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!
Does our intense housing market make you fear there are no affordable new homes in Denver? Don’t be intimidated. Patience and these tips will help.
I often get asked why home prices are climbing in a hot market like Denver. These are a few reasons. But take heart! With time, patience, and a great strategy, I’ll help you secure the right home for you!
Learn more at https://oddogroup.com or contact us for advice or a consultation:
THE ODDO GROUP
Sr. Loan Officer
The game rules of Denver’s real estate market are constantly changing, especially for buyers! Thanks to our need for more inventory, massive population growth, and still-low interest rates, buying in—or even near—the Mile High City can be competitive. Here’s how you can play to win.
Is this your year to buy a new home? In our metro’s competitive market, these tips will help you create a successful strategy!
One of the top rental markets in US real estate: the Denver housing market!
Learn more at OddoGroup.com or contact us for advice or a consultation:
THE ODDO GROUP
Sr. Loan Officer
As the market has moderated itself over the last few months, we’ve eagerly awaited news about October’s activity. And the results: about the same as September. The number of listings and closings – even the average sales price – only had minor fluctuations. While our market still favors sellers, compared to the spring and summer, buyers have more inventory to choose from at perhaps slightly lower prices. With the uptick in loan rates, this is welcomed news! One surprise for sellers is the extra time homes are staying on the market. Last month homes took an average 29 days to go under contract. That probably feels quite “sluggish,” considering homes flew off the shelf at 19 days in June! But the increased DOM is quite typical for the fall season.
Will these trends hold out through the winter months? I’ll keep you in the know!
Homeowners, if you want to avoid the spring frenzy and traffic through your properties, consider selling within the next few months! Buyers, you’ve been presented some strong silver linings over the months. Purchasing now when there is less competition and more homes to choose from may give you more negotiating power.
If you want to learn more about taking advantage of our current market, contact me today!
Planning to buy or sell? Check out more mortgage tips or contact me for advice:
Big and small missteps can cost you thousands of dollars in mortgage payments. So to help you not look back and wish you’d done things differently, avoid these regrettable blunders!
1) Big banks aren’t always the right option.
Working with a big bank because you know the name doesn’t mean you’ll get the best rate and service when it’s time to buy your home. Big bank reps may not be guaranteed experts on the local market or unusual financial circumstances. So be sure to work with a local lender so you can meet face to face and have the personal service you deserve. The last thing you want is to pass up home after home because your lender is fumbling with your paperwork!
2) Delaying to secure a good rate.
Mortgage rates can quickly change! So while it sounds reasonable to take a couple of days to decide on a loan officer’s offer, rates can shift in a matter of hours. Make your decision as immediate as possible or you may be suddenly paying extra on your loan!
3) Skipping chances to make extra payments.
Even making an extra payment on your loan every year to ‘principal only’ can help shave years off of your mortgage! So when you get a tax refund, an inheritance or even a “great” weekend in Vegas consider the financial benefits of putting that money toward your principal. Or set up biweekly mortgage payments to increase the number of payments every year and reduce your interest!
4) Making “small” credit mistakes.
If you plan to refinance, it’s important to stay on top of paying your bills, such as credit cards. One late payment can drop your FICO score by 60 to 110 points (and stays on your report for seven years). This can cause you to miss out on a good interest rate! In fact any changes to your credit behavior (i.e. opening a new credit card or increasing your balance) can shift your score. So don’t make any unusual moves with your finances!
5) Not tracking mortgage rates.
Many homeowners see refinancing as a hassle — the time and money spent dealing with the bank, attorneys, an appraisal, title insurance and etc. However if you bought your home years ago at 7%, can you imagine how much you’d save is you qualified for a 15-year mortgage at 3.5%?? Ignoring news reports or not checking in with us can cost you incredible opportunities to boost your financial legacy!
Check out more tips for buyers or contact us today.