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 ...

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...

When you buy a home, you are making one of the largest purchases you may ever make. You'll also be making payments on this purchase for up to 30 years, in many cases. Don't let this intimidate you, though, when you find the right mortgage lender, you can make the process a breeze, and count on the advice of professionals who have been doing this for years. The Mike MacGuire team would like to help take the stress out of the homebuying process, and show you a home that you can imagine living in for at least thirty years, if not more. Here are a few things you'll want to keep in mind as you start researching mortgage lenders and buy your Colorado Springs home . Do You Need a Mortgage Broker or Mortgage Lender? There can be some wonderful benefits to working with a mortgage broker, versus trying to find a lender on your own. A broker can save you time by doing a majority of the work for you, by finding lenders. There are some drawbacks to it, though, and you want to be su...

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...