Jim Smith, Mortgage Pro

🍂 Happy First Day of Fall! 🍁 Time to cozy up with your favorite sweater, sip on some pumpkin spice, and enjoy all the autumn vibes. Whether you’re dreaming of a new home or just adding a few seasonal touches, here’s to a season full of warmth and new beginnings! 🏡

Not true! ❌

Because demand is so high in the spring and summer, that drives home prices higher. 🌼🏡 Think about it: Families would rather move when kids are out of school so they’re not disrupting their educations. 🎒📚 That’s why a lot of moves happen in the warmer months. ☀️

So, if you decide to look in the fall or winter months, you may get more properties that fall into your price range. 🍂🏠 This can be dependent on where you live in the country, but talk to a real estate agent about it. 🗺️👩‍💼 It might just be the tip someone needs to find the perfect house at the perfect price. 💡🔑

🏡 Mortgage Term of the Day: Principal

When you hear the term "Principal" in the context of a mortgage, it refers to the original amount of the loan you borrow from your lender, excluding any interest. For example, if you take out a $300,000 mortgage, the principal is $300,000. The principal decreases over time as you make monthly payments, which typically include both principal and interest.

Understanding your principal balance is crucial as it helps you track your loan payoff progress and the equity you're building in your home. The lower the principal, the less interest you pay over the life of the loan! 💰✨

Stay informed and empowered on your homeownership journey! 🙌

Turn on the tunes 🎶 and break out the Pledge! It’s time to dust! 🧹✨

Ready to accomplish your homeownership dreams but worried about the down payment? Don't let that be a roadblock! 🏡 👇

There are incredible down payment assistance programs out there designed to help you get the keys to your new home without breaking the bank. Whether you're a first-time buyer or looking to move up, we can explore the best options tailored just for you. Together, let’s find the solution to make your dream home a reality! 🔑

Looking at a home away from home? 🏡🌴

Of course, there are several loan options you can leverage to help buy that vacation house, but that's a topic for another day. Today, we're just talking about some of the advantages of getting your own second home. 🌊🏔️

It doesn't just have to be a spot for your family. You could also use it as a short-term rental through companies like Airbnb or Vrbo. That way, the property's still in use when you're not there, and you can make a little money on the side. 💰🛏️ It may even be enough to pay for your mortgage. It won't work for everyone, but given the right location and property, it could be a good investment. 📈

Speaking of investments, a second home is really just an investment in your family. If you have a vacation spot you like to go to regularly, it may make sense from a financial standpoint to get your own place. 👨‍👩‍👧‍👦❤️

That's another pro: You'll always have a place to stay. No more juggling timelines and booking rentals that everyone else wants. It's your spot, so you can go whenever you want. 📅🔑

You also have the opportunity to be close to things you like doing. Hiker? Head to the mountains. 🏞️ Got a boat? Lake house might be your style. 🚤 Looking to get tan? A beach bungalow is right for you. 🏖️

As if 'vacation house' wasn't enough to convince you, take a look at your pros and cons to see if a second home is right for you. Then, we can talk about your financing options. 📋

🎉 Our Corporate Office Has Moved! 🎉

Exciting news! We’ve officially relocated to our new corporate office in the heart of the Denver Tech Center! Our new corporate address is:
📍 5750 DTC Pkwy #145, Greenwood Village, Colorado 80111

We’re thrilled to be in this super convenient location and can't wait to welcome you to our new space. We’ve moved from E Evans Ave and are ready to serve you better than ever from our new office. Stop by and say hello or schedule a meeting to discuss your mortgage and home financing needs. Here’s to new beginnings and continued success! 🏠✨

It’s C! 🎉

While it may not seem like the most exciting upgrade, according to HomeLight, a new garage door can bring a 133% return on investment. Top agents say a new garage door costs an average of $1,200 but adds an average of $2,797. That’s huge! 💰🚪 Do your research before diving into your next project. 📚🔍

🏠 Considering refinancing your mortgage with rates starting to drop? 🤔 With there being multiple rate cut predictions, the first expected in September, you might be wondering if you should wait or start the refinance process now.

Here’s a quick tip to help you decide: 👇

Calculate your break-even point:
1.Determine your current monthly payment vs. the potential new payment.
2.Subtract the new payment from the current one to find your monthly savings.
3.Divide the cost of refinancing by your monthly savings to see how long it will take to recover the refi costs.

If you plan to stay in your home beyond the break-even point, refinancing could be a smart move! 💡

Whether you choose to refinance now or later, consider your long-term plans and the potential savings. Let’s crunch the numbers! Reach out by phone or email and let’s see if refinancing could save you some money! 📊💬

Bit of a "did you know" moment coming up. 🧐💡

Fixer-uppers are possible to buy with renovation loan programs. 🏚️➡️🏠 You can finance both the cost of the house and the renovations together. Loan types like the 203(k) can open up a lot more properties for prospective buyers. 💸🔧 They don't have to pay for the house and reserve a bunch of cash or finance the renovations separately. This makes for a much cleaner mortgage experience. 🧼📃

It won't be right for everyone, and only certain properties will qualify, but it's worth looking into for someone considering a property with some upgrade potential. 🏡✨

Yes, there are loans made specifically for real estate investors.✔️

These options are three common ways investors can build their portfolios. They’re not the only ways, though. With someone's full financial picture and goals in mind, we're able to tailor a loan solution that perfectly fits their situation.

It’s that time of year again—back to school! ✏️ Whether you're hitting the books or packing lunches, we wish you an AMAZING school year filled with new adventures, learning, and fun! 📚🍎 Let's make this year one to remember! Wishing students, teachers, and parents the best of luck and lots of smiles! 🌟

🔑 Always have your pre-approval ready. So, when you find the house, you’re ready to make an offer.

📈 Increase your offer. If the house you’re looking at is in high demand, it might be time to make an offer over the asking price. Strategize your best plan with your real estate agent.

📋 Waive certain contingencies. This strategy can streamline the loan process, making it easier to get to the closing table. If speed and ease are important to the seller, waiving some contingencies could make an offer stronger.

📈 Have an escalation clause. If it’s an all-out bidding war, being able to increase an offer based on others coming in is pretty smart. Sellers see it as a commitment. But, it’s not for everyone, and some states don’t even allow it.

💵 Offer earnest money. This is another way to show sellers a buyer is serious about their offer.

📉 Offer an appraisal gap guarantee. As bidding wars take off, it may be likely that offers go above the final appraisal of the property. This type of guarantee tells sellers you’re willing to make up the difference between lender financing and the offer.

All of these strategies should be discussed with your real estate agent and mortgage advisor to decide what will work best for certain situations.🤝

💳 The PROS & CONS of using your credit card for finances 🏡👇

Pros:
1. Build Credit History: Regular, on-time payments boost your credit score, which is crucial for mortgage approval.
2. Rewards and Cash Back: Earn rewards, points, or cash back that could be used for home-related expenses.
3. Purchase Protection: Many credit cards offer protection on purchases, which can be helpful for home improvement projects.
4. Emergency Funds: Having a credit card can provide a safety net for unexpected expenses

Cons:
1. High-Interest Rates: Carrying a balance can lead to high interest charges, making it harder to save for a down payment.
2. Overspending Risk: Easy access to credit can lead to overspending and accumulating debt, which can negatively impact your debt-to-income ratio.
3. Credit Score Impact: High balances and missed payments can lower your credit score, affecting your ability to secure a mortgage.
4. Additional Fees: Late fees, annual fees, and other charges can add up, reducing your available funds for home buying.

Balancing the use of credit cards wisely can support your journey to homeownership. Use them strategically to build credit but avoid falling into debt traps that could hinder your home-buying goals. 🏡✨

Seller concessions sound like they would only benefit the buyer, but that’s simply not true. They can benefit both the seller and the buyer. 🤝

For buyers with limited cash, reducing the upfront costs of homebuying can make it more accessible and affordable. It may even allow people to buy more expensive houses.

For sellers, concessions can make properties more attractive to buyers. Reducing the money needed at closing can lead to a more streamlined (and possibly quicker) sale, which is ultimately beneficial for the seller.

Here are some common seller concessions:
Appraisal fees
Title fees
Loan origination fees
Inspection fees
HOA fees
Real estate taxes

🏡 Tips to Help You Prepare for Closing Day! 🗝️

1. Bring a Driver's License or State-Issued ID: Ensure you have valid identification with you.
2. Sign Your Closing Disclosure (CD): Review and sign the CD, which will be sent to you at least 3 days before closing.
3. Bring Your Cash to Close: Bring a cashier's check or wire the money to the title company to ensure "good funds."
4. Ensure All Loan Parties Are Present: Make sure everyone listed on the loan is present at closing to sign the necessary documents.
5. Notify Utility Companies: Call the utility companies to inform them of your new ownership so they can transfer services. Your water and sewer will be automatically transferred by the title company.

This is such an exciting time and being prepared can help make your closing day smooth and stress-free! 🏠✨

We like to say getting pre-approved is the first step in the homebuying process. But, there’s plenty that leads up to that.👇

One step is paying off some loans and recurring monthly payments like cards, student loans, etc. It helps boost a borrower’s credit score and lower their overall DTI. With those key numbers in a better position, we’re able to offer more favorable loan terms. It can even be easier to qualify for certain programs and mortgage options.

🏡 Homeowners... are you aware of how much equity you have? 📈

According to a CoreLogic report released in June 2024, the average US homeowner with a mortgage saw their equity increase by $28,000 in the last year, which is a 9.6% increase year over year. This is the highest increase since late 2022. Understanding your home equity can open up opportunities for refinancing, renovations, or even purchasing a new property. Let's chat and explore your options! 💬✨

Knowing what to look for on your loan estimate is very important! 👀Listed in the graphic are some of the highlights of what we’ll cover when we go over your loan estimate ensuring everyone is on the same page with their future mortgage. Can the final details change a little? It’s possible. But, the estimate should provide a pretty good idea of what’s to come.🏡

🏡 Buy your next home with 0% down! 🌟

Explore the amazing benefits of purchasing a rural home with a USDA loan 👇

💰 No down payment required: Make homeownership possible without a hefty down payment.
✅ Flexible credit guidelines: Easier approval process for a wider range of buyers.
🏡 Competitive fixed interest rates: Enjoy stable and affordable payments over time.
🏦 Finance closing costs into the loan: Reduce out-of-pocket expenses at closing.
👍 No prepayment penalty: Pay off your loan early without extra fees.

Ready to make your dream home a reality? Let's get started! 💬

In a hot housing market, every little bit helps. That goes for buyers and sellers 🏡💼

With rate buydowns being a big topic for homebuyers, it’s important to know why they’re beneficial for all parties involved 💡

For buyers, rate buydowns mean lower monthly payments and the potential for long-term interest savings 💸📉. Simply put, it makes homebuying more accessible and more affordable 🏠💰.

It’s also an advantageous way for sellers to be more competitive by offering a better deal to buyers without having to lower the price of the house (the math is usually in their favor) 📊🤝.

As far as homebuying goes, buydowns are a great tip to know for buyers, sellers, and even real estate agents 🔑📑

Ready to take the first step towards homeownership? Here are a few initial documents you’ll need to get started once you complete the loan application: 👇

1. Previous 30 days of paystubs 📄
2. Previous 2 years of W2s 🗂️
3. Previous 2 months of bank statements 🏦
4. Copy of your Driver’s License/State Issued ID 🪪

The best part? You can quickly and securely upload all of these through our mobile app, making the process smooth and stress-free! 📱🔒

Start your journey to owning your new home today. Reach out for more details and let’s get you pre-approved! 🏠✅

A better home deal might mean the seller pays some closing costs 🏡💰

Here’s a quick cheat sheet 📋 to show how much a seller is allowed to contribute. It varies by loan type, and it’s pretty handy to know to get a homebuyer the best deal possible 🏠👍

🎆 Happy 4th of July! Let's celebrate the land of the free and the home of the brave with fireworks, BBQs, and loved ones. 🎉

Understanding the distinction between a Pre-Qualification and a Pre-Approval can make a huge difference in your homebuying journey. Here’s what you need to know: 👇

Pre-Qualification:
• Based on information you tell your loan officer 🗣️
• Preliminary qualification 📝
• Gives you only a general idea of your buying power 💡

Pre-Approval:
• Based on documentation you provide 📄
• Includes verifications by your loan officer 🔍
• More in-depth and accurate ✅
• Gives you a clear understanding of your buying power 💪

Why get Pre-Approved? 💡
• Helps you fully understand your buying power
• Makes the mortgage process smooth and seamless
• Gives you a competitive edge in today’s competitive real estate market

Ready to take the next step? Get Pre-Approved and make your homebuying journey successful! Reach out today to get started. 🏠✨