According to Zillow, Denver area will continue to be the hottest real estate market in the nation with high demand on available inventory and rising prices. As we move into the spring buying season it is more important than ever that buyers are prepared to compete.
NEW RULES MEAN MORE WORK With the new lending laws that took effect in October, it is more important than ever that buyers choose a lender that is well-versed on the new TRID rules and able to communicate with not only their client but everyone involved in the transaction. These new rules are part of the 15 part Dodd-Frank legislation enacted after the sub-prime loan meltdown of the late 2000’s. These rules are designed to protect the consumer so that buyers do not take on a mortgage they cannot afford. The side effect of this well-intentioned legislation is that loans are taking longer to close. The average closing now takes 45 days compared to 30 just a few months ago. The rules demand not only more from the lender, the agent and the title company but it also means the buyer must work a little harder to satisfy the lenders parameters.
BE PREPARED! The mix of new lending laws and Denver’s highly competitive real estate market means buyers have to be ready even before they start looking. Know your credit score, know your financial situation and most importantly speak to a trusted lender and see what you can qualify for before getting excited about a new home. You may find out you need to address some issues to get the best rate or qualify for a the amount you need. Don't find that out when you want to put an offer on your dream home. Sellers are not waiting on you to get pre-approved after you make the offer. Nor are they willing to accept loan contingencies that other offers do not have. Knowing exactly what you are qualified for and having that lender letter in hand to attach to the offer is crucial in today’s market.
LET THE FUN BEGIN! With a little preparation, you will be ahead of game and will be able to enjoy the house hunting adventure without having to worry about where you stand with your loan. No surprises and no disappointment. HAPPY HOUSE HUNTING!
Author:Jeff McGahey Phone: 720-309-2059 Dated: January 27th 2016 Views: 731 About Jeff: As a Colorado native, real estate broker since 2006, and real estate investor for over 15 years I ha...
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Ion Real Estate is a hand-picked team of highly respectable experienced Realtors coming together to work with you. Please contact us anytime with any questions. We look forward to serving your Colorado real estate needs. Our experience and dedicated professionalism ensures our clients have exceptional representation every step of the way. At a time where bigger isn't always better, Ion Real Estate has chosen to remain a smaller, highly focused team in order to provide a level of personal service, attention and consideration to our clients that you simply won't find elsewhere. Our decades of experience in the unique world of Denver real estate positions us advantageously to handle all of your real estate needs
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"The best part about working with Jim is his knowledge of the industry and specifically his understanding of the greater Denver area. He encouraged us to look in areas we wouldn't have considered and we found the perfect house in the perfect neighborhood. He also gave us great advice in dealing with a difficult buyer and made a stressful process go much more smoothly than I expected. I would recommend Jim to any and all of my friends and family."