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Private Mortgage Insurance

What is PMI?

Private mortgage insurance (PMI) enables you the buyer to put down less than 20% on the purchase of a home. In the past when you bought a home you had to have a
20% down payment. That is no longer the case because of PMI.

Private mortgage insurance companies partner with the lender on your mortgage to share the risk that enables you the buyer to put a smaller percentage down and still get into a home.

You will typically have to pay private mortgage insurance payment as part of your monthly payment unless it’s a special program that has priced the interest rate without needing the mortgage insurance. However, most times you will need PMI.

Once your property appreciates in value, if it’s a conventional loan and you get to 78% of that original purchase price, your mortgage insurance will automatically drop off.
That’s the nice thing, you do not have to refinance if you don’t want to.

With an FHA loan your mortgage insurance premium is called MIP. It’s the same thing as PMI except it’s through the government and is HUD funded. It does not automatically drop off on most FHA loans and it will most likely be there for a lifetime unless you take action to remove it.

If you have questions about this or if you have PMI and you would like to know if it should come off or should you refinance to get rid of it or you just want to learn about different, interesting or creative ways to do a loan without PMI, give us a call we have lots of answers and options for you.

The Oddo Group with LeaderOne Financial is located in Littleton, CO. Give us a call! (720) 738-1080.

A Balanced Denver Real Estate Market? It Depends On Your Needs

You’ve seen stories about our Denver real estate market balancing. The phrase “a buyers’ market” hasn’t been used in our Denver metro area in years. So is it balanced for buyers and sellers? It all depends on the price point and type of home.

For all Denver real estate bought and sold in our area in September, we finished with 2.04 months of single-family homes and 2.12 months of condos available for sale. Since it takes almost six months of inventory to balance a market, we have a ways to go!

But our Denver real estate market this year has been “balancing” – we’ve had more inventory on the market than in 2018. Sellers have reduced their prices more often and listings have lingered on the market for more days. While price appreciation hasn’t reversed, it’s growth rate has slowed down. In fact, our average sales price in September was 6% higher than this time last year.

So where do homebuyers have buying power? If you plan to buy a premiere condo between $750,000 and $999,999 or a $1 million+ single-family home, we have nearly 6 months of inventory.

The further down you go in price point, the greater the demand for listings, and the stronger the market favors sellers. Last month we only had 1.33 months of single-family homes and 1.97 for condos priced between $300,000 and $499,999! It’s a very hot market.

The bottom line, if you plan to buy or sell in our shifting Denver market, get expert advice and guidance through the process. I’d love to help you reach your goals. Call or text me today if you have any questions!

Michelle Oddo
Senior Mortgage Banker & Branch Manager
LeaderOne Financial

O (720) 738-1081
M (303) 961-6906

* Source:

Down Payment Programs

If coming up with a down payment is stopping you from buying a Denver home, The Oddo Group with LeaderOne Financial can help. Don’t let coming up with a down payment stop you from building wealth in the Denver market. It’s a great time for you to become a homeowner! We are located in Littleton, CO. Give us a call! (720) 738-1080

Supporting Charitable Causes Through One Hope

The Oddo Group at LeaderOne Financial gives back to a wide spectrum of charitable causes through purchasing client gifts through One Hope Wine.

When you shop their Napa Valley wines, you give back to a wide spectrum of charitable causes. Their community has donated over $4,867,530 to non-profits around the world.

The Oddo Group at LeaderOne Financial is always looking to help in the community and welcome any suggestions you might have.

Which Is Better: Pre-Qualified or Pre-Approved?

Does it matter – being pre-qualified or pre-approved for a home loan? It does. By providing us with some financial information by phone or in person, you can be pre-approved for a loan and have a Pre-Approval Letter to show sellers. This allows you to make a much stronger offer on a house.

Michelle Oddo To Head LeaderOne Financial Colorado Branch

Michelle Oddo will lead its efforts in the Metro Denver Area as LeaderOne opens its newest office in Littleton, Colorado. Michelle will be branch manager and a senior mortgage banker. “Providing my clients heightened comfort and a streamlined process, I am truly honored to be offered this amazing role” Michelle comments.

Read more at:

Denver First Time Home Buyer FAQ

Mortgage lender Michelle Oddo and Denver Realtor Caroline Kleckner have created a video series for first time home buyers. It can be overwhelming to know where to start in the process of buying your first Denver home. Some of the questions Michelle and Caroline answer are:

How do I get started in the home buying process?
Do I need 20% down for a home mortgage?
Do I need to use a real estate agent?
What is earnest money and when do you need it?
What is title insurance?
How do you estimate your monthly mortgage payment?
What is homeowner insurance?
What is mortgage insurance and when is it required by the lender?

If you have any questions or want more information, visit our YouTube channel or contact Michelle today for a no obligation consultation!

Contact us to get started on buying your first home!
Michelle Oddo
(303) 961-6906

April Brought The Adrenaline To Denver Real Estate!

While April usually kicks off our busiest real estate season…last month was more like a drop-kick!

Denver’s average single-family homes’ sales price hit an all-time high: $553,371 (condos increased to $368,565).

So while homeowners’ price negotiations were strong, home buyers had some key advantages:

  • More time to house-hunt as listings spent 28 days on the market (last April, it was only 20 days).
  • With over 7,000 properties on the market, home buyers also had a lot more inventory to choose from (every April since 2015, our supply has only been in the 5,000s).

No doubt we have more intense months ahead. Home buyers and agents, to be on top of your game, we’ll design an excellent strategy and a team of professionals to navigate our market’s unexpected shifts.

You can email, call or text me at 303-961-6706 anytime get started. I look forward to sharing insights and advice about your specific lending needs.


Early Birds Getting The First Spring Worms!

It was an exciting month for our market! Both buyers and sellers were READY to go under contract in March. With a larger inventory (we had 22% more homes come onto the market, according to DMAR), house hunters found properties that met their needs. Homeowners seemed to negotiate for the price they wanted (as average sales prices remained steady). So we had a whopping 27% MORE homes go under contract compared to February. With this many deals getting done, homes spent less time on the market and we ended the month with just a slightly larger inventory compared to February. 
So the spring frenzy is in full effect! In April we typically have even more homes hit the market. 
Homeowners who’ve built up equity, THIS IS YOUR TIME TO UPGRADE. The conditions are quite ideal: more homes on the market + sales prices will likely rise + mortgage rates are steady =  opportunities to purchase the next, right home!
Let’s chat today about your needs. Feel free to call, text, or email me today.