Financial Updates 
There are currently 18 blog entries related to this category.
Get Preapproved for a Loan Before Shopping for a Home
Tuesday, July 12th, 2011 at 7:28pm. 546 Views, 0 Comments.
By: John Allen - Sarasota FL Real Estate Broker
Purchasing a home is an exciting experience, but it can also be a daunting task. Not only do you have to find the perfect home to suit your needs and budget, but you also need to obtain a loan in order to purchase the home. Given the state of the economy and the scary news stories claiming it is nearly impossible to obtain a loan, some prospective buyers may be too scared to even begin a home search. For those who are really serious about purchasing a home, however, getting preapproved for a loan before starting the home search is a good idea.
What is Preapproval?
Getting preapproved for a home mortgage loan is different from getting prequalified. Getting prequalified for a loan is a quick process that…
Denver Ranks High for Job Seekers
Wednesday, December 1st, 2010 at 7:11pm. 925 Views, 0 Comments.
According to two recent reports, Denver is the ninth-best city for job seekers in the United States. The first report, which was released by the career search engine Juju.com, found that Denver was the ninth best city out of 50 large cities in the country. The other report, which was released by the job-search portal CareerCast.com, also ranked the Mile High City in the number nine position.
Denver’s ninth place ranking with the Juju report does represent a slight drop, as the city was in the number eight position in October and even climbed its way into the number seven spot in September. Back in July and August, however, the city had reached its annual low of number 11. Still, despite its slight ups and downs, the city has continually held strong among…
15 Colorado Businesses Included on Inc 500 List of Fastest Growing Businesses
Saturday, August 28th, 2010 at 6:17pm. 435 Views, 0 Comments.
According to the most recent “Inc. 500” list of the fastest growing businesses in the nation, Colorado is home to 15 of the country’s fastest growing companies. These figures represent an increase from last year, at which time the state was home to 14 of the fastest growing companies. In 2008, 12 businesses made the list, while 11 businesses were included on the list in 2007.
When developing the list, Inc. magazine primarily focused on the rate of revenue growth each company experienced from 2006 through 2009 rather than the company’s total revenue. As such, the list tends to favor smaller companies that have experienced rapid growth. Ayuda Management of Broomfield, for example, is a general contractor employing 45 people. Founded in 2001, the company was…
Colorado Ranks as the State with the 12th Lowest Closing Costs in the Country
Tuesday, August 24th, 2010 at 7:55am. 369 Views, 0 Comments.
For those who are interested in the possibility of moving to Colorado or simply purchasing a new home in the state, they will be happy to learn that Bankrate.com reports that Colorado has the 12th lowest mortgage closing costs among the nation’s 50 states.
According to the annual survey conducted by Bankrate.com, Colorado homebuyers can expect to pay an average of $3,366 in closing costs. This figure assumes the typical loan amount of $200,000 along with a 20 percent down payment as well as a good credit rating. $1,449 of these costs reflects the average origination fee charged by lenders, while the other $1,917 represents the average cost of title and third-party fees. Colorado’s twelfth place ranking represents quite the improvement when compared to 2009,…
Upcoming Home Buyer Tax Credit Deadlines
Thursday, April 1st, 2010 at 9:30pm. 699 Views, 1 Comments.
One of the efforts that the administration has made to try to address the housing crisis in the United States is through the various home buyer tax credit programs. These programs are designed to give a tax credit to people buying a new home. The programs have been in place for a while, although they have been extended and changed over time.
As it stands today, the Worker, Homeownership and Business Assistance Act of 2009, which went into effect on November 6 of last year, extends and expands these credits. First, it extends the $8,000 tax credit for new home buyers into 2010. It also expands the program by offering a $6,500 tax credit to people who already own a home who wish to buy a new one.
There are, of course, guidelines on these programs. For the…
Quick Rebound Predicted For Colorado's Economy
Sunday, October 11th, 2009 at 5:03pm. 1123 Views, 0 Comments.
According to the University of Colorado at Boulder's leading economist, Colorado appears to be poised as amongst the first states to exit this recession as reported by The Denver Business Journal.
At a gathering of clients of Denver-based financial-planning firm, Richard Wobbekind indicated that "We may be one of the first states out". He further stated that if technology and business spending fuel the recovery, as some analysts expect given anemic consumer spending, then Colorado is in a strong position to benefit. Current forecasts call for Colorado's to return to a 0.4 percent job growth in 2010 placing it in the fourth-best position among all states.
Any recovery will be sluggish at best, Wobbekind cautioned. But unlike some economists, he doesn't expect…
Denver’s Labor Market Stronger Than Most Cities
Wednesday, October 7th, 2009 at 11:26pm. 637 Views, 0 Comments.
Denver ranked 37th in labor-market strength among the nation’s 100 largest labor markets, reports Portfolio.com, a national business-news website. The city slipped from its No. 30 ranking last year.
Although Denver lost tens of thousands of jobs over the last year, it still did better than most cities. Porfolio.com calculates that the Denver area gained 25,000 private-sector jobs between 2004 and 2009 (up 2.5 percent), but lost 55,400 jobs between 2008 and 2009 (down 5.1 percent).
In comparison, jobs in the nation’s strongest job market--Austin, Texas-- grew 16.6 percent between 2004 and 2009, and decreased 1.2 percent between 2008 and 2009. Rounding out the top five strongest labor markets on the Portfolio.com list were San Antonio; Baton Rouge, La.;…
States Make Bridge Loans Available to First-Time Home Buyers
Saturday, May 23rd, 2009 at 11:02am. 2673 Views, 0 Comments.
Many states started monetizing the first-time homebuyer tax credit before the U.S. Department of Housing and Urban Development (HUD) announced its plan to do so. Nearly a dozen states make bridge loans (advance loans) available to households that want to claim the tax credit, Brian Summerfield reports in REALTOR® Magazine. The loan is repayable with proceeds from the first-time homebuyer’s tax credit.
On May 13, HUD Secretary Shaun Donovan
announced the department will allow consumers to obtain a bridge loan,
repayable with proceeds from their tax credit, to help cover their down
payment. Guidelines for the new policy will be released shortly.
For states to consider offering bridge loans, they need to be convinced they will get a…
Rates On Bigger Mortgage Loans May Finally Come Down
Saturday, May 2nd, 2009 at 6:53pm. 553 Views, 0 Comments.
The cost of home loans from $625,500 to $729,750 in high-cost regions should come down in the next few weeks, Kathleen Pender reported in SFGate.com. Although the economic stimulus act passed in February increased the conforming loan limit in high-cost regions to a maximum of $729,750 for single-family homes through the end of this year, lenders have been waiting for Fannie and Freddie to issue underwriting criteria before lowering their rates. Fannie issued its criteria March 30 and Freddie on April 16. Both will start buying loans of up to $729,750 from lenders on May 4.
The conforming-loan limit is the biggest mortgage that can be purchased by Fannie Mae and Freddie Mac. Anything over the limit is called a jumbo loan, which costs considerably more. On…
Luxury Homes More Affordable with Decline In Jumbo Loan Interest Rate
Sunday, April 5th, 2009 at 9:16am. 540 Views, 0 Comments.
It might become easier to buy a house worth $1 million or more, writer Prashant Gopal reported on BusinessWeek.com, because rates for jumbo mortgages could fall to more affordable levels.
The average interest rate for a jumbo loan has dropped from a high of 7.9 percent at the end of October to 6.6 percent. That is the lowest average rate since the end of 2007, according to financial publisher HSH.com in Pompton Plains, N.J.
The underwriting requirements, however, are strict. Borrowers typically need a down payment of at least 20 percent, a credit score of above 720, full financial documentation, and at least six months of cash reserves. In some markets, the down payment requirement is as much as 40 percent.
Declining interest rates for jumbo loans is…
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