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 ...

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...

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...

There are many details to buying a home, and as a homebuyer, you can't be expected to remember them all. Pre-qualification sounds like the last step in the mortgage, yet it's only just the beginning. In fact, if you were to rely solely on the results from your pre-qualification it could cause some bigger problems down the road. Though pre-qualification is important, you want to make sure that you are pre-approved before  buying a home in Colorado . Here are a few details that can help you understand the distinction between these two steps. 1st Step: Pre-Qualification When you are pre-qualified, you have completed the initial step in the mortgage process. You will provide your financial information to the bank, including you debt, income, and assets. They will evaluate all of the information, and then the lender can give you an estimated mortgage amount that you could qualify for. Pre-qualification does not examine your credit report or take an extensive lo...

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...

Happy New Year!! It's hard to believe that 2014 is officially over - and that we're already a whole week into 2015! As we settle into this new year, we have the opportunity to break past old routines and branch out into something fresh, something better, something new. For me, that means continuing to expand my expertise as a professional real estate agent in Colorado Springs . One of my main focal points for 2015 is a revamped, renewed social media campaign - and that starts with this very blog post! New Year ~ New Blog Up until now, my blog posts have focused entirely on property listings in the Colorado Springs area. I will continue to write some blogs on certain featured properties, but I'm planning on expanding my range of topics this year. I invite you to follow along for great insights on a variety of topics, including: Industry Topics If you're looking for great information on real estate in Colorado Springs , real estate trends, home loans, or t...