Latest from the Mortgage Blog
8 Rules that must NOT be ignored when buying a home
Once a buyer is pre-approved, there are still some things that can make a transaction go wrong. Here are 8 rules that must not be ignored:
1) Don't buy a new car or trade-up to a bigger lease
2) Don't quit your job to change industries or start a new company
3) Don't switch from a salaried job to a heavily-commissioned job, or to a job that pays you via a 1099, instead of a W-2
4) Don't transfer large sums of money between bank accounts
5) Don't forget to pay your bills -- even the ones in dispute
6) Don't open new credit cards -- even if you're getting 20% off
7) Don't accept a cash gift without filing the proper "gift" paperwork
8) Don't make random, undocumented deposits into your bank account
Are The Deals Gone?
Foreclosure deals are harder to find in Denver. That being said, 99% of clients I speak to are not looking to fix and flip a home, they are buying a home for the long term. The often overlooked "deal" is finding 30 year fixed financing at these levels! That's the real deal in my mind. People can borrow money, that with tax benefits, is near inflation levels. In most of the world, home financing is not available in a 30 year fixed format, most are adjustable rates.
http://www.denverpost.com/business/ci_25019102/foreclosures-denver-metro-area-decrease-by-45-percent