All Blog Entries by Krystal Thompson

Found 29 blog entries published by Krystal Thompson.

The mortgage world is full of acronyms.  

FHA, PMI, LTV, DTI, HELOC, AMC,+ ARM, to name a few.. but why so many?  The head honchos think that they are simplifying things, when in fact all it does is convolute it for the general public.  This weeks topic is a prime example of this.  

Have you ever been turned down for a loan because of the LTV on your property?  At the time it probably didn't make any sense, when in fact, one fo the simplest math equations ever was used to determine the LTV.  In an effort to not overcomplicate an issue that is truly very simple we will cut right to the chase for todays topic. 

Reaching out to a local lender for up to date guidelines on any mortgage topic is always best as they are ever-changing. This week we

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Imagine you found your dream home, you couldn’t be more excited to be under contract. But you start wondering "what if something is wrong with the house?  How will I know?"

First things first, don't panic!  After you deliver earnest money to the title company you will be receiving some disclosures to review.  One of these disclosures is the Sellers Property Disclosure.  On this disclosure you will get the chance to review all of the issues that the seller is aware of pertaining to that property. Review it carefully and thoroughly because you aren’t going to go in and start destroying the property to look for problems, and it will be very helpful to know if there have been any issues with the property in the past that you cannot see with the naked

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Kick Out Clause, has a nice ring to it, doesn't it?

Not really, although while its general verbiage seems threatening, this particular real estate clause can allow a seller a bit of flexibility when accepting a contingent offer.  What about the buyer? Is it good for them?   That all depends on the terms, current market, home demand, pricing and overall timing and good luck.

As we have discussed in previous topics most people need to sell their current residence in order to qualify to purchase a new home.  If a buyer puts an offer in on a home they wish to purchase but their home is not yet sold, this is called a contingent offer.  When the box is checked indicating a contingent offer it lets the seller know that there is additional risk and time

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Have you heard of a Jumbo loan before?  Most people have, but few know what it actually means and how it can affect the purchase of their home. 

With the Denver market having an average homes sales price of $500,683.00 in January 2019 (and almost all of 2018 staying in the $500k zone) jumbo home loans have not only been on the rise, they seem like the normal things to do.  But is it?

Fannie Mae (FNMA) and Freddie Mac (FHLMC) are the large agencies that purchase the bulk of U.S. residential mortgages from banks and other lenders.  However, they are also the same agencies that set the conforming loan limits.  What does this mean?  It means that they are setting the maximum value that they will purchase from a lender.  When the loan amount is

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Joint Tenancy is one of the most common ways to take ownership of real-estate through title when purchasing a home. 

This is a big decision, and one that needs to be made by the buyer when making an offer on the property.  It's one of the first sections in the Exclusive Right to Buy Real Estate contract. There are a few options when it comes to taking title; Severalty, Tenants in Common and Joint Tenants (we will cover the other two types in future blogs so stay tuned).

One of the main reasons Joint Tenancy is such a common choice over Tenancy in Common is because Joint Tenancy has survivorship rights: meaning that if two people are buying a home together (married or not) and one dies, the other gets the rights to the property without needing

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the interest rates for your mortgage are determined by seven factors

So how does a mortgage company determine what interest rate you get?  Its a question that almost everyone asks, so you aren’t alone!  While you are out shopping for the lowest interest rate it would be smart if you understand what factors they are taking into account. I think we should start at the beginning so you can put yourself in a lenders position. 

Per the almighty Wikipedia: “An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, the compounding frequency, and the length of time over

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Have you ever wondered what is actually creating the Denver  sellers market?  

I think that you would be surprised to know that its many factors, but there is one that is the biggest driving force. I also think that you would be surprised to know that the greatest factor is something we have minimal control over. That means that we also have a very good gauge on whether this market is a "bubble" and if its going to burst sometime soon.

How do I know these things? I know this because I attend our monthly market stats meeting.  This isn't just any meeting.  This is where one of the smartest women I know comes and explains her crazy graphs that somehow turn into one of the most comprehensive market reports in the state of Colorado. This is how I am

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How well do you take care of your home?  Do you regularly maintenance the furnace and sewer lines?  These are things a potential buyer is wondering when they purchase a home.  

Unfortunately, its not always great idea to trust the seller.  So you are going to want to have it inspected.  When it comes to buying a home there are things that you definitely need to hire a professional for.  Your inspection is definitely one of those things.  While an Inspection is a non-invasive examination of the home you intend to purchase, it is one of the best ways to learn about you purchase.  This week we decided that we would go straight to the source to get you the best idea of what to expect at your Inspection:  world, let me introduce Chad Miller, owner

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A few weeks ago I wrote a blog on Covenants, Conditions + Restrictions, Im sure you remember everything I covered. Either way, Ill try not to take offense.  However, it does relate to this weeks topic so I think a quick review would be fair as many people do not know the difference between the CC&R’s and the HOA. Interestingly enough the original rules are not made by the HOA, but enforced by them.  

According to Attorney, Amy Loftsgordon, “the Declaration of CC&Rs is the legal document that lays out the guidelines for the planned community. The CC&Rs are recorded in the county records in the county where the property is located and are legally binding. This means that when you purchase a lot or a home in a planned community, for example, you

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There is this theory that people buy a house in order to achieve the life long adult accomplishment of obtaining “The American Dream.” 

Robert Kiyosaki said "Real estate investing even a very small scale, remains a tried and true means of building an individual's cash flow and wealth." Suze Orman was also quoted stating that "owning home is a keystone of wealth, both financial affluence and emotional security."   Then there was Andrew Carnegies' bold statistic "ninety percent of all millionaires become so through owning real estate." Ok, ok, enough of the quotes, I think you catch my drift.  Sometimes people are patient and wait for this wealth to develop over time, and sometimes people go in with a strategy that helps them leverage their equity

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