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Patty Clark
Patty Clark

Metro Brokers
Morningside Homes, LLC

Denver, CO 80237

720-231-5200
Contact Me

My Blog


Waiting Will Cost More

With the first quarter of 2018 in the books, the 30-year fixed rate mortgage is nearing what Freddie Mac predicted it would be in the second quarter. If this pace continues, rates will exceed the five percent mark expected by the end of the year.The Fed has had its first of an expected three raises for this year and two more are expected in 2019. While these rates are not directly related to mortgages, they certainly have an effect.Delaying the decision to purchase or refinance could be an expensive missed opportunity. A $270,000 mortgage at 4.44% has a principal and interest payment of $1,358.44 per month. If the rate were to rise one-percent in the next twelve months, the payment would be $1,522.88.The $164.44 increase would cost a homeowner an additional $13,812.97 in seven years and close to $60,000 over the full term of the loan.The question facing people is "what would you spend $164.44 each month if you had acted sooner to get the lower rate?"If you're curious to know what your "missed opportunity" could be costing you, try this Cost of Waiting to Buy calculator . Use 0% increase on price change if you are refinancing a home you already own. 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

Waiting Period After Distressed Sale

"How long do we have to wait to qualify for another mortgage" is the question concerning people who've had a foreclosure, short sale or bankruptcy. The loan types for the new loan will differ in amounts of time to heal credit scores based on the event.The following chart is meant to be a general guide for how long a person might have to wait. During this waiting period, it's important that the person be current on all payments and maintains a history of good credit.A recommended lender can give you specific information regarding your individual situation and can make suggestions that will improve your ability to qualify for a mortgage. This process should be started before looking at homes because of the time constraints listed here can vary based on current requirements and possible extenuating circumstances of your case.We want to be your personal source of real estate information and we're committed to helping from purchase to sale and all the years in between. Call us at (720) 231-5200 for lender recommendations. 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

Case Study - Housing Decision During Retirement

A couple is planning to tour the United States in a travel trailer during their first few years of retirement. They are going to sell their current home now and purchase another home when they finish their travels.An interesting exercise is to determine the optimum time of selling the home: now or when they're ready to buy their replacement home.If they intend on traveling for more than three years, then, it may be a good decision to sell prior to the sojourn to avoid paying taxes on the gain in their home. IRS allows for a temporary rental of a principal residence while still keeping the $250,000/$500,000 capital gains exclusion intact. A homeowner must own and use a home for two out of the previous five years which means that it could be rented for up to three years, but it would need to be sold and closed before that three-year window expires.If the travel will be less than three years, there is an option of selling now or later. Using the example below, the homeowner sold the home, paid their expenses and invested the proceeds in a three-year certificate of deposit until the replacement home was purchased.As an alternative, if the homeowner rented the home, not only would they have income, the home would continue to appreciate and the unpaid balance would go down resulting in larger net proceeds. Based on a 5% appreciation and continued amortization of the mortgage, the net proceeds could easily be $40,000 more.Obviously, there are a lot of considerations that affect the decision to sell now or later but in an appreciating real estate environment, being without a home for several years could affect the financial position of the owner in the replacement property. It is certainly reasonable to look at various alternatives before making a decision. Call me at (720) 231-5200 to help you look at the different possibilities and talk to your tax professional.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


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