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Patty Clark
Patty Clark

Metro Brokers
Morningside Homes, LLC

Denver, CO 80237

720-231-5200
Contact Me

My Blog


Deductible Dilemma

The purpose of insurance is to shift the risk of loss to a company in exchange for a premium. Most policies have a deductible which reduces the amount of the claim that is paid by having the insured share in the first part of the loss.In the process of managing insurance premiums, policy holders often consider higher deductibles to lower the premium. Lower deductibles mean less money out of pocket if a loss occurs but also results in higher premiums. Higher deductibles result in lower premiums but require that the insured bear a larger part of the loss.A small fire in a $300,000 home that resulted in $2,500 of damage might not be covered if the policy holder has a 1% deductible. If the homeowner can afford to handle the cost of repairs in exchange for cheaper premiums, it might be worth it. On the other hand, if that loss would be difficult for the homeowner, a change in the deductible could be considered.Homes in high-risk flood areas with mortgages from federally regulated or insured lenders require additional flood insurance. However, each homeowner needs to assess the risk of being able to financially sustain a flood loss on their home when flood insurance is not required. The recent events in south Texas and Louisiana are evidence that the unexpected can happen.It is important to review your deductible and discuss risks with your property insurance agent so that you’re familiar with the amount and make any changes that would be appropriate before a claim is made.  The FEMA website has information and frequently asked questions about flood insurance.   Buy or Sell with Patty Clark              Denver/Aurora Co. and surrounding areas If you would like to be sent properties on a daily or  weekly  basis just call or email me and let me know your wants and  needs. A match will be made with a home you love and with  monthly payments you can afford. I specialize in first time  home buyers and sellers who are ready to make a move. patty@morningsidehomes.com www.morningsidehomes.comCell: 720-231-5200                       CRS,GRI,WCR,SFR,CNE, MRE

Your Home's Equity Could Be the Answer

Your Home's Equity Could Be the Answer -A home equity line of credit, HELOC, is a mortgage loan made to homeowners to be used on an as-needed basis. A lender, such as a bank, will approve a borrower for a specified amount based on the equity in their home and all the necessary paperwork is signed to authorize the loan.The line of credit amount is available to the borrower and no interest is due until some or all the money is used. When the money is paid back, the line of credit is again available in full to the borrower.The specifics of the repayment will depend on the HELOC lender. It may require interest only or it may require amortized payments of principal and interest.The proceeds from a HELOC can be used to make improvements on the home or anything else such as medical expenses, college tuition or unexpected expenses or other liquidity issues.Unlike personal credit card interest, the interest on a HELOC may be tax deductible. Your tax advisor will be able to let you know about your situation.Rates and fees can vary widely on HELOC loans. Borrowers should shop around, compare and get recommendations before deciding on a lender. Buy or Sell with Patty Clark              Denver/Aurora Co. and surrounding areas If you would like to be sent properties on a daily or  weekly  basis just call or email me and let me know your wants and  needs. A match will be made with a home you love and with  monthly payments you can afford. I specialize in first time  home buyers and sellers who are ready to make a move. patty@morningsidehomes.com www.morningsidehomes.comCell: 720-231-5200                       CRS,GRI,WCR,SFR,CNE, MRE

Which Value Do You Want?

Which Value Do You Want? - 8/21/2017 What your home is worth depends on why you ask the question. It could be one value based on a purchase or sale and an entirely different value for insurance purposes.Fair market value is the price a buyer and seller can agree upon assuming both are knowledgeable, willing and unpressured by extraordinary events. This value is generally indicated by a comparable market analysis done by real estate professionals.Insured value is determined for insurance coverage. Homeowner policies typically have replacement clauses in them and the cost of demolition, new construction and the added complexities of matching existing construction could exceed the cost of new construction.Investment value is based on the income it can generate during its useful life. This value is dependent on what kind of yield an investor requires to capitalize the value over time. The formula for this is to divide net operating income by the capitalization rate required by the investor.The assessed value of a home is used to determine the property taxes the owner must pay. This value is determined by the responsible state government agency.Homeowners are generally more familiar with their home’s market value. Since it can be lower than the replacement cost, owners should review the insured value with their property insurance agent periodically.There can be a surprising difference in each of these separate values. It is important to know the purpose that it is going to be used for the value. Buy or Sell with Patty Clark              Denver/Aurora Co. and surrounding areas If you would like to be sent properties on a daily or  weekly  basis just call or email me and let me know your wants and  needs. A match will be made with a home you love and with  monthly payments you can afford. I specialize in first time  home buyers and sellers who are ready to make a move. patty@morningsidehomes.com www.morningsidehomes.comCell: 720-231-5200                       CRS,GRI,WCR,SFR,CNE, MRE

The content relating to real estate for sale in this Web site comes in part from the Internet Data eXchange ("IDX") program of METROLIST, INC.DBA RECOLORADO® Real estate listings held by brokers other than Metro Brokers/Morningside Homes, LLC are marked with the IDX Logo. This information is being provided for the consumers' personal, non-commercial use and may not be used for any other purpose. All information subject to change and should be independently verified.

Information last updated on 2017-09-19

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Patty Clark | Broker/Owner | 720-231-5200 | Contact Me
8101 E. Belleview Ave #F - Denver, CO 80237
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