BROKE AND BUYING: FINANCIAL OPTIONS FOR BUYERS WITH MONEY PROBLEMS

BROKE AND BUYING: FINANCIAL OPTIONS FOR BUYERS WITH MONEY PROBLEMS

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For some, timing can be one of the biggest obstacles in making responsible financial decisions. No market holds this rule more firmly than real estate. Often, the ideal time for purchasing a new home and striking out on our own, whether alone or with a family in tow, can happen at a time in which one’s finances are in a less-than-ideal order. This causes many upstart families to settle for housing in low-rent apartments or in sketchier neighborhoods which quickly fall below their standards of living once they achieve financial footing. Being stuck with a lease in such a living environment can be a dismal situation.

 

Financing a home on a tight budget can be an enormous challenge, but a savvy buyer can find ways to make ends meet even if they aren’t exactly equipped to handle the financial burden from the start. Here are just a few options to consider when financing real estate when your cash flow isn’t yet ready for it.

Qualifying low interest loans

Depending on your individual circumstances, you might find that you are eligible for financing options that most buyers aren’t able to access. Holding a veteran status, or being a dependent of a veteran, can leave extremely low interest options available to you. With virtually no ceiling on how much you can borrow to finance your home, this can be the very best option for veterans.

However, even non-veterans can enjoy exceptional, special low-interest loans depending on where they search. Many homeowners in densely populated Native American centers have enjoyed the benefits of HUD 184. This program was designed by the government in 1992 to provide Native Americans opportunities since mortgage lending has been scarce in tribal regions. In addition to being one of the best financial options in these areas, it also helps keep tribal property within tribes in the event of a foreclosure.

It’s always worth doing your research to see if you’re in a position to qualify for special financing options before seeking out general options. Since most of these special options involve government support, loaners are often more available to provide more generous terms. However, if you don’t qualify for these programs, there are loan options available to just about anyone that might be preferable depending on your circumstances.

Traditional loan options

Fixed-rate mortgages are a generic solution that can be relied on, but it can be difficult to qualify if you have a middling to poor credit rating. This can be even more difficult if you’re attempting to acquire a jumbo loan, or a loan which surpasses predetermined loan limits. These loans can make the momentous interest on barely qualifying loans even worse.

When qualifying for these loans becomes difficult, loans provided by the Federal Housing Administration can be a vastly better route. An FHA loan also includes a far smaller down payment – as low as just three percent – which makes it better for families in dire financial straits in need of a home. While this can result in longer term payments and comes with a much shorter loan ceiling, it’s an effective option for lower to middle income households who are seeking standard urban or suburban housing.

These options are just a few that households can consider in tough economic times without having to compromise on their vision for what their standard of living should be. Signing a lease is a huge financial responsibility, so assaying your options and settling for satisfactory housing should be one of your very highest financial priorities.

Boulder Real Estate

 

John Marcotte
Marcotte Real Estate Group
720-771-9401

john@boulderhomes4u.com

Search for homes on my website @ www.boulderhomes4u.com

When thinking of Real Estate, think of John Marcotte
I’m never too busy for your referrals.

 

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WHAT ARE BUYERS LOOKING FOR?

WHAT ARE BUYERS LOOKING FOR?

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Looking forward to the New Year, there are some trends that will appeal to homebuyers. Here are just a few things to look for as we move into 2014:The Home Office. More and more people areworking from home – a great relief for the nation’s carbon footprint. With technological innovation on the rise, there is a decreased need to “go into the office.” The practice of calling into meetings via phone and video is seeing a rapid increase. So today’s home office must incorporate plenty of electrical power and wireless access.

The Casual Media Room. Gone is the era of the enormous home theater. These days, families like to hunker down in cozier conditions. Smaller rooms with large, pull-down screens are more flexible than a dedicated theater. And for families with teenagers? It may be time to create a teenage lounge with multimedia capabilities. Many parents like to have “teenage space” at home in order to keep an eye on their kids’ activities.

Main Floor Master Suite. Yes, these have been popular for a while, but with a population that’s growing older, a main floor master is more attractive than ever. Roomy, accessible shower stalls are a modern alternative to the traditional combination shower and bath.

Energy Efficiency. This is a concept that has been around for decades, but is now, deservedly, gaining more and more attention. Remember those 1970’s half-hearted solar roof panels? They were a great start, but they’re now being replaced by energy-efficient appliances, sustainable materials, and cost-effective heating systems.

Technology. Music aficionados have never had it better. Long gone are the days of bulky sound systems. Connectivity is the name of the game, from surround sound to whole-house sound solutions with discreet speakers that blend into the decor.

Storage. From bathroom linen closets to walk-in kitchen pantries, the modern homeowner is looking for plenty of storage. And why not? With the preponderance of bulk stores, it’s easier to then ever to get a good deal on large amounts of items at low cost – but there needs to be somewhere to store all those great deals.

The Great Outdoors. When it comes to “getting away from it all,” families are increasingly turning to their own back yards. In today’s busy workplace, not only do Americans take less time for genuine vacations, but they don’t tend to go far away if there is comfortable nearby space for a “staycation.” Outdoor living space – from patios to swimming pools to outdoor kitchens – has never been more popular.

Convenience. Homeowners have always looked for most sleek and convenient solutions, and today’s homes incorporate easy-to-use appliances and systems that can be accessed remotely by smart phones and tablets. Forgot to turn down the heat before you left on vacation? No worries. Now you can do it on your way to the airport with just a touch of the button.

Although there are always new trends to consider in real estate, every house has its charm and there will never be a “one-size-fits-all” home. That’s one of the most rewarding aspects of being a real estate agent – matching each homebuyer to a perfect home.

Boulder Colorado homes for sale

John Marcotte
Marcotte Real Estate Group
720-771-9401

john@boulderhomes4u.com

Search for homes on my website @ www.boulderhomes4u.com

When thinking of Real Estate, think of John Marcotte
I’m never too busy for your referrals.

 

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Things To Consider Before Buying a New Home

Things To Consider Before Buying a New Home

 

afo

If you’re considering a move away from the big smoke of London, or are looking to buy your first property, a new build is well worth thinking about. While a large number of people fantasise about a period property and the ‘character’ that comes with it, the fact is that older properties are more expensive both to buy and upkeep, and therefore likely not to be the best investment for your hard earned cash.

They say that buying a house is one of the most stressful things you will do in your life. So, before you make this monumental decision here are some things that you need to consider.

Local Amenities

It’s all very well having a beautiful home, but if you aren’t close to local amenities you might find that your love for it soon turns sour. Having to get in the car and drive for half an hour to reach the nearest shop might suit some people, but for the vast majority of us it would soon turn into a gigantic pain.

Consider realistically how close you need to be to amenities such as schools, shops, post offices and banks. Factors you will need to take into account include whether you have a car, how busy your life is and if you have any kids. Write down every likely journey you will need to do in a week, and then calculate how much of your life will be spent travelling – this should put things into perspective!

It’s also worth considering how close you want to be to friends and family. Although you might think that moving away from them will be fine, you could quickly discover that proximity to them is integral for your quality of life.

Boulder Colorado communities

Can You Add Value?

Your home will probably be the biggest purchase you will ever make, and the smart move is to make sure that whatever you buy can have value added to it. Don’t be blinded by fancy décor, it’s the bare bones of the house and things like space that really matter. This will mean that you can move up the property ladder, and it will also put you in a great financial position for the future.

Some of the best ways to add value include adding an extension, converting a loft or basement or knocking down walls to add light and space. However, there are a number of things that you will need to consider. Firstly, you will need to enquire about planning permission which is usually applied for online.  In the UK the rules regarding local area’s planning permission are slightly different, but local authorities will have a website where information, contact details and relevant documents can be found.

You will also need to get a reputable builder to visit the site and provide you with a quote for the work. The price of this will likely affect how much you can afford to pay for the house. Bear in mind that if you can’t afford to make the changes right away you will have to live with them for some time – will this be practical?

What Will Your Life Be Like in 5 Years?

When you’re buying a house you need to consider what your life is going to be like in the future. It might be convenient to live in a city centre apartment now, but if you’re imminently planning to have kids you’re going to grow out it pretty quickly. Not only is moving again in a hurry a massive hassle, but it won’t make financial sense if you haven’t had time to add value or pay off much of the mortgage.

The five year rule is a good ballpark guideline – this basically stipulates that if you don’t want to take a hit financially you need to live in a house for around five years. Try sitting down with whoever you’re moving in with and brainstorming your future goals. This way you can establish a rough idea of how you want your life to look, and therefore the kind of house and area that will suit this vision.

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John Marcotte
Marcotte Real Estate Group
720-771-9401

john@boulderhomes4u.com

Search for homes on my website @ www.boulderhomes4u.com

When thinking of Real Estate, think of John Marcotte
I’m never too busy for your referrals.

 

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GETTING A MORTGAGE WILL BECOME HARDER IN 2014 – IS IT TIME TO REFINANCE YOUR MORTGAGE?

GETTING A MORTGAGE WILL BECOME HARDER IN 2014 – IS IT TIME TO REFINANCE YOUR MORTGAGE?

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Getting a mortgage will become harder in 2014 - Is it time to refinance your mortgage?

According to recent reports, the mortgage loans will be harder and more expensive to get next year. Not it’s up to you to blame or thank Uncle Sam for that. You must be thinking why you would thank Uncle Sam for that; well because he’s trying his best to avoid yet another housing price crash or the big bank bailout in the near future. The US government might even hit the home borrowers with different issues in 2014 and therefore there are experts who are recommending people to refinance their mortgage loans right now so that they don’t have to be subject to outrageously high interest rates in 2014. The Federal Housing Finance Agency forced Fannie Mae and Freddie Mac to increase the fees that they charge to guarantee mortgages. These new fees would actually be passed down to the consumers beginning early in 2014.
The incoming head of the regulatory agency postponed the hike in the fees, as per the Wall Street Journal, Mel Watt and he said that he wants to evaluate and determine the rationale for the plan. If he approves it, the new borrowers will soon feel the pain. A homebuyer with 720-740 credit score who borrows a mortgage loan amount of about $20,000 and puts down 10% will face a whopping increase in the percentage of upfront fees. The change, that is combined with a smaller new fee can even add about 0.36% to the interest rate of the consumer who pays on that loan.

Why is Uncle Sam being such a mean-hearted person?

The perennial question among the consumers is why is Uncle Sam being such a meanie? It might be because Freddie Mac and Fannie Mae guarantee the majority of the mortgage loans and the government controlled agencies need a federal bailout 5 years ago. On the other hand, the government wouldn’t rather go through that again. By raising the cost of Freddie and Fannie backed loans, theprivate mortgage loan market is encouraged and developed. Getting a market going for all those smaller loans would ease the government away from the mortgage business.

Is this the right time to refinance your mortgage loan?

After record-low interest rates on your mortgage loans, the current rates are gradually rising out of control and hence this is the reason why the experts believe that it is the right time to refinance yourhome loan in order to avoid the high rates and fees in 2014. Here are some tips that you need to take into account before refinancing your home mortgage loan.

  1. Improve your credit score: The first tip to take into account is to improve your credit score so that the lender doesn’t feel that you were not good at managing your finances in the past. The credit score is nothing but a 3 digit number that speaks a lot about your financial health and tells the lender whether you’ve been timely while making payments or you’ve been late at making payments.
  2. Lower the DTI ratio: The ratio between your debt and income is yet another factor that you need to take into account. The higher is your DTI ratio, the higher will be the chances of obtaining a mortgage loan with a high interest rate. Pay off your debts and reduce your DTI ratio so that you can get a loan within your means.
  3. Save enough money for the down payment: When you have to take out a mortgage loan, you have to pay down a certain amount of the loan amount (usually 20%) and if you don’t pay this amount, you might have to qualify for PMIs or the Private Mortgage Insurance payments. You should save enough money so that you can get a mortgage loan at an affordable rate.

Therefore, when you’re someone who is about to take out a new mortgage loan to repay the existing mortgage loan and is planning to wait until 2014, you should change this decision. Take into account the above mentioned statistics so that you can make a better informed and measured decision.

Find your next Boulder Colorado home here!

 

John Marcotte
Marcotte Real Estate Group
720-771-9401

john@boulderhomes4u.com

Search for homes on my website @ www.boulderhomes4u.com

When thinking of Real Estate, think of John Marcotte
I’m never too busy for your referrals.

 

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SHORT SALE HELPFUL TIP

SHORT SALE HELPFUL TIPS

 

Q: How long do I have to wait to buy a new home after I have had to do a short sale on a previous home?
A: Maybe not as long as you think. It is totally dependent on your own personal situation. In general terms, for Federal Housing Administration loans, there’s a three-year waiting period from the short sale closing date, and homebuyers can get a mortgage with as little as 3.5 percent down. Those who qualify for a Veterans Affairs loan have to wait two years and are not required to make a down payment. It is important to find out what your situation is currently. Talk to an expert in the mortgage industry to get your personal plan started so you can buy soon.

Q: What are the first steps to getting ready to purchase again?
A: Use your annualcreditreport.com, which is an annual credit report you can get for free. Check to make sure all your current debt is up to date and that all accounts are reporting correctly. If not, use this time to contact those old debts and correct any owed balances or incorrect reporting.

Q: Will a large down payment be required when I do want to enter the housing market again?
A: Not necessarily, it depends on the situation. If you qualify for an FHA mortgage, your down payment may be as low as 3.5%. Get with an expert mortgage consultant to talk about your specific situation and options for your future home purchase.

Q: Is there any difference in getting back into the market, if the short sale was an investment property or a primary residence?
A: When it comes to getting back into the market and qualifying for a mortgage loan, a short sale is a short sale. The qualification in regards to down payment, time you need to wait, and credit are the same no matter if the property you originally had a short sale on was an investment on a primary residence.

Short Sale Helpful Tips

 

John Marcotte
Marcotte Real Estate Group
720-771-9401

john@boulderhomes4u.com

Search for homes on my website @ www.boulderhomes4u.com

When thinking of Real Estate, think of John Marcotte
I’m never too busy for your referrals.

 

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New Years, Moneypenny: The James Bond Ball at the Boulderado

New Years, Moneypenny: The James Bond Ball at the Boulderado

new years boulder

Well, that’s behind us. Christmas — we’ve all survived another year of family squabbles, food not turning out quite as we imagined, running short of one ingredient or another at the last minute, and tidings of comfort, joy, and please stop playing that music.

Your Boulder hopes you had a brilliant holiday season, no matter how you chose to celebrate. But on to more important (and apparently, covert) matters.

Years. New Years, that is.

If you’re looking to stay local this year and still live it up, The Boulderado is probably where you want to be. And while I know I’m crossing spy genres here, your mission (should you choose to accept it) is a New Years party where even the hipest of hipsters can get their swank on. It’s the James Bond Ball — and all of Boulder (and Denver) is invited.

New Years in Boulder is generally lacking for bigger, glossier parties. This year, why not blow 2013 out with a bang and hit a real party? Skip the rave at a cold warehouse where you’re only going to end up crying wearing someone else’s sweater after tripping on things that are less than legal. There are a few ways to enjoy the James Bond Ball, so here’s everything you need to know:

Music

Two live bands for the evening: Dressed in Black and The Fever.

Dinner

You can make an evening out of it with a six-course dinner. $140 per person for a community table and $175 per person for a private table. All dinner packages come with general admission to the Dance Party beginning at 8:30pm. To check out the menu for the evening (ummm, YUM), have a look here. Seatings for the community table are at 8:30pm and the private tables at 8pm. All dinner packages include a champagne toast at midnight.

If you want to book a dinner reservation, be sure to call (303) 440-2880. You canbuy tickets online for the Dance Party via Open Table (this link wasn’t working last we checked, but it said to check back — so…check back).

Dance Party

Get your best Bond and Bond Girl on and head to a rockin’ dance party at the most elegant destination in town. Tickets are $85 (inclusive of a 20% service charge) and include access to the dance party along with “Bond Bites” to keep your stomach from rebelling when you’ve had one too many shaken (not stirred) martinis. Per the Hotel Boulderado website, doors open at 8:30pm and the party runs until 1am — or until you stumble home to sleep it off.

Sleeping it Off

You could just stay at the Hotel Boulderado. They have an overnight package for $249 that includes a room, 2 tickets to the dance party, and valet parking. To purchase this package, call (303) 442-4344. Seems wise to sleep it off where you plan to party it up.

Whatever your plans for the New Year, we’re wishing all of Boulder a grand celebration in whatever style you choose. Stay safe, and as always, stay Boulder.

 

 

John Marcotte
Marcotte Real Estate Group
720-771-9401

john@boulderhomes4u.com

Search for homes on my website @ www.boulderhomes4u.com

When thinking of Real Estate, think of John Marcotte
I’m never too busy for your referrals.

WHAT IS A ZOMBIE TITLE

WHAT IS A ZOMBIE TITLE

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With the economic downturn, anyone dealing in real estate quickly became familiar with previously little-known terms such as foreclosure and short sale. Now that the housing market is picking back up and people are moving on, a new term is coming to light — zombie titles.

The Zombie Title

This is when a home has been vacated because the owners defaulted on their loan and their bank started theforeclosure process. However, for some reason or another the bank never completed the foreclosure and sold the home. So, when the city starts fining someone for the overgrown grass and dilapidated structure, the homeowner who thought they were finished with the property gets the bill.

 

A Home that Keeps Haunting

Homeowners think they don’t own the property any longer and therefore try to move on by rebuilding their credit score and finding a new place to live. It can be a rude awakening to find out that not only do they still own a home they could have been living in, but also its long vacancy has caused it to fall into disrepair.

 

It’s Spooking the Neighborhood

These vacant homes can decrease the value of a neighborhood. If the bank or the un-suspecting homeowner are neither one taking care of the property, then it can become overgrown and an eyesore on the block. It becomes a problem with no solution because the owner won’t want to invest any money in fixing up the property when the bank could come back with the foreclosure at any time.

 

Nail Shut the Foreclosure Coffin

Homeowners who have foreclosed on a home should double check that their bank actually followed through to closing on a sale. They could contact their lender or check public property records just to make sure. Otherwise, they could be haunted by their housing nightmare all over again. 

 

 

John Marcotte
Marcotte Real Estate Group
720-771-9401

john@boulderhomes4u.com

Search for homes on my website @ www.boulderhomes4u.com

When thinking of Real Estate, think of John Marcotte
I’m never too busy for your referrals.

WHAT YOU SHOULD KNOW ABOUT HUD HOMES FOR SALE

WHAT YOU SHOULD KNOW ABOUT HUD HOMES FOR SALE

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One of the biggest concerns for any home buyer on the market is affordability. Staying within budget is a must, but we all dream of owning a home that fulfills all our wishes. In the real estate market, there is often one type of property that many agents and home buyers overlook: HUD homes for sale. Here is what they are and why you should buy one:

 

WHAT IS A HUD HOME?

HUD stands for the Department of Housing and Urban Development. In general, HUD homes stand for houses that have gone through foreclosure on federal loans provided by the Federal Housing Administration. After the homes have been foreclosed and repossessed by the federal government, they are put on sale for fair market value — creating great opportunities to purchase a home for a great price.

WHY SHOULD I BUY A HUD HOME?

The biggest advantage to buying a HUD home is the price. Placed at fair market value, you can find a dream home for an affordable price. In addition to the low price-tag, you can find a mortgage loan with decent interest rates to help finance your home purchase.

WHO CAN BUY A HUD HOME?

Almost anyone can buy a HUD home. If you have cash or qualify for a loan, you can buy a home. Initially, HUD homes are offered to those who plan on living there, not for those who plan on using them for investments.

WHAT SHOULD I DO WHEN BUYING A HUD HOME?

The purchase of a HUD home should be treated like any other home purchase, from inspection to using a real estate agent. All aspects of the purchase need to be weighed carefully and researched thoroughly, using as many resources as possible to ensure the value of the purchase.

It is advisable to consult individuals who have professional knowledge in the matter. The purchase of a house is a huge step, and perhaps the purchase of a HUD home could help lessen the financial impact on individuals and families on the market for housing. FULL ARTICLE

 

 

John Marcotte
Marcotte Real Estate Group
720-771-9401

john@boulderhomes4u.com

Search for homes on my website @ www.boulderhomes4u.com

When thinking of Real Estate, think of John Marcotte
I’m never too busy for your referrals.

Afternoon (Holiday) Tea at Boulder’s St. Julien

Afternoon (Holiday) Tea at Boulder’s St. Julien

st julien boulder gingerbread tea

Have you been to tea at the St. Julien on Walnut Street? As one of Boulder’s swankiest mainstays, you’ve probably been to Jill’s for breakfast. You’ve grabbed a post-work cocktail at their bar for happy hour with your bestest of best work buddies. Maybe you stuck around long enough to hear some jazz in the lobby or mingle outdoors in the courtyard in summertime.

But why not step inside for a cuppa Boulder-style holiday hot this winter and book a tea (not tee) time at the St. Julien Hotel?

For the holiday season, they’re offering their signature Gingerbread Teas featuring teas by Tea Forté. A portion of the proceeds will also benefit Boulder-based There With Care, a nonprofit dedicated to assisting families and childrenfacing critical illnesses. You can ease into a comfy chair and listen to the twinkling ivories of Grammy-winning pianist Ralph Sharon and his accompanying trio, accompanied by your own aromatic and warm cup of tea.

The tea spread includes scones, petit fours, and tea sandwiches to tide your tummy over until your weekend holiday meal. You can view the entire tea menu here.

And it’s not just for the grown-ups. Bring the kids and let them try their hand at decorating gingerbread cookies — definitely fun and always a non-denominational type of tasty.

Teas at the St. Julien are held every Saturday and Sunday through December 22nd, with seatings at 12:00 pm, 12:15 pm, 12:30 pm and 2:00 pm, 2:15 pm, 2:30 pm. It’s $29.95 for adults and the kiddos come along for only $19.95 (decorating the gingerbread cookies is included!). You can make reservations online at OpenTable or simply call the hotel at 720-406-8208.

 

 

 

John Marcotte
Marcotte Real Estate Group
720-771-9401

john@boulderhomes4u.com

Search for homes on my website @ www.boulderhomes4u.com

When thinking of Real Estate, think of John Marcotte
I’m never too busy for your referrals.

Boulder Events: Lights of December

 

Boulder Events: Lights of December

Lights of December Parade

Photo courtesy of Downtown Boulder

Are you looking for something fun to do with the family in Boulder over the weekend? I mean, something that doesn’t involve going into another big box store while attempting to avoid the inevitable meltdown that happens when a 4-year-old gets overwhelmed by fluorescent lights, holiday music, and all the candy that they aren’t allowed to eat right now.

Honestly, that nearly brings me to an in-store meltdown…

If the answer is yes, then take your kiddos to the 26th Annual Lights of Decemberparade in downtown Boulder this Saturday, December 7th. Downtown Boulder is alight with decorations; now take them all in, along with a beautiful parade that, of course, includes Santa himself.

The parade kicks off at 6PM on Saturday and starts at 15th and Walnut Streets, then heads west to 11th, then north to Spruce. There are reviewing stands at Walnut and 14th and on 11th and Pearl, for those of you who come early enough to be able to snag one of those seats.

To avoid the mayhem of parking right around the beginning of the parade, why not come an hour or two early and enjoy dinner or snacks on the Pearl Street Mall? That way you’ll have your full strength as you and your kiddos gawk at the spectacle of the parade. Here are a few other tips to keep in mind as your gearing up for the parade that evening:

  • Parking in the City of Boulder garages is free on Saturday and Sundays, so just head right there and avoid the Russian roulette of street parking in the area.
  • You’re a Boulderite, so I’m sure this probably goes without saying, but make sure to dress warmly and in layers. It’s only supposed to reach high teens at the end of this week.
  • Grab a cup of coffee or hot chocolate before you start watching the parade. It’s a natural hand and face warmer. Places around the parade route includeThe Laughing GoatOzo CoffeeAmante CoffeeThe Cup and Boxcar Roasters

Before you head out, there’s a handy map for the parade route and all other relevant locations (such as parking), so print up a copy or save it on your phone to reference it later in the evening.

 

 

John Marcotte
Marcotte Real Estate Group
720-771-9401

john@boulderhomes4u.com

Search for homes on my website @ www.boulderhomes4u.com

When thinking of Real Estate, think of John Marcotte
I’m never too busy for your referrals.