Bedrooms
Baths
Min Price
Max Price

Patty Clark
Patty Clark

Morningside Homes, LLC
720-231-5200
Contact Me

My Blog


When It's Important...Find the Facts

When It's Important...Find the Facts2/13/2019 Most parents don't put a lot of credence in the statements "Everyone is doing it" and "No one does that anymore." They'll dig a little deeper and get the facts of the situation.  Interestingly, when it comes to buying a home, similar common myths continue to prevail surrounding what it takes to buy a home. One of the most common myths is that it takes 20% down payment to get into a home.  Certainly, an 80% mortgage might have the most favorable interest rate. It won't require mortgage insurance and qualifying requirements might be a little less but there are alternatives. "88% of all buyers financed their homes last year and consistent with previous years, younger buyers were more likely to finance their home purchase.  In 2018, the median down payment was 13% for all buyers, 7% for first-time buyers and 16% for repeat buyers." Stated by the 2018 NAR Profile of Buyers and Sellers.Qualified Veterans are eligible for zero down payment, 100% mortgage loans without mortgage insurance. Conventional loans are available with as little as 3-5% down payments. FHA mortgages have a 3.5% down payment.USDA mortgages for rural housing have two major products: one does not require a down payment and the other has a 3% down payment.  Maps, based on population numbers, are available to determine if the area you're interested in purchasing in is eligible for a USDA mortgage.We've come to believe that facts can be instantly verified by searching on the Internet.  Unfortunately, there are a lot of things on the Internet that are questionable and certainly, that includes some information on mortgages. Specifically, some loans are not available in certain areas and to a particular persons based on their income and credit history. The best approach, when it comes to buying a home, is to get the facts from a knowledgeable and trusted loan professional before you begin the home search process.  Contact me at (720) 231-5200 for a recommendation. A website may not provide relevant information for your individual situation.  Purchasing a home is a large investment and taking the time to find out the facts is worth the effort. Buy or Sell with Patty Clark              Denver/Aurora Co. and surrounding areas Helping Families Move with Care 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. Morningside Homes, LLCpatty@morningsidehomes.com www.morningsidehomes.comCell: 720-231-5200                       CRS,GRI,WCR,SFR,CNE, MRE

Is a Home Equity Loan an Option?

Here's the scenario: you have a project and need to borrow some money, but you want to do it in the most economic manner.  You've got a low rate on your existing first mortgage and don't want to do a cash-out refinance and pay a higher rate.  Is a home equity loan an option? Prior to 2018, homeowners could have up to $100,000 of home equity debt and deduct the interest on their personal tax return.  The Tax Cuts and Jobs Act of 2017 eliminated the home equity deduction unless the money is used for capital improvements. Regardless of the deductibility, lenders will still loan money to owners who have equity in their home and good credit. The most common reasons people borrow against their home equity are:Consolidate debt with higher interest rates Make improvements on their home Refinance an existing home equity line of credit Down payment for another home or rental investment Creating reserves or available access for potential needsOne available loan is a fixed-rate home equity loan, commonly referred to as a second mortgage.  It is usually funded at one time, with amortized payments for terms that could range from five to fifteen years. Another option is a home equity line of credit or HELOC, where a homeowner is approved for up to a certain amount at a floating-rate over a ten-year period.  The borrower can draw against the amount as needed and would pay interest every month and eventually, pay down the principal. The amount of money that can be borrowed is determined by the equity.  Lenders generally will not exceed 80% of the value of the home.  If a home was worth $400,000, the 80% ceiling would be $320,000.  If the homeowner had an unpaid balance on their first loan of $240,000, an amount up to $80,000 would be possible. The next variable is the borrowers' credit score which will determine the rate of interest that will be charged.  The higher the score, the lower the rate the borrower will pay.  And the converse is true, the lower the score, the higher the rate. Another common variable considered is the borrowers' total debt to income ratio.  Ideally, the combination of regular monthly debt payments should not exceed 43% of their monthly gross income. If you have good credit and an adequate amount of equity, your home could be the source of the funds you need. There is a lot of competition among lenders and shopping around can make a difference. Call us at (720) 231-5200 for a recommendation of a trusted mortgage professional.  If you have questions about whether the interest on the loan will be deductible, talk to your tax professional. Buy or Sell with Patty Clark              Denver/Aurora Co. and surrounding areas Helping Families Move with Care 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. Morningside Homes, LLCpatty@morningsidehomes.com www.morningsidehomes.comCell: 720-231-5200                       CRS,GRI,WCR,SFR,CNE, MRE

Your Home Inventory

Home Inventory Generally speaking, when you need an inventory of your personal belongings, it is too late to make one.  Sure, you can reconstruct it but undoubtedly, you'll forget things and that can cost you money when filing your insurance claim. Most homeowner's policies have a certain amount of coverage for personal items that can be 40-60% of the value of the home. Homeowners who have a loss are usually asked by the insurance company for proof of purchase which can come in the form of a receipt or current inventory of their personal belongings. The most organized people might find it difficult, if not impossible, to find receipts for the valuable things in their home.  Think about when you're rummaging around a drawer or closet looking for something else and you discover something that you had totally forgotten that you had. An inventory is like insurance for your insurance policy to be certain that you list everything possible if you need to make a claim.  Systematically, make a list of the items by going through the rooms, along with the drawers and closets.  In a clothes closet, you can list the number of shirts, pants, dresses and pairs of shoes but higher cost items should be listed separately. Photographs and videos can be adequate proof that the items belonged to the insured.  A series of pictures of the different rooms, closets, cabinets and drawers can be very helpful.  When video is used, consider narrating as it is shot and be sure to go slow enough and close enough to see the things clearly. For more suggestions and an easy to use, interactive form, download a Home Inventory, complete it, and save a copy off premise, either in a safety deposit box or digitally in the cloud if you have server-based storage available like Dropbox. Buy or Sell with Patty Clark              Denver/Aurora Co. and surrounding areas Helping Families Move with Care 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. Morningside Homes, LLCpatty@morningsidehomes.com www.morningsidehomes.comCell: 720-231-5200                       CRS,GRI,WCR,SFR,CNE, MRE


Patty Clark | Broker/Owner | 720-231-5200 | Contact Me

Copyright © 2017, All Rights Reserved

house realtor mls

Real Estate Websites by iHOUSEweb iconiHOUSEweb | Admin Menu