Debt-To-Income Ratios When Buying A Home

Denver Estate Real

The first thing a lender looks at when determining your ability to qualify for a mortgage is called your "debt-to-income" ratio. That is the percentage of your gross monthly income that you spend on long term debt. This includes your mortgage payment, taxes, insurance and HOA fees. I also includes any consumer debt payments such as credit cards, student loans or installment payments. Plus it includes car payments.

Denver Estate Real

Now you're wondering just how much that new car payment can reduce the purchase price of your new home. Let's crunch some numbers. Say you earn 00 per month and have an average car payment of 0 per month. Calculating based off an 8% interest rate that car payment would cut your purchase power on your new home by about ,000. That makes a considerable difference in the type of home you will be able to purchase.

Denver Estate Real

It does not matter if you feel you can afford both the more expensive home and the car payment. The mortgage companies approve based on their guidelines not yours. You should still take the time to get pre-qualified with a lender.

Denver Estate Real

Getting pre-qualified with a lender is one of the first steps in any home purchase. Your Realtor should be able to refer you to a good one. Realtors work with lenders on a daily basis and can offer valuable referrals based on past experience with lenders. That experience is invaluable when searching for well qualified professionals.

The lender will crunch the numbers and evaluate your credit to determine what you qualify for and the terms. That car payment will come into play here and affect how much of a home you qualify for.

If you're thinking of purchasing both a home and a car in the near future, purchase the home first or you may be living in the car.

Debt-To-Income Ratios When Buying A Home

Denver Estate Real

Conventional 30 - Year Amortizing Mortgage - Why Use It?

Denver Estate Real

A fixed-rate conventionally-amortized mortgage is the least risky kind of mortgage obligation. If borrowers can make their payment, a payment that will not change over time, they can keep their home. At the end of a predefined term, the original funds have been paid in full, and the loan is discharged.

Denver Estate Real

After World War II a series of government programs to encourage home ownership spawned a surge in construction and the evolution of private lending terms resulting in the 30-year conventionally amortized mortgage. This mortgage generally required a 20% down payment, and allowed the borrower to consume no more than 28% of their gross income on housing. These conservative terms became the standard for nearly 50 years. Lending under these terms resulted in low default rates and a high degree of market price stability.

Denver Estate Real

There were experiments with various forms of exotic financing during this period, particularly in markets like California where price volatility required special terms to facilitate buying at inflated pricing. The instability of these loan programs was demonstrated painfully during the deep market correction of the early 90s in California characterized by high default rates and lender losses.

Denver Estate Real

In residential mortgages, a 30-year term is most common, but if bi-weekly payments are made (two extra per year), the loan can be paid off in about 22 years. If borrowers can afford a larger payment in the future, they can increase the payment and amortize over 15 years and pay off the mortgage quickly.

The best way to deal with unemployment or other loss of income is to have a house that is paid off. Stabilizing or eliminating a mortgage payment reduces the risk of losing a house or facing bankruptcy. Unfortunately, payments on fixed-rate mortgages are higher than other forms of financing, so borrowers often opt for the riskier alternatives.

Exotic loan financing terms became widespread during the Great Housing Bubble. These terms proved to be unstable, and many borrowers defaulted on their loans. As more and more people defaulted, the lenders stopped lending money under these terms, and real estate values plummeted. Of course, this caused even more people to default, and prices fell into a downward spiral. Lower prices distressed more homeowners who went into foreclosure which drove prices even lower. None of this would have happened if fixed-rate conventionally-amortized mortgages were the norm rather than the exception.

Conventional 30 - Year Amortizing Mortgage - Why Use It?

Denver Estate Real

Pine Ridge Estates

Denver Estate Real

Pine Ridge Estates is located in the convenient-to-it-all area of north Naples, and features gorgeous thickly wooded homesites that boast of pine and oak trees. This non-gated community features single family homes and estate homes that range in architectural flair due to the commencement of construction in Pine Ridge Estates which was in the 1960's. Many homes are newer construction as well with homes styles ranging from traditional to contemporary, with some of the older homes newly renovated even torn down and rebuilt. This non-restricted community offers privacy to its residents with several magnificent homes that have gated entrances.

Denver Estate Real

There are even sections where the equestrian enthusiast can opt to own a horse, with some lots as large as ten acres. Pricing varies accordingly, with asking prices for estate homes as much as seven million boasting of thirteen thousand square feet of living, to more affordable homes priced in the three hundred thousand range, and are more modest in size. There are several glistening lakes within the community with many homes situated directly on the banks of their pristine waters. Many of the larger estate homes as well as the smaller residences of Pine Ridge Estates are set in a tropical haven of luxury with swaying palm trees that surround, glorious landscaping, in a park like setting.

Denver Estate Real

In addition to the wonderful estate residences in Pine Ridge Estates, there are several vacant lots with mature landscaping that are available. Lots range in size from one acre to up to ten acres, some offering spectacular and tranquil lake views and some situated in the midst of a preserve like setting. Many lots have been cleared and filled, and are ready for the ideal piece of real estate to be built. Pine Ridge Estates does not have a home owners association to govern, therefore there are no architectural requirements or a selection of preferred builders that one must use.

Denver Estate Real

The location of Pine Ridge Estates is unmatched as it is conveniently close to the heart of downtown Naples, the historical Tin City and Palm Cottage, cerulean blue waters of the Gulf of Mexico, sparkling white beaches of Vanderbilt Beach, is three miles to Clam Pass and minutes to the beautiful mangrove laden Delnor-Wiggins State Park. Additionally, the fine shops at Mercato are just minutes away, as well as a large selection of restaurants, grocery stores, pharmacies, excellent schools, and businesses. Pine Ridge Estates offers a diverse index of real estate in a superb and desirable area of Naples.

Pine Ridge Estates

Denver Estate Real

Looking for 11 Beautiful Neighborhoods With Apartments to Rent? Denver Is the Place!

Denver Estate Real

Life is better when it's spent in a beautiful place. Denver is surrounded by beautiful mountains and other types of scenery, but there are some neighborhoods that are just prettier than others. If you want to absolute most stunning Denver neighborhoods, this is the list for you. I've even included the average price for apartment rent in each place, where available.

Denver Estate Real

Alamo Placita (rent: 4) - named after the beautiful Alamo Placita Park with its exquisite flower gardens, the rest of the neighborhood is influenced by the park's beauty.

Denver Estate Real

Belcaro (rent: ,024) - tranquil and upscale, make sure to drive past the Phipps Mansion, which sets the tone for elegance in the entire neighborhood.

Denver Estate Real

Cheesman Park (rent: 1) - the unique place near Denver's botanical gardens adds to the picturesque nature of this neighborhood.

Cherry Creek (rent: 4) - newer residences mix in with older homes, giving a unique flavor to the well-groomed neighborhood. The shopping districts here, Cherry Creek Shopping Center and Cherry Creek North are upscale and bring add a commercial beauty of their own.

Cory-Merrill (rent: ,163) - close to urban life, this neighborhood is somehow quiet and upscale. Residents keep up a strong feeling of "neighborhood."

Golden Triangle (rent: unavailable) - one of the oldest neighborhoods in Denver, you'll mostly find unique condominium developments here, as well as the Civic Center Park.

Highland (rent: 0) - coveting began when the community formed in 1859. The Rocky Mountain News that year remarked that "no more handsome location for residences can be found than on the highlands of Highland." The statement holds true today.

Hilltop (rent: ,055) - a beautiful, tree-filled area with a view of the Front Range mountains. New, larger homes are replacing many of the original houses.

Sloan's Lake (rent: 2) - near beautiful Sloan's Lake Park, this community has a delicious view of downtown Denver across the Lake.

University (rent: 1) - this neighborhood is heavily influenced by the University of Denver with all its collegiate charm.

Washington Park (rent: ,318) - this park is one of the most beautiful in the area and so is the prestigious neighborhood.

The worst part of moving to a new city is not knowing which neighborhood you want to consider for rent. Denver, like any major city, has places that are more desirable than others. If you're looking for the finest neighborhoods in Denver, you'll have to consider those on this list -- they are the most beautiful you'll find within the city limits.

Looking for 11 Beautiful Neighborhoods With Apartments to Rent? Denver Is the Place!

Denver Estate Real

How to Sell Your Home Even In Today's Market

Denver Estate Real

It is possible to sell your home even in today's market. The big question you must first ask though is whether you want to be "on" the market or "in" the market.

Denver Estate Real

Lets take a look...

Denver Estate Real

There are a lot of factors that contribute to the value of a home. Even so, the reality is the seller only has control over two of those factors... Price and Condition. A seller can't control the taxes, the seller can't control the rating of the local school, the seller can't control the lot size etc. On the other hand, the seller does have control over the price of the home as well as the condition of the home.

Denver Estate Real

As I heard it spelled out one time during a real estate webinar, there are essentially three places you can be when selling your home...

1. On the market
2. No Man's Land
3. In the market

If you are "on the market" you are listed, but not getting any showings or offers. Therefore, you will need to adjust either your price or the condition of the home...or both.

If you are getting showings, but still are not getting any offers then you have entered what is called No Man's Land. To get out of No Man's Land and actually start to get offers you will have to once again adjust either the price of your home or the condition of your home...or both.

Where you really want to be is IN the market. You know you are IN the market when you are getting both showings and offers.

So, the trick is to adjust your Price and Condition to position yourself IN the market. However, for most people, the reality is it is much easier to adjust the price of the home than it is to adjust the condition of the home.

Now if you really want to sell your home fast, the best approach is to under-price it 10% below comparative market value.

This approach often times leads to multiple offers and therefore bidding wars which actually drive the price of your home back up. You see once someone has mentally committed to buying a home and has already pictured himself living there, he is much more likely to come up in price when he finds out someone else wants to buy his dream home.

Again, if you want to sell your home you must be IN the market. The price of the home and the condition of the home are the only two factors a seller has control over to position the house IN the market. To sell your home fast we suggest doing only minor upgrades while focusing more on under-pricing your home to generate more showings and more offers and quite possibly a bidding war.

How to Sell Your Home Even In Today's Market

Denver Estate Real

Great Songs to Play While Heading to Home Showings

Denver Estate Real

If you're like a lot of Realtors and home buyers, you're probably in the car a lot, driving to and from home showings, appointments with various real estate professionals and to and from your place of work. Sometimes, music can make those times in the car a little less onerous, but you also want something to get you and your passengers in the mood for looking at yet another property. Here is a list of songs that you might consider for your playlist:

Denver Estate Real

Coming Home/Going Home:

Denver Estate Real

On My Way Home - Enya
Home For A Rest - Spirit of the West
Within A Mile of Home - Flogging Molly
Who Says You Can't Go Home - Bon Jovi
500 Miles - The Proclaimers
Homeward Bound - Simon & Garfunkel

Denver Estate Real

Owning a Home:

Our House - Crosby Stills, Nash & Young
A House is Not a Home - Ella Fitzgerald
Our House - Madness
Heaven is a Place on Earth - Belinda Carlisle
Once in a Lifetime - Talking Heads
Home Sweet Home - Motley Crue

When It Just Isn't Going Well

In Every Dream Home a Heartache - Roxy Music
Little Boxes - Malvina Reynolds
Burning Down the House - Talking Heads (Another torch-the-house song. But, hey, it's cool.)
Take Me Home - Phil Collins (this is all about a patient in a mental institution, but, hey, it's got 'home' in the chorus...)
Sunny Came Home - Shawn Colvin (of course, Sunny torches her home, but hey, it's still got a great rhythm)

Location-Oriented:

Sweet Home Alabama - Lynard Skynard
My Tennessee Mountain Home - Dolly Parton
Home on the Range - traditional
Take Me Home, Country Roads - John Denver
California - Joni Mitchell
House in California - Keb Mo

Property Type/Style:

Cadillac Ranch - Nitty Gritty Dirt Band
Love Shack - The B-52's
Pink Houses - John Cougar Mellencamp
Country House - Blur

These are only a selection of the many songs about houses and real estate. Flip through your mp3 and CD collection to see if you can find more. As a rule, positive and easy listening songs are the best accompaniment when driving to yet another "perfect home". Location songs can also be good choices, if you have some that have to do with the area.

Unfortunately, the effectiveness of subtle messages has never been proven to actually effect people's choices. However, it's great to have some songs that can focus and motivate one in the realm of home selling, even if they don't compel the client to buy!

Great Songs to Play While Heading to Home Showings

Denver Estate Real

Hanging Baskets That Last All Year Round

Denver Estate Real

You know spring has arrived when the stores put out their display of colorful hanging baskets. Why wait til spring, wouldn't it be great to celebrate the seasons all year round? You can do this by creating an all season hanging planter that changes with each of the four seasons.

Denver Estate Real

Start by buying a strong, attractive hanging basket holder that will last. Try to avoid those cheap, white plastic, disposable containers, and go for a more durable planter made from cedar or wrought iron. If you're using a solid container, pour gravel in the bottom for drainage. If you prefer a wire frame planter, try lining it with coco fiber or sphagnum moss. Fill the container with lightweight potting soil, or make your own using equal parts of peat moss, perlite and vermiculite.

Denver Estate Real

Now, depending on the season, the fun begins! Here are some four seasons planting suggestions:

Denver Estate Real

Summer:

Keep in mind that whatever you choose has to be compatible with the amount of sunlight your planter will be exposed to. For the biggest most consistent blooms, fertilize once an week, and never let your soil dry out. On some of those super hot summer days, you may have to water twice a day.

Use a combination of tall and trailing plants with varied leaf color. Use taller plants or decorative grass in the center and surround with a combination of trailing blooms and vines.

Try designing a hanging basket with a specific color scheme such as red and purple or red and white. Alternately, choose one strong bloomer such as calibrachoa (million bells) and load up your container.

A basket with soft pastel colors can be equally dramatic by using a combination of lavender Verbena, rose colored Wax begonia, and Browallia speciosa.

Fall:

Once the weather begins to cool down and your blooms start to wither, it's time to start thinking about an autumn basket. Fall mums make a colorful display of rich blooms that last right into the colder weather, or try some unusual plants such as decorative kale or giant hens and chickens. For a maintenance-free planter, make a display using fruits from the autumn harvest such as baby pumpkins, gourds, Indian corn and decorate with small scarecrows.

Winter:

Now is the time to combine your hanging basket with your holiday decorating. Start by getting trimmings from spruce or cedar trees to create a layer of greenery. Add sticks of red dogwood branches in the center, or spray paint branches white or gold. Accent with silk poinsettias and large pinecones. For a night time display, add tiny lights or bright red Christmas balls.

Spring:

This is probably the most anticipated basket transformation and nothing says spring like spring bulbs. This is something you can do prior to decorating your Fall basket. Once your summer plants are removed, stuff your basket with various spring bulbs using a combination of early and late bloomers.

If you haven't planned in advance, that's ok, buy potted bulbs or use some that you have already forced indoors and transplant into your planter. Crocuses, daffodils and tulips shout "spring" as they poke through the dirt. Depending on your location, bright colorful primulas are available in February and will bloom well into late spring.

Hanging Baskets That Last All Year Round

Denver Estate Real