Colorado Springs Real Estate

Did you know that at least 35.8% of homes are owner-occupied with a mortgage? This study was from 2013, so we’re presuming the numbers may be even higher at this point. 32% of housing is renter-occupied, and 19.9% is owner-occupied without a mortgage. This means that the two most popular options are to either rent and pay money for something you don’t own, or take out a 30-year mortgage and invest in a Colorado Springs home that you own. Thursday, October 19th is Get Smart About Credit Day, so we wanted to share some interesting facts about mortgages with you to help you become better prepared for buying a Colorado Springs home , while also realizing that buying really is the way to go. Types Of Mortgages As with all types of loans, there are different forms of common mortgages that you will need to think about before you get it. Here are three types of mortgages and a short description about them. 30-year Fixed A 30-year fixed is one of the most popular mortgage types. The ...

The home mortgage. It's a confusing and intimidating topic to many - but it doesn't have to be. A large majority of American homeowners have a mortgage on their home, and with a trusted lender and a great real estate agent helping you on the homefront (literally), your mortgage can be a huge asset. Here are a few popular questions about mortgages, and whether you're a first-time homebuyer or a seasoned property owner, we hope that these can help you out. What documentation do I need to provide? Every loan is going to be a little bit different, and the documentation required can differ from one loan program to another. Several programs require your income, employment, and asset verification, while others require no documentation at all. It's important to work with your mortgage lender to learn what exactly will need to be provided. Do all loan programs require a down-payment? There are, in fact, programs that don't require you to pay a down payment. Depending...

You’ve decided to take the plunge and buy your first home, but do you even know where to start? One of the first, and most important things you can do to get yourself started on the right foot is getting your mortgage squared away. This can be an intimidating process, and it can require a lot of preparation and patience - but when done correctly can help the purchase of your Colorado Springs home go much smoother. Here is a basic mortgage process timeline to help give you an idea of what will be required for you to get your first home in Colorado Springs . Pre-Approval This is the first step to getting your mortgage. You’ll want to find a mortgage lender, and have them put together a pre-approval to buy a home. This can take one to three days and will give you a good estimate for how much you can afford in your monthly payment - and ultimately the home you can afford. Find a Home and Submit an Offer Now it’s time to work with your Colorado Springs real estate agents to find ho...

While mortgages may seem intimidating, they are extremely important to understand since the purchase of your home relies on it. A mortgage is where you make an agreement with a bank to borrow money for the purchase of a home and then pay it off within a set period of time. There are several different types of mortgages with varying lengths of time and interest rates, but these are all dependent on your ability to pay back your loan - which comes down to your credit score and payment history. The Mike MacGuire team would like to help keep this process as simple as possible for you, so that you don't feel overwhelmed, and you can make the necessary decisions on the perfect Colorado Springs home for you and your family.  Here are a few things to remember to keep the mortgage process simple. Get Your Financial Affairs In Order One of the most important things you can do to make the mortgage process simple is to get your financial ducks in a row. If you plan to buy a hous...

One of the biggest decisions you make when buying a home is the type of home loan that you will choose. While there are several types available, each one can be changed based on the home you're looking for, or your financial situation. Before you get too confused about the varying types of loans that are out there, The Mike MacGuire Team would like to help you know what your options are. There are a few popular mortgage options in the United States, and the basic qualification information and down payments are a good place to start when researching what's best for you and your next home! What is a Mortgage? Before we get in too deep, we want to pose the question: What is a mortgage? This is the first place to start, after all, when you're buying a home. A mortgage is a loan that a bank or mortgage lender will give you to fund the purchase of your home. You generally want to only borrow 80% of the home's value - which means you'll want to try to put 20% dow...

While you can still buy a home with a lower credit score, especially if you are trying for a USDA loan, your credit score can still vastly improve your ability to get the loan you desire. Your credit score can affect your mortgage rate, it can affect your monthly payments, and in some cases can even affect if you can get a home at all. That's how important your credit score is. Here are a few things to keep in mind as you think about your credit score. What Is A Credit Score? This number that ranges from 300-850 paints a financial picture to show the likelihood of your ability to pay your loan back. The higher the score, the more chances you have of getting a better deal on your mortgage. The credit score is generally referred to as a FICO score, which stands for Fair, Isaac, and Company. While it's a mystery to everyone to know what exactly affects your credit score, and how to actually boost it, here are a few things that your score takes into account: Payment History...

For most of us, buying a home in Colorado Springs would not be possible without the help of a mortgage loan. Since mortgage loans are almost always an integral part of the home buying process, it's important to have a good working understanding of these loans as you prepare to buy a home. As your trusted real estate agent in Colorado Springs , I'm here to help you gain a basic understanding of mortgage loans and how they work. Different Mortgage Types Mortgage loans can be financed through a variety of different lenders and organizations, but there are two over-arching forms: traditional and non-traditional. Traditional Mortgages are typically available for fifteen, twenty, or thirty-year terms and usually require an initial down payment of at least 20%. Nontraditional Mortgages refer to all mortgages that do not meet the description of a "traditional" loan, such as loans adjustable rates or interest-only loans. The type of loan you want will depend gre...