Posts Tagged ‘broomfield realtor


Broomfield CO Information on Real Estate Loans for Homebuying

Broomfield Agent with experienceIf you are looking to buy a home in Broomfield Westminster Brighton or even Arvada and Lakewood areas, you will more than likely need to get a home loan through a bank or a mortgage lender. Although you are dealing with a lending institution, you might wonder where all the money domes from for all the loans that are approved for people buying real estate in Broomfield and, well, just about everywhere else.

There are two entities that handle getting money into the hands of people who need to secure a loan for a real estate purchase. They are:

  • Fannie Mae, short for Federal National Mortgage Association
  • Freddie Mac, short for Federal Home Loan Mortgage Corporation

Since the main function of these two is to get money into the hands of the public, this is how the process is laid out:

  • Your lender sells you a mortgage for your real estate purchase
  • The lender sells the loan after you close on your home to Fannie Mae or Freddie Mac
  • Fannie Mae and Freddie Mac bundles many mortgages together and then issues bonds that are secured by the mortgages, or  in other words, the house you will live in
  • Large investors buy the bonds, many of these investors are foreign governments

By doing this, both Fannie Mae and Freddie Mac are able to buy more secured mortgage loans from the lenders that give you, the consumer, a real estate home mortgage. This loosens up the amount of money that is available for loans for everyone.

To ensure that Fannie Mae and Freddie Mac get paid back on the money that is loaned out to the public, there are rules that are set to help protect and reduce the default of home loans that are distributed. The lenders that give you money for your mortgage must follow guidelines that are set. In the real estate world, these are called underwriting guidelines. These rules follow what credit score is required for your home loan, how much money you have to have in the bank for the down payment, how much you need to make annually with your occupation, and many other guidelines that must be met to qualify for your loan.

This is how money is invested by the wealthy and is put into the hands of anyone looking to buy a home. Home loans are underwritten on primary residence homes, secondary homes, investment properties, and vacation homes. Check with a few great lenders in Broomfield Westminster Arvada or any other Denver area lending instituation.

Feel free to call Homewerks at 303-250-4735 with any real estate question you might have. Buying a home is one of the biggest financial decisions you will make in your life. It is very important that you have a professional working to protect your interests and guide you through the real estate transaction. Although a real estate purchase in Broomfield is motivated by emotional wants and needs, it still is a business transaction. At Homewerks, we are professional Realtors in Broomfield trained to handle the business side of your transaction. Keep in mind that when you have a buyer’s agent work FOR YOU, you do not pay them. You need a buyer’s agent that is a Broomfield Realtor and since it does not cost you anything to have them represent you, it is extremely beneficial to you. Please call with any question you might have.

Shaun Werkele





Broomfield Colorado Real Estate Loans Information

Luxury home for sale in Broomfield Colorado

Broomfield Colorado Real Estate Loans Information

Although there are fewer options for financing your home in Broomfield Colorado, what loans are left after the changes in 2008 are safer in many ways. Listed below are the major type loans that are available and are sensible and given is a general outline of the programs as follows:

Fixed Rate Mortgage

A fixed rate mortgage loan allows borrowers to pay a steady equal payment monthly for the life of the loan, which is usually 15 or 30 years. The interest rate stays the same during this time, but at the beginning of the loan period, only a very small portion of the payments is applied to paying the principal of the loan. This is the actual amount that is owed to the creditor. Fixed rate mortgages are recommended for persons who plan on living in their Denver area home for at least 10 years.

Adjustable Rate Mortgage

An adjustable rate mortgage, or often called an ARM loan, is more flexible than the fixed rate loan because the  rate of interest changes every year. The monthly payment are initially lower and may go down if interest rates improve from the time the loan was established. The important thing to keep in mind with ARM loans is the risk involved. If rates go up, so does the monthly payment on your Broomfield real estate property you purchased. This can create an extremely inflated payment that may be extremely difficult to manage. There are also hybrid possibilities that involve an initial period of fixed rate payments followed by an annually adjusted rate.

First Time Home Buyer Mortgage Loan Programs

First time homebuyer programs allow for a lower down payment and easier qualification process, and have lower rates. Some of these programs require education courses and may be subject to income thresholds and property value amount limits. Some of these programs change from time to time.

Shop Around for a Good Rate and Strong Advice

Even with incredibly low interest rates you should still check into loan programs with various loan officers and bank managers. Get quotes from at least 3 different lenders and compare interest rates, quality of service and closing costs. Closing costs are all the charges that are necessary to set up your mortgage loan and make financing possible. I recommend that you work with a Broomfield lender that meets their deadline and has everything complete for closing on your home and is dependable. Ask your friends for recommendations for a lender and your Broomfield Realtor can help you as well.

Have a great day.

Shaun Werkele



Buying Broomfield CO Real Estate: Debt-to-Income Ratios

Agent in Broomfield Westminster Thornton AreasBuying Broomfield CO Real Estate? Understanding Debt-to-Income Ratios

When a home buyer is looking for a home to purchase in the Broomfield real estate market, some of the most commonly asked questions are, “How much can I buy if I make a certain amount of money?” or “How much of a loan can I qualify for if I have a certain amount of debt?” Here is a general formula that is used to determine these 2 closely related questions because the amount someone qualifies for is based upon what is called the debt-to income ratio.

Figuring out the total housing payment for the mortgage you are focused upon reaching is the first step. This is the monthly principal, interest, taxes, homeowner’s insurance, and any mortgage insurance and HOA fees. You can use our Broomfield real estate mortgage calculator for getting this figure, and click on this link, Colorado most current mortgage loan rates for the latest rates to calculate your mortgage payment.

To the sum above, add the minimum monthly payments that show on your credit report. This number is your total monthly debt that you would have for mortgage payment approval from your mortgage lender. Total monthly debt is what you have combined with everything owed to others monthly.

Broomfield Colorado Community Church in Bradburn NeighborhoodDivide your total monthly debt by your gross monthly income. This will give you your debt-to-income ratio (DTI). What is significant about debt-to-income ratio is it allows you to determine with your mortgage lender what kinds of mortgage loans you can qualify for. The top threshold for a conventional loan is a debt-to -income ratio of 45%. For FHA and VA loan financing, 50% or a little higher, depending upon the lender.

Gathering all of this information before you can establish your debt-to -income ratio and figuring your loan qualification maximum amount requires that you need to know your gross monthly income ( income before taxes) and you need to know what is on your credit report. Do not make the mistake of guessing what is on your credit report. Get the report from the reporting agencies so you really know where you are at. You need the information and so will your lender, and sometimes not everything you owe each month shows up on your credit report, or at least not right away.

At the end of the day, the only way to know the exact amount you can afford for a home loan in Broomfield is to have a competent lender figure it out for you! Working with a lender is one of the first things you need to do if you are looking to buy real estate in Broomfield Colorado, or anywhere else in the Denver Front Range.

Feel free to contact us with any question you might have concerning Broomfield home values, market conditions, and finding homes for sale! Denver is one of the most attractive larger metropolitan cities for people who are young, single, educated, and upwardly-mobile career starters. This makes it a good place to live for young singles in their 20s and 30s and who have either undergraduate or graduate degrees and are on the road to launching their professional careers. The City and County of Broomfield offers many demographics that are desirable enough that young professionals will find many others like themselves here, with really good opportunities for friendships, recreation, romance, and more. Search for residential real estate in Broomfield Colorado at Homewerks with Keller Williams Realty and to get more information on buying and selling a home in Broomfield and surrounding areas.

Have a Great Day!

Shaun Werkele


Broomfield Real Estate Down Payment Information for Buyers

Real estate in Broomfield ColoradoBroomfield Colorado real estate is in great shape the week of October 1, 2012 when you look at the amount of homes on the market and the great interest rates for loans. The current inventory for Broomfield short sales, like the inventory for all Broomfield homes for sale, is incredibly low. All properties, if they are initially priced right, are moving quickly, so we recommend that you work with a Broomfield Realtor that can send you information on short sales listings and what we call “private owner” sales for Broomfield just listed homes.

So many people think that they need 20% down to buy a Broomfield house, but here are the actual facts that you may need so that you know what is required to purchase a home for yourself and your family:

For conventional (non-government) loans you will need 5% down payment for a primary residence. If you live in the home then you qualify for this down payment amount. It is possible to get a 3% mortgage loan, but keep in mind that the interest rates are higher and the mortgage insurance is higher. If you are making a purchase of a home for a second property then you will need a 10% down payment for a purchase. If you are investing, then this is where you will indeed have to put down 20% to buy a home in Broomfield.

If you are going to live in the home, then you might consider using FHA loan financing. This is a government backed loan that is for primary residences only, and for persons who have not owned a home in the past 3 years. 3.5% down is required and it can be a gift from a relative of the buyer. If you are looking at HUD homes in Broomfield, then $100 down is possible if the property is a HUD home and the offer price is for the full amount that the home is advertised for.

For CHFA loan financing, and this is a state sponsored program for primary residences only, then a $1,000 investment is required from the borrower, and this can be a gift from the buyer’s relatives.

For VA loan financing, and this is for primary residences only, the down payment amount is 0% down! What a great offer for our veterans who have devoted themselves to our country. Thank you!

With the average selling price in Broomfield Colorado being at $250,000, there are affordable options throughout Broomfield. Although some of the neighborhoods are more traditional, there are a great amount of newer housing available in the various Broomfield communities throughout the county. As with all of the recent real estate reports and news stories, the latest data by CoreLogic shows an 8.6% increase in year over year homes prices. Click here to see Broomfield real estate sold numbers throughout the entire selling history of 2012.

Feel free to call an experienced and caring real estate agent in Broomfield for all your real estate needs! We will be glad to help you in any way that we can. Or you can search for Broomfield real estate on our Keller Williams Realty Broomfield website

Have a great day!

Shaun Werkele
Homewerks with Keller Williams


The “Deal” in Selling Broomfield Real Estate

Broomfield Colorado View of Broadlands

Maximizing the amount that you make on selling your home in a low inventory market like our present Broomfield area is experiencing requires maximizing the marketing exposure that is placed on the house when it is listed. Selling for the highest price and best terms is definitely what everyone strives for, so hiring a Broomfield Realtor with the know-how and advertising savvy is essential to getting the most for your house when you sell.

Broomfield Real Estate Listed
Currently in Broomfield we are seeing low inventory amounts as compared to last year at this time. Effective marketing and exposure can produce multiple offers on homes for sale in Broomfield and higher selling prices. Listing a house for sale and getting the market exposure that you need to receive the best offer that you can get as a seller requires a great real estate agent who will great marketing skills and the resources and ability to create a market campaign that at the bare minimum offers submission to the Denver Metrolist, great photos that look professional and alluring and lots of exposure on real estate websites that feature new listings such as Realtors in Broomfield who belong to a real estate company that holds a large number of agents in its ranks is an added bonus for finding a buyer quickly.

Broomfield Colorado Keller Williams

As far as pricing, getting full market exposure on your home for sale is necessary because that is the only way to find out what the average home buyer will pay for your new listing in Broomfield. Working with an experienced real estate agent who is very knowledgeable in the Broomfield real estate market is the key to getting the most for your home. The other important thing that must be done to sell for top dollar is to unclutter and either have your agent help you to set your home’s appearance up for listing, or hiring a staging company to have your home staged. You can read more on staging at the Homewerks Broomfield Keller Williams Realty website.

If you have any questions about selling your home in today’s market, then call us at Homewerks with Keller Williams in the Broomfield area and we will be glad to assist you in listing and marketing your home for sale.

Have a Great Day!

Shaun Werkele


Broomfield Denver and National Real Estate Update June 2012

Broomfield Colorado Neighborhood Walking Path in Crofton Park SubdivisionIn the Front Range Colorado real estate arena we are seeing an increase in Denver residential home sales prices by 10.2 percent as compared to figures in May 2012. The real estate market in Denver is on the rise in terms of selling a home in today’s real estate market. The reduced inventory of 37.6 percent and the 24.1 percent increase in closed sales year over year has allowed for the conditions that are making for a great turnaround in the Denver local market.

In Broomfield Colorado, the inventory of homes for sale in May 2012 is presently  down -41.8 percent in active real estate listings and the average sales price is up 6.9 percent from May 2011. Broomfield real estate is showing a Broomfield current days on market figure of only 66 days to sell a home in Broomfield for May 2012.

Regionally, existing home sales in the Northeast fell 4.8 percent but the actual sales price for real estate is up 7.3 percent from May 2011.Home sales activity in the Midwest rose 1.0 percent in May 2012 and the average sales price of housing is up 6.4 percent from a year ago at this time. same time in 2011. In the South, home sales are down 0.6 percent from last year, and the average sold home is at 7.8 percent higher than May 2011. In the West region of the US existing sales increased to 3.6 percent year over year. The average sales price has increased by over 13.4 percent and this is being driven primarily by the increase in home sales at the upper end of the market.

Lastly, here is a great video on the existing home sales decline that some areas are seeing across the country and how that is translating into the improved real estate market we are seeing both locally and nationally.

Shaun Werkele Broomfield Realtor in Broomfield Westminster Thornton and Denver Metropolitan areas. Call if you have any questions or you would like to see newly listed homes in Broomfield in neighborhoods such as Crofton Park, Westlake, Wildgrass, Broadlands, Redleaf, or Brandywine then feel free to call us. We can set a private showing for you and provide local expertise.

Shaun Werkele
Keller Williams Realty

Janelle Werkele
Keller Williams Realty

Have a Great Day!



Broomfield CO Real Estate Mortgage Loan Rates June 23, 2012

Real Estate in Broomfield at the BroadlandsRight now is a great time to buy a home in Broomfield! Home loan rates remain at historic lows, the price on local rentals and leases are starting to climb, and the vacancy rate is below 1% in most areas.
The following is a current quote on mortgage rates as of June 22, 2012. Keep in mind that there are several elements that affect loan rates. For instance, the loan ratio values and the credit score of a Broomfield home buyer will be a few factors that affect the loan rate when you are qualifying for a loan. Loan rates can fluctuate hourly throughout the week so being pre-approved with a lender will  be a huge advantage when you have your Broomfield Realtor put an offer on a home for sale in Broomfield Colorado!

Conventional Conforming 30 Year Fixed: 3.75%
Conventional Conforming 15 Year Fixed: 3.0%
Conventional Conforming 5/1 Arm: 2.25%
Jumbo 30 Year Fixed: 4.125%
Jumbo 5/1 Arm: 2.75%
FHA/VA 30 Year Fixed: 3.5%
FHA/VA 5/1 Arm: 2.5%
Prime Rate: 3.25%
CHFA: 4.125%

Click here to see your mortgage information for Broomfield CO Homes for Sale. Use our resources to find a home in Broomfield in areas such as Cottonwood Creek, Lexington, or even Crofton Park.