In going over the minutes from the recent Downtown Management Commission today, I find it interesting that the Human Rights Commission has petitioned the Boulder City Council to allow camping in Boulder city parks. Could you imagine? Tons of homeless people camping in Bella's Park or Scott Carpenter Park - mayhem. It makes you wonder, how does a group called the Human Rights Commission expect to retain credibility with positions like this - allowing camping in the city parks! For those of you that don't know Boulder, it may sound rational to allow camping in city parks. However, those of you that do know Boulder understand that there are very few parks and an abundance of homeless...enough so that the parks would be overrun. There is mention in the minutes of the many fine programs and facilities that the City of Boulder does keep up to facilitate the care of homeless. The infrastructure is sound and quite capable to avoid having to turn our parks into the parking lot at Alpine Valley for a 1980's Dead show - not that there isn't a time and place for that (July 2016 Folsom Field http://www.deadandcompany.com/). It's just not appropriate for families and citizens that want to relax and enjoy a city park.
For more information on this, check out: https://bouldercolorado.gov/boards-commissions/downtown-management-commission
What does this have to do with Super Tuesday - it is Tuesday and it has been Super so far.
We would love to chat about your views on City of Boulder or general socioeconomic issues and can always be reached at: www.FirstAmericanMortgage.net
Thank you very much!
Tuesday, March 1, 2016
Thursday, February 18, 2016
Rate Drop!!!
Some investors had four price improvements today landing the 30 year fixed at 3.625%. So much for the interest rate hike from the Fed weeks ago! As always, we are available to talk "real estate financing" at www.FirstAmericanMortgage.net
Thank you very much!
Thank you very much!
Tuesday, February 9, 2016
Townhome and Condominium Breakdown
| Questions: www.FirstAmericanMortgage.net | ||||
|
Purchasing a townhome or, even more so, a condo works just a
little bit differently from purchasing a residence, which typically
isn't subject to some type of homeowner association (HOA). When you purchase a townhome, you will own both the structure and the land underneath it. With a condo, you will own the structure, but the land it sits on will be part of what is called the common parcel. With townhomes, association fees tend to be lower, though it's likely that fewer services will be provided. Condo associations tend to be more hands-on, with responsibility for painting or refacing the outside and common areas of the building, landscaping, and other maintenance tasks. Your monthly dues will reflect this. Before deciding to purchase your dream townhome or condo, sit down with your real estate attorney and scrutinize the association bylaws to make sure you understand them. You also need to get a clear picture of the finances of the association. Unlike with a single or detached family home, the HOA is a very important consideration when purchasing a townhome or condo association, and you need to make sure it's financially sound. The last thing you want to do is to purchase a property whose association is mismanaged or, worse yet, on the verge of financial collapse. Your lender will go through all this information very carefully during the lending process, looking for situations that either exist now or could become issues in the future. But you need to understand it yourself, too. There are many great townhome and condo developments out there. Lower-maintenance living is ideal for some, particularly downsizing retirees and those who don't have time for, or don't enjoy, home maintenance. However, make sure you know what you are getting into before-not after-you purchase a home that comes with an HOA. Your real estate agent, mortgage professional, and real estate lawyer can help you get the information you need. | ||||
Friday, January 15, 2016
75 Million Millenials are About to Shape the Future Real Estate Market
Dylan was so right: the times, they are a-changin'. And the residential real estate market is being swept right along.
While in Dylan's day it was about the group known as baby boomers, it's now about the millennials-more than 75 million of them. According to the most recent census, millennials now represent more than 25 percent of the population and 32 percent of potential home buyers.
That means that many of you reading this are or soon will be looking for somewhere to live. Your impact is inescapable, and here's the upshot to date:
Studies in recent years, including one by the Pew Institute in 2013, show that a sizable proportion of 18-to-34-year-olds are still living at home. Another trend is adult children and their parents looking for accommodations together for cost-saving reasons, a recent National Association of Realtors® survey found.
But not everyone is concerned for millennials: Jonathon Smoke, chief economist of Realtor.com, is bullish on them. He reports that in summer 2015, millennials made up 30 percent of buyers, many of whom cited family changes (marriage, kids) as their reasons for purchasing.
And while credit and student debt remain concerns for potential millennial home buyers, give them time. Says Smoke: "They should represent two-thirds of all household formations over the next five years. Job creation will favor them. Their economic opportunities are strong. And they're planning to start families, which increases the desire to purchase a home. They're just getting started, and their sheer size will drive activity in housing for decades."
Questions? Find us at www.FirstAmericanMortgage.net
Thank you!
While in Dylan's day it was about the group known as baby boomers, it's now about the millennials-more than 75 million of them. According to the most recent census, millennials now represent more than 25 percent of the population and 32 percent of potential home buyers.
That means that many of you reading this are or soon will be looking for somewhere to live. Your impact is inescapable, and here's the upshot to date:
Studies in recent years, including one by the Pew Institute in 2013, show that a sizable proportion of 18-to-34-year-olds are still living at home. Another trend is adult children and their parents looking for accommodations together for cost-saving reasons, a recent National Association of Realtors® survey found.
But not everyone is concerned for millennials: Jonathon Smoke, chief economist of Realtor.com, is bullish on them. He reports that in summer 2015, millennials made up 30 percent of buyers, many of whom cited family changes (marriage, kids) as their reasons for purchasing.
And while credit and student debt remain concerns for potential millennial home buyers, give them time. Says Smoke: "They should represent two-thirds of all household formations over the next five years. Job creation will favor them. Their economic opportunities are strong. And they're planning to start families, which increases the desire to purchase a home. They're just getting started, and their sheer size will drive activity in housing for decades."
Questions? Find us at www.FirstAmericanMortgage.net
Thank you!
Friday, January 8, 2016
TRID and First American Mortgage, PLLC
| TRID Designed to Ease the Mortgage Process | ||||||||||||||
|
Landmark legislation that overhauled the documentation that
mortgage consumers receive throughout the finance process and at the
closing table was implemented on October 3, 2015. The TILA-RESPA Integrated Disclosure (TRID) rules were designed by the Consumer Financial Protection Bureau (CFPB) to make the mortgage process easier for consumers. The last significant change to this documentation occurred in 2010, as real estate and mortgage industries were swimming in the wake of the real estate and economic meltdown that had started several years prior. Since then, the CFPB, as directed by Congress, has further revised mortgage-related documentation. Homeowners who previously financed homes will likely notice the difference with TRID. Those who are doing it for the first time will hopefully find the documentation clear and easy to understand. When you apply for a mortgage or shortly thereafter, you will now receive what is called the Loan Estimate, which replaces two previous documents. This will clearly list all costs -be it fees or other expenses-for you. Another part of this implementation that has changed the process will take place at closing. Prior to this new set of regulations, closing documents were able to be prepared and finalized literally minutes before closing. Now all finalized documents need to be prepared at least three business days before closing. Whether it is a home purchase or a refinance, the borrower now has adequate time to review all the details with whomever they need to, be it their mortgage professional, attorney, etc. This is likely a relief for many borrowers, who may have found this last stretch of the process stressful and confusing, and who may have felt there wasn't sufficient time to read and understand the documents they were signing. Now that they have the time to consider, the expectation is that the closing process will proceed more smoothly than it did in the past. |
Tuesday, December 1, 2015
Has Anyone Seen My Inventory? GET CREATIVE!!!
If you have been shopping for a home on the front range over the past month, you have been subject to one of the most interesting real estate markets I have ever seen in my 14 years experience. Single family homes below the $700,000 price point are flying off the market and normally within a few days of listing. At my last observation, there are five multi-family properties on the market in the entire city with an average price per square foot of $595. Yes, it is certainly interesting times in the Boulder real estate market and there are always deals to be had. It is time to think outside the box. Here are a couple of ideas on how to source your own deal:
1. If you are a renter, ask your landlord about a "lease to own" contract. It may help you to secure a purchase price and use a good portion of your rent payments as the down payment portion of your mortgage.
2. Look for dilapidated properties. There are many properties within the city that are in need of serious attention and updating. Try contacting the owners of the property. They may be looking for the perfect excuse (YOU) to get rid of their property.
One thing that we know for certain is that our market will change and with that change will come opportunity. Keep an eye out and listen for the knock!!!
As always, we would love to talk story about the local market and get your opinion at www.FirstAmericanMortgage.net
Thank you!
1. If you are a renter, ask your landlord about a "lease to own" contract. It may help you to secure a purchase price and use a good portion of your rent payments as the down payment portion of your mortgage.
2. Look for dilapidated properties. There are many properties within the city that are in need of serious attention and updating. Try contacting the owners of the property. They may be looking for the perfect excuse (YOU) to get rid of their property.
One thing that we know for certain is that our market will change and with that change will come opportunity. Keep an eye out and listen for the knock!!!
As always, we would love to talk story about the local market and get your opinion at www.FirstAmericanMortgage.net
Thank you!
Tuesday, November 17, 2015
TRID - Know Before You Owe
The new TRID legislature that went effective 10/3/15 has been a big success at First American Mortgage, PLLC. The paperwork or disclosures that are provided in the lending transaction timeline have been drastically changed, and we believe for the better. The numbers are clearer and easier to discern for the average home buyer. The timing of the documents is well suited for the purchase timeline. There is a hang up that we found in seller credits and the complexity of backing out the numbers on the Closing Disclosure, but it is achievable. That is something that will probably be changed as we move forward with these documents as the CFPB works out the bugs. As always, we are available to discuss these mortgage industry changes as well as any other real estate questions you may have at www.FirstAmericanMortgage.net
Thank you!
Thank you!
Monday, June 22, 2015
Fly Fishing Boulder Creek
I enjoy the hobby/sport of fishing immensely - as you can see in this blog. It is an activity that does have an element of danger to it. Whether that be a bear sneaking up behind you in Yellowstone National Park or walking on a rock ledge 30 feet over roaring rapids trying to get to the perfect spot on Upper South Boulder Creek, there are times when human fragility is grossly exposed. I want to give a humble wish of peace and good will to the family of Jason McKain. Jason - you will be remembered and I hope your accident inspires others, as you have me, to fish safely. Rest in peace!
Tuesday, May 5, 2015
Cinco De Mayo!
Happy Cinco De Mayo everyone!
What is happening in your neck of the woods today? How will you be celebrating Cinco De Mayo?
I will be going to the oral surgeon today to have an implant placed - SWEET!!! That may call for a margarita or two for pain management as the day goes by.
Tell us your stories www.FirstAmericanMortgage.net
Thanks and happy Cinco De Mayo!
What is happening in your neck of the woods today? How will you be celebrating Cinco De Mayo?
I will be going to the oral surgeon today to have an implant placed - SWEET!!! That may call for a margarita or two for pain management as the day goes by.
Tell us your stories www.FirstAmericanMortgage.net
Thanks and happy Cinco De Mayo!
Thursday, April 9, 2015
Are Mortgage Rates Going to Increase?
In this world nothing can be said to be certain, except death and taxes - Benjamin Franklin. Well Mr. Franklin, rising interest rates are cutting it awfully close. The Federal Reserve stopped the purchasing of mortgage backed securities in October of last year, but keeping the Fed Funds rate (the interest rate banks pay to borrow money) near zero has been a stimulus of its own. Keeping the Fed Funds rate low has insured that mortgage rates stay low as well. Many critics cite the fixed income purchasing program along with keeping the Fed Funds rate near zero would lead to dangerous inflation and/or asset bubbles.
There are two takes on that: 1. Have we already experienced inflation in local commodities (rent, food, insurance, property tax, labor) and the media/government is ignoring it or concealing it by continually measuring inflation based on foreign goods? Sure it is great that Chinese made dress shirts now cost $20, but my homeowner's insurance is up 20% from five years ago - and don't even get me started on what the plumber bid to repair the leak! We are continually told that we are NOT experiencing inflation, yet things cost more.
2. The wages of the working population need to increase to facilitate inflation. After all, inflation is the increase in the price level of goods and services in an economy over time. There must be excess currency in the economy to facilitate the price level increases. Wages have not increased enough for the middle and lower class. Wages have increased for the upper class, but this is not enough to actualize inflation.
In April 2015, we are seeing big business increasing wages across the board. This has been the one "finger in the dam" the Fed has been unable to plug over the last five years (or they were in cahoots with these big businesses to hold off on wage increases). Now that wages are starting to increase, the economy will speed up, inflation will be "recognized" and interest rates will rise.
Frankly, inflation has been here and gone and there is not an asset bubble in housing. We are now paying at least 20% more for domestic goods and services that we were five years ago. The media/government has had foreign imports and a strong dollar to keep "virtual inflation" low or deflationary. Housing prices are up, but it is a matter of supply and demand. Only preferred markets are seeing the price increases. Now the Fed must re-set its "recession" tool and return the Fed Funds rate to sustainable levels. Where would we be if there was another near financial collapse and the Fed had no tools to utilize? We sure know they can stop inflation dead in its tracks at this point with a solid rate hike. That is how the rate hike will play out and be publicized.
As always, there are bargains to be had in any market and real estate is always a solid investment. We are available to work shop and discuss these ideas at www.FirstAmericanMortgage.net
Thank you!
There are two takes on that: 1. Have we already experienced inflation in local commodities (rent, food, insurance, property tax, labor) and the media/government is ignoring it or concealing it by continually measuring inflation based on foreign goods? Sure it is great that Chinese made dress shirts now cost $20, but my homeowner's insurance is up 20% from five years ago - and don't even get me started on what the plumber bid to repair the leak! We are continually told that we are NOT experiencing inflation, yet things cost more.
2. The wages of the working population need to increase to facilitate inflation. After all, inflation is the increase in the price level of goods and services in an economy over time. There must be excess currency in the economy to facilitate the price level increases. Wages have not increased enough for the middle and lower class. Wages have increased for the upper class, but this is not enough to actualize inflation.
In April 2015, we are seeing big business increasing wages across the board. This has been the one "finger in the dam" the Fed has been unable to plug over the last five years (or they were in cahoots with these big businesses to hold off on wage increases). Now that wages are starting to increase, the economy will speed up, inflation will be "recognized" and interest rates will rise.
Frankly, inflation has been here and gone and there is not an asset bubble in housing. We are now paying at least 20% more for domestic goods and services that we were five years ago. The media/government has had foreign imports and a strong dollar to keep "virtual inflation" low or deflationary. Housing prices are up, but it is a matter of supply and demand. Only preferred markets are seeing the price increases. Now the Fed must re-set its "recession" tool and return the Fed Funds rate to sustainable levels. Where would we be if there was another near financial collapse and the Fed had no tools to utilize? We sure know they can stop inflation dead in its tracks at this point with a solid rate hike. That is how the rate hike will play out and be publicized.
As always, there are bargains to be had in any market and real estate is always a solid investment. We are available to work shop and discuss these ideas at www.FirstAmericanMortgage.net
Thank you!
Friday, March 13, 2015
Trouble Finding Homes For Sale?
For the past couple months, Boulder County has been experiencing a shortage of available homes for sale. The market is seeing homes receiving multiple offers above listing price within the first few days of being listed. We believe there are a couple of "tricks" to be shared for these times when the sellers have the upper hand in the market place:
1. Look for multifamily property. Most people in the market place are looking for your cookie cutter, lot and block single family residence. What might allow you to get into the market and find an opportunity is to look at duplexes, triplexes and fourplexes. The loan amount limits for these properties is higher, you can use proposed rental income from the other units to help you qualify and you can use as little as 3.5% down payment.
2. Look at last year's and two years ago's expired listings. It is quite possible that someone over the last two years tried to sell a piece of real estate and they did not get what they wanted. So they took it off the market and kept it as their primary residence or a rental. These owners may be still thinking of selling if the right offer came along. Putting in a full price offer on their expired listing my be just what that property owner is looking for, and it will be your opportunity to "steal" a listing from the rest of the pool of buyers out there currently looking for homes to buy.
This is just a couple of ideas off the top of my head that can put a buyer into a position to beat the competition and accumulate wealth. That is what we are about at www.FirstAmericanMortgage.net , helping our clients beat their competition and accumulate wealth.
https://www.youtube.com/watch?v=hq5-2uwEnkg
Thank you!
1. Look for multifamily property. Most people in the market place are looking for your cookie cutter, lot and block single family residence. What might allow you to get into the market and find an opportunity is to look at duplexes, triplexes and fourplexes. The loan amount limits for these properties is higher, you can use proposed rental income from the other units to help you qualify and you can use as little as 3.5% down payment.
2. Look at last year's and two years ago's expired listings. It is quite possible that someone over the last two years tried to sell a piece of real estate and they did not get what they wanted. So they took it off the market and kept it as their primary residence or a rental. These owners may be still thinking of selling if the right offer came along. Putting in a full price offer on their expired listing my be just what that property owner is looking for, and it will be your opportunity to "steal" a listing from the rest of the pool of buyers out there currently looking for homes to buy.
This is just a couple of ideas off the top of my head that can put a buyer into a position to beat the competition and accumulate wealth. That is what we are about at www.FirstAmericanMortgage.net , helping our clients beat their competition and accumulate wealth.
https://www.youtube.com/watch?v=hq5-2uwEnkg
Thank you!
Wednesday, January 28, 2015
Net Neutrality - Voice Your Opinion!
FCC will propose Net Neutrality rules next month. Spread the word!
Student Net Alliance
Jan 28, 2015 — FCC
Chairman Tom Wheeler is set to announce his proposed rule on Net
Neutrality on February 5. That means that we have one week to make it
clear to the FCC that we will not stand for anything less than an open
internet. You’ve already signed the petition, will you help us take it
to the next level? Share the petition with your friends:
Tell your friends on Twitter: http://bit.ly/1LcNULx
Tell your Facebook community: http://buff.ly/1zkg1VU
Net neutrality is the basis for what has made the Internet a place where what you know is more valuable than whom you know. Don’t let giant corporations change that.
Student Net Alliance
Tell your friends on Twitter: http://bit.ly/1LcNULx
Tell your Facebook community: http://buff.ly/1zkg1VU
Net neutrality is the basis for what has made the Internet a place where what you know is more valuable than whom you know. Don’t let giant corporations change that.
Student Net Alliance
Let us know what you think at: www.FirstAmericanMortgage.net
Thursday, January 22, 2015
FUSE at the Riverside
I have been spending some quality office time at FUSE over the past two weeks and it has been exceptional. It is a great place to work and network. The food is excellent and because I am a FUSE member, I receive discounts and off the menu specials. If you have not checked out FUSE at the Riverside, get off your ass and do so! http://boulderfuse.com/ www.FirstAmericanMortgage.net
Thursday, December 18, 2014
Friday, December 12, 2014
Current Events
There are quite a few things going on in the second week of December 2014.
-The US Budget Bill is making its way through congress even though there were hidden items included within the bill that entail repealing the ban on taxpayer bailouts of banks, prohibiting a "voted in" amendment in Washington DC, reducing the standards of school cafeteria food and increasing the amount of allowable campaign contributions.
-Sony Pictures becomes the latest victim of cyber hacking and who knows what is going to happen there. From my understanding, Sony Pictures will be liable for leaked information. I hope they can weather the storm because I like to watch movies.
-The price of oil has fallen like a lead balloon taking the stock market with it. What does this mean? Lower Interest Rates for mortgages!!! The interest rates dropped to about 3.625% today on the 30 year fixed. We are heading back into the 3's!
All three of these items play a big role to everyone in this country. Whether you voted in November for Republicans to make common sense changes and to not overturn the constituents desires, or were looking forward to Sony's next Christmas blockbuster, or have an interest in selling your home and know there will be more potential buyers with lower interest rates available - this is a week to remember.
-The US Budget Bill is making its way through congress even though there were hidden items included within the bill that entail repealing the ban on taxpayer bailouts of banks, prohibiting a "voted in" amendment in Washington DC, reducing the standards of school cafeteria food and increasing the amount of allowable campaign contributions.
-Sony Pictures becomes the latest victim of cyber hacking and who knows what is going to happen there. From my understanding, Sony Pictures will be liable for leaked information. I hope they can weather the storm because I like to watch movies.
-The price of oil has fallen like a lead balloon taking the stock market with it. What does this mean? Lower Interest Rates for mortgages!!! The interest rates dropped to about 3.625% today on the 30 year fixed. We are heading back into the 3's!
All three of these items play a big role to everyone in this country. Whether you voted in November for Republicans to make common sense changes and to not overturn the constituents desires, or were looking forward to Sony's next Christmas blockbuster, or have an interest in selling your home and know there will be more potential buyers with lower interest rates available - this is a week to remember.
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