Have you been thinking of investing in the area’s hot housing market? Here are some tips on what not to do, including not doing the math!
Category: Real Estate Tips
Tips for Establishing Credit
Everyone’s heard about how important it is to have great credit in order to buy a home. Here are some tips from the LA Times on how to establish good credit, such as applying not just for credit cards.
July Home Sales Stats!
New Homes to be Built in Louisville
The Boulder County Business Report gives us a first look at The Overlook at Steel Ranch, a new townhome development near South Boulder Road and Highway 42. It’s a great location near schools, parks, shopping, restaurants and Waneka Lake! Contact us if you’re interested in this fine area.
Apply for Solar Discounts
The City of Lafayette is working with Xcel Energy to reduce energy costs for both the city and up to 25 low-income Lafayette households. Applications will be accepted through Sept 30 on the City of Lafayette website.
The two solar gardens which will generate one megawatt of electricity. It’s ideal for those who don’t have the location or space for their own solar array!
Applicants can anticipate up to a 50% discount off existing monthly Xcel bills. This savings will continue as long as the recipient resides at the address, and can be transferred to a future address within the Xcel service area.
Boulder Housing Partners Update
Boulder Housing Partners, which offers over 2000 affordable housing options, hopes to be the nation’s first net-zero energy and zero-waste housing authority. They are on their way to that goal with 11 solar arrays and implementing SmartRegs features such as low flow faucets and CFL bulbs. Read more here!
Church on 28th to be Developed
You’ve probably noticed the For Sale for awhile now on the church at 950 28th St as you come in to town. It’s finally being developed into apartments, according to the Boulder County Business Reporter’s recent article.
The iconic structure will remain as part of the development.
Hot Off the Presses: June Market Stats!
What to Know about Distressed Properties
Distressed property – we’ve probably all heard the term. It can refer to a foreclosure, short sale, REO or delinquency of payment. Check out this article from RIS Media on the definitions of those and how you can benefit.
Mortgage News: What’s Coming
Wondering what mortgage companies are looking at when you apply for a loan? It can seem like a mysterious process where you turn in a lot of paperwork and then wait. Here’s a great summary of where the industry seems to be headed with the Dodd-Frank Qualified Mortgage (QM), from RIS Media:
“…a mortgage that meets the following requirements:
(1) It does not include negative amortization, interest-only payments, balloon payments, or have a loan term exceeding 30 years.
(2) The total points and fees do not exceed 3 percent of the total loan amount.
(3) The income or assets of the borrower have been considered and verified.
(4) With regard to underwriting:
a. It is based on the maximum interest rate in the first five years.
b. It uses a payment schedule that fully amortizes the loan over the loan term.
c. It takes into account any mortgage-related obligations.”
That’s all pretty common sense that there should be a limit on the length of the loan and everything is verified. Click here for the rest of the article – there’s more good stuff to be aware of!
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