Cutthroat Troutthe greenback subspecies named official state fish of Colorado in 1994The Cutthroat (Oncorhynchus clarki) deserves to be state fish, as it is the only trout that is native
PREPARE TO BUY
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!
As a Colorado native, real estate broker since 2006, and real estate investor for over 15 years I have the expertise and knowledge to help guide you and your family through the most important transact....