Everyone wants to be a homeowner and live the American Dream and today's real estate market provides some pretty good perks for those looking to buy a home in Colorado Springs. However, before you buy, there are some things to consider. Purchasing a home is the most important decision you will make in your lifetime. Therefore, it makes sense to understand what's important to know before you buy.
As property values have been falling, it's a great time for home buyers to find good deals on Colorado Springs homes that are for sale whether you are looking for that perfect retail home or want to save a little more money by purchasing a short sa More ...
Today's economy has caused many people financial hardship. Whether your hardship is the result of a loss of employment, illness or injury, death of a spouse, divorce, or bankruptcy, hardships can result in derogatory information ending up on your credit report. Unfortunately, derogatory information leads to further hardship as needed credit is denied, future employment is affected and interest rates and insurance premiums go up leaving you in a 'debtor's prison' that seems to have an endless sentence with no right to appeal. While solving credit report and credit repair issues may seem to be a mystery, there are myths and truths you should know and this article addre More ...
In today's economy, it's becoming more and more difficult to get your bills paid on time. After a few late payments, you may wonder what the impact is on your credit report and your credit score. Whether you have lost a job, gone through divorce, lost a spouse, or dealt with a serious medical issue, you know that any hardship can wreak havoc on your financial responsibilities. You are not alone, and we at Pink Realty help people who have dealt with these all the time. More than 43 million people in the United States have credit issues that are severe enough to make obtaining credit with reasonable terms very difficult. If you want to repair your credit and More ...
FHA (Federal Housing Administration) provides mortgage insurance on loans made by FHA-approved lenders and their mission is to both help borrowers get loan amounts they qualify for and to assist lenders by reducing their financial risk when issuing FHA loans. This insurance protects lenders against losses that result from homeowners defaulting on their mortgage loans. In order for an FHA insured mortgage loan to be issued, certain requirements and criteria must be met.
FHA credit guidelines for both purchase and refinance loans have traditionally been more flexible than conventional guidelines. While FHA is still more flexible than conventional and More ...
Getting a mortgage is one of the most complicated steps in buying a home in Colorado Springs or anywhere. Will I qualify for a home loan? What do I need to get pre-approved? What type of mortgage can I qualify for – FHA, VA, conventional, an ARM, fixed rate, …? What is the best type of mortgage to get for my situation? Should I go to my bank or find a Mortgage Broker? Learning more about what you should know is important. Preparing yourself and doing your homework will take some of the stress away and speed up the closing process for you once you've made an offer on a house.
In other Pink Realty blogs and artic More ...
A short sale is when a lender agrees to allow a mortgaged property to be sold for less than what is owed on the mortgage. While lenders don't like their mortgages 'shorted', they do understand the benefits. Lenders know the loss incurred from a short sale is far less than the loss they will incur if they allow the property to go into foreclosure. Foreclosure is very expensive process for lenders as it not only incurs expensive legal fees, but also adds the expenses of maintenance, advertising and selling, insuring the home and paying property taxes. Lenders are not in the real estate business, they are in the business of making loans, so they know that selling a More ...