still gotta learn the "pop" the ear technique). Anyways, this has inspired me to want to take the full scuba course prior to my vacation to the Cayman Islands that I have plans in Novemeber. I liked the tiki vibe the pool area had, I thought it was totally fun. I really like that one of the "dive options" at the end of the course included diving at the denver aquarium. Which seems super fun. Although this place is no where near my home (downtown denver), if it was closer I would do the course there. There is a different dive shop just blocks from my home. I'm gonna check it out... if I'm not satisfied then I'm gonna make the trek down to A-1."
Wednesday, January 4, 2012
Read "Losing money every month becaus...
Read "Losing money every month because your car or mortgage need a tuneup?" at http://ow.ly/8hO9s
Read "Losing money every month becaus...
Read "Losing money every month because your car or mortgage need a tuneup?" at http://ow.ly/8hO9s
Read "Losing money every month becaus...
Read "Losing money every month because your car or mortgage need a tuneup?" at http://ow.ly/8hO9s
Losing money every month because your car or mortgage need a tuneup?
When our automobile needs a tune-up, it provides us with plenty of clues: hard to start, rough running, poor gas mileage, etc. But when a mortgage needs a tune-up it gives no warning. It motors along silently, not telling us that we are wasting money every month. Chances are, if you have not refinanced recently, you are losing money that could be put to a better use. While qualifying for a mortgage is harder than it was in the past, it is not as hopeless as the media and urban legends would have you believe. I am amazed at the number of people who have been declined for a mortgage by a bank, who easily qualified for a new mortgage that saved them hundreds every month.
Upfront applications fees should never be paid to have a mortgage professional take a look at your situation. A small fee for a credit report is acceptable. FHA and VA mortgages often do not require an appraisal for a rate reduction refinance. If an appraisal is required, the borrower should verify, in writing, that the loan is approved contingent upon an acceptable appraisal. The reason I mention this is that I have seen borrowers ripped-off when they spent hundreds of dollars for an appraisal only to be told they did not qualify because of credit scores, debt to income ratios, etc. An ethical mortgage originator (really, this is NOT an oxymoron), who cares about the client, will do a reasonable amount of due diligence on the front end to make sure the borrower has a good chance of qualifying.
A borrower should always remember that rate AND fees are what matter, and not just the rate. Make sure you will recapture any fees within a reasonable time frame and you plan on owning the property at the end of the recapture period. I talked to one borrower who had just refinanced and had forgotten to consider this. While his monthly payment did drop, it will take him almost seven years to recapture his closing costs. Since he is planning on retiring in three years and selling his home to move out of state, this was not a provident mortgage plan.
As always, your mortgage consultant should do the numbers to see what is best for your unique situation.
Chip Allen
Crestline Mortgage Bankers
A Division of Universal Lending Corp
Direct: 303.947.2109
Fax: 303.987.0676
Loanchip@hotmail.com
Colorado Mortgage Broker License # 100019831
NMLS# 378621
Your Lender for Life!
When people you care about need a mortgage,
for purchase or refinance, please do not keep me a secret.
Upfront applications fees should never be paid to have a mortgage professional take a look at your situation. A small fee for a credit report is acceptable. FHA and VA mortgages often do not require an appraisal for a rate reduction refinance. If an appraisal is required, the borrower should verify, in writing, that the loan is approved contingent upon an acceptable appraisal. The reason I mention this is that I have seen borrowers ripped-off when they spent hundreds of dollars for an appraisal only to be told they did not qualify because of credit scores, debt to income ratios, etc. An ethical mortgage originator (really, this is NOT an oxymoron), who cares about the client, will do a reasonable amount of due diligence on the front end to make sure the borrower has a good chance of qualifying.
A borrower should always remember that rate AND fees are what matter, and not just the rate. Make sure you will recapture any fees within a reasonable time frame and you plan on owning the property at the end of the recapture period. I talked to one borrower who had just refinanced and had forgotten to consider this. While his monthly payment did drop, it will take him almost seven years to recapture his closing costs. Since he is planning on retiring in three years and selling his home to move out of state, this was not a provident mortgage plan.
As always, your mortgage consultant should do the numbers to see what is best for your unique situation.
Chip Allen
Crestline Mortgage Bankers
A Division of Universal Lending Corp
Direct: 303.947.2109
Fax: 303.987.0676
Loanchip@hotmail.com
Colorado Mortgage Broker License # 100019831
NMLS# 378621
Your Lender for Life!
When people you care about need a mortgage,
for purchase or refinance, please do not keep me a secret.
Paralysis by Analysis: How to complicate (or kill) your real estate or mortgage deal http://ping.fm/4ZR6W
Tuesday, January 3, 2012
Check out my latest real estate colum...
Check out my latest real estate column titled "Happy Real Estate New Year" at http://ow.ly/8gzmg
Check out my latest real estate colum...
Check out my latest real estate column titled "Happy Real Estate New Year" at http://ow.ly/8gzmg
Check out my latest real estate colum...
Check out my latest real estate column titled "Happy Real Estate New Year" at http://ow.ly/8gzmg
Happy Real Estate New Year. By Dan Polimino.
Ok, it's that time of year again to rub my crystal ball and foretell the coming year in real estate. I should disclose that I am not a professional crystal ball reader so take this interpretation for what it's worth (totally free, unscientific guess).
First, it's important to note (like you don't already know) that this is an election year and that means nothing will be normal. If we look back at past election years, we see people being very conservative, playing it close to the vest, not making any big decisions or purchases until they know whom their elected officials will be. I would expect more of the same this year. The exception will be people that have to buy, like those who are having a job relocation, or people that have to sell because of economic distress. Denver may be insulated from some of this because of our extremely low inventory, and our local economy is better than most parts of the country.
Since Denver Real Estate did so well in 2011, there is a chance that it could continue to 2012. If it doesn't happen, I would expect Colorado to match the rest of the country, which seems to be bumping along the bottom. There will be spikes followed by lows in sales, very much like riding a mini roller coaster (no real peaks and no real valleys).
The better way to analyze the New Year is by breaking it down by price point. The lower range up to 300K will be very competitive. The low inventory will not only stabilize prices; they'll likely increase. The very upper end of Luxury will still have more pain. There is more inventory that needs to get bought up or come off the market before we see stable pricing here. The middle range of 400K-800K may be the toughest home to sell and I'll explain why in next week's column.
The most optimistic factor we can point to for 2012 is interest rates. Nothing affects the monthly payment of a home more than interest rates. In fact, I found out just the other day that my parents bought our first home in 1969 at 4.5%. I am not sure how many people realize that they can buy a home today at rates below our parents'! Combine low prices along with low interest rates and there still has never been a better time to buy a home.
Dan Polimino is a Realtor with Fuller Sotheby's International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost
First, it's important to note (like you don't already know) that this is an election year and that means nothing will be normal. If we look back at past election years, we see people being very conservative, playing it close to the vest, not making any big decisions or purchases until they know whom their elected officials will be. I would expect more of the same this year. The exception will be people that have to buy, like those who are having a job relocation, or people that have to sell because of economic distress. Denver may be insulated from some of this because of our extremely low inventory, and our local economy is better than most parts of the country.
Since Denver Real Estate did so well in 2011, there is a chance that it could continue to 2012. If it doesn't happen, I would expect Colorado to match the rest of the country, which seems to be bumping along the bottom. There will be spikes followed by lows in sales, very much like riding a mini roller coaster (no real peaks and no real valleys).
The better way to analyze the New Year is by breaking it down by price point. The lower range up to 300K will be very competitive. The low inventory will not only stabilize prices; they'll likely increase. The very upper end of Luxury will still have more pain. There is more inventory that needs to get bought up or come off the market before we see stable pricing here. The middle range of 400K-800K may be the toughest home to sell and I'll explain why in next week's column.
The most optimistic factor we can point to for 2012 is interest rates. Nothing affects the monthly payment of a home more than interest rates. In fact, I found out just the other day that my parents bought our first home in 1969 at 4.5%. I am not sure how many people realize that they can buy a home today at rates below our parents'! Combine low prices along with low interest rates and there still has never been a better time to buy a home.
Dan Polimino is a Realtor with Fuller Sotheby's International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost
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