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Cindy Grey

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If you’re like most people, you want to get the lowest interest rate that you can find for your mortgage loan. But how is your interest rate determined?

 Knowing what factors determine your mortgage interest rate can give you confidence preparing for the home buying process and for negotiating your mortgage loan.

1.  Credit scoresYour credit score is one factor that can affect your interest rate.  In general, consumers with higher credit scores receive lower interest rates than consumers with lower credit scores.

2.  Home location - Many lenders offer slightly different interest rates depending on what state you live in.

3.  Home price and loan amountHomebuyers can pay higher interest rates on loans that are particularly small or large. If your loan amount is high enough you might find yourself needing a Jumbo loan. Fannie Mae and Freddie Mac are restricted by law to purchase single-family mortgages with origination balances below a specific amount, known as the “conforming loan limit.” The national conforming loan limit in 2019 is $484,350 for mortgages that finance single family one unit properties. Loans above this limit are known as Jumbo loans.

4.  Down payment - In general, a larger down payment means a lower interest rate, because lenders see a lower level of risk when you have more of an investment in the property.

5.  Loan term - The term, or duration, of your loan is how long you have to repay the loan. In general, shorter term loans have lower interest rates and lower overall costs, but higher monthly payments.

6.  Interest rate typeInterest rates come in two basic types: fixed and adjustable. Fixed interest rates don’t change over time. Adjustable rates may have an initial fixed period, after which they go up or down each period based on the market. Your initial interest rate may be lower with an adjustable-rate loan than with a fixed rate loan, but that rate might increase significantly later on.

7.  Loan type - There are several broad categories of mortgage loans, such as conventional, FHA, USDA, and VA loans. Rates can be significantly different depending on what loan type you choose.

Understanding how your mortgage interest rate is determined will help you be more informed as you shop for a mortgage. Armed with information, you can have confident conversations with lenders, ask questions, and understand your loan choices.

Resources you should know about:

https://www.fhfa.gov

https://www.benefits.va.gov/HOMELOANS

KNOWLEDGE IS CONFIDENCE

I want to be your guide and a valuable resource to you!! If you or someone you know is thinking about buying or building a home  please have them contact me.

“To stay on course, we need a compass whether a person, guidepost, or sign"     Judy Ingels

719-229-7999 or judy@judyingels.com

 


 
 

FICO score

by Cindy Grey

Your credit score is generally one of the most important factors lenders consider when deciding whether or not to extend credit to you. 

 

Do you know what effect your credit can have on your FICO score....and exactly what is a FICO score? 

 

A FICO score is a credit score that was calculated using one of the scoring models developed by Fair Isaac & Company. It can range from 300 to 850.

 

Components that make up your FICO score:

**35% is based on your payment history

**30% is based on the amount you owe

**15% on the length of your credit history

**10% on the types of credit you have 

**10% on newly opened accounts in the last 6 months

Here are 5 things that FICO considers when evaluating an individual's credit ~amount owed:

  1. The total amount owed on all accounts you have
  2. The different types of accounts you have
  3. The number of accounts that have balances
  4. The amount still owed on installment loans, compared to the original loan
  5. How much of the total credit line is being used on credit cards and other "revolving" credit

KNOWLEDGE IS CONFIDENCE

I want to be your guide and a valuable resource to you!! If you or someone you know is thinking about buying or building a home and needs to get a loan please have them contact me.  

 

 
 

 

 

“To stay on course, we need a compass whether a person, guidepost, or sign"     Judy Ingels

                                                                                                            


 

Building a Home and Choosing a Lender

by Cindy Grey

 

Building a home is a HUGE undertaking and can be quite stressful!

There is more to consider than just what floor plan to choose and what color to paint the walls when you build a new home. You also need to apply for a loan and get pre approved so that the builder realizes you can pay for the house once it is finished.

Choosing the right lender is important if you are getting a loan to finance it!

Most home builders have lenders they will ask you to use in order to get the best deal. Why, you ask, when you have someone who has helped you with loans in the past? Why do builders want you to use someone you might not even know?

Here are 5 good reasons why a builder wants you to use a lender they prefer:

  1. Builders want the peace of mind that comes with knowing that their buyers are in good hands and that the closing and home transfer process will be stress-free.
  2. The builder’s lender is more familiar with the deal which makes for a smoother process. When you buy from a builder and use a lender who is not familiar with the development in which you are buying, there could be delays and confusion regarding closings costs resulting in possible thousands due at closing.
  3. Builders have learned from hard experiences that some lenders really are better to work with than others.
  4. Their preferred lender knows the construction process which is different than buying existing homes.
  5. When using a preferred lender the deal most always closes on time.

KNOWLEDGE IS CONFIDENCE

As an INDEPENDENT LENDING CONSULTANT I can help you compare lenders and the cost sheets they provide BEFORE you choose which one you want to work with throughout this lengthy process!

I want to be your guide and a valuable resource to you!! If you or someone you know is thinking about building a home and needs to get a loan please have them contact me.  

 

 

 

“To stay on course, we need a compass whether a person, guidepost, or sign"     Judy Ingels

                                                                                                            

719-229-7999 or judy@judyingels.com

 
 
 

Free Things to do in Colorado Springs!

by Cindy Grey

 

 
Everyone loves an adventure and you know what makes that adventure better…when it’s free!
Check these out!
 
 
 
Colorado Springs Pioneers Museum
Housed in what was once the early 20th-century El Paso County Courthouse, this museum is filled with old photographs and artifacts that recount the city's story. Visitors can trace Colorado Springs' evolution from a mining town to a popular tourist destination. It may be small, but this museum wins visitors over with its informative displays.
 
Paint Mines Park   
This is one of the most unique geological parks in the country. It is a 3.4 mile lightly trafficked loop trail located near Calhan, Colorado that features beautiful wild flowers and is good for all skill levels. It is a diamond in the rough. You arrive in the middle of nowhere off a gravel road, to beautifully colored rock formations. The variety of colors is mesmerizing. Featuring cotton candy walls and rainbow sorbet layers it is an easy hike that winds through the park with a picture at every turn.
 
Garden of the Gods
It's easy to see how this natural landmark earned such an ethereal title as one of the best city parks in the World. These magnificent red rock formations look as though deities themselves could've carved them. However, the sandstone pillars are, in fact, the work of geological activity along a natural fault line, as well as rainfall over millennia.
 
Manitou Springs Incline
Completed in 1907 the Manitou Incline was a 1 mile cable tram built to support the construction of a hydroelectric plant and it's waterline. After performing this service the railway was then turned into a tourist attraction. The incline boasted a 16 minute ride to "scenic splendors", 10 miles of hiking trails in Mount Manitou Park, and claimed to be the "longest and highest incline on the globe."
 
In 1990 the Manitou Incline closed after a rockslide damaged the tracks. Ever since then the route has seen a steady stream of runners, joggers, hikers, walkers, and even some crawlers. The route is short and steep, gaining nearly 2000 feet of elevation in 3/4 of a mile it is a Colorado workout.
                                                                      
 
 
 
 
 
Have You Been Here?
 
 
Everyone loves an adventure and you know what makes that adventure better…when it’s free!
Check these out!
 
 
 
Colorado Springs Pioneers Museum
Housed in what was once the early 20th-century El Paso County Courthouse, this museum is filled with old photographs and artifacts that recount the city's story. Visitors can trace Colorado Springs' evolution from a mining town to a popular tourist destination. It may be small, but this museum wins visitors over with its informative displays.
 
Paint Mines Park   
This is one of the most unique geological parks in the country. It is a 3.4 mile lightly trafficked loop trail located near Calhan, Colorado that features beautiful wild flowers and is good for all skill levels. It is a diamond in the rough. You arrive in the middle of nowhere off a gravel road, to beautifully colored rock formations. The variety of colors is mesmerizing. Featuring cotton candy walls and rainbow sorbet layers it is an easy hike that winds through the park with a picture at every turn.
 
Garden of the Gods
It's easy to see how this natural landmark earned such an ethereal title as one of the best city parks in the World. These magnificent red rock formations look as though deities themselves could've carved them. However, the sandstone pillars are, in fact, the work of geological activity along a natural fault line, as well as rainfall over millennia.
 
Manitou Springs Incline
Completed in 1907 the Manitou Incline was a 1 mile cable tram built to support the construction of a hydroelectric plant and it's waterline. After performing this service the railway was then turned into a tourist attraction. The incline boasted a 16 minute ride to "scenic splendors", 10 miles of hiking trails in Mount Manitou Park, and claimed to be the "longest and highest incline on the globe."
 
In 1990 the Manitou Incline closed after a rockslide damaged the tracks. Ever since then the route has seen a steady stream of runners, joggers, hikers, walkers, and even some crawlers. The route is short and steep, gaining nearly 2000 feet of elevation in 3/4 of a mile it is a Colorado workout.
                                                                      
 
Questions? Call Me!
 

Beware of Loan Sharks!

by Cindy Grey
 
Come Celebrate with us!
 
Choosing the right lender can be frightening!
Can you trust those companies that advertise really low interest rates on the internet? 
 
 
 
If you know what to look for it is possible to find a bank, credit union or online company you can trust. 
 
 
I recently helped a couple by comparing worksheets from four different lenders to find the LENDER that was the best fit for themBEFORE applying for their loan."
 
 
Here are 4 attributes of a lender you can trust:
 
  1. CLARITY. A good lender explains things in plain English clearly spelling out how to qualify, what the loan terms are, and how the application process works.
  2. TRANSPARENCY.  All lenders have to disclose the annual percentage rate – the sum of interest and all fees – on a loan, but good lenders go a step further to break down upfront charges, late fees and the total cost of the loan in dollars.
  3. AFFORDABILITY. All reputable lenders pull your credit information, check your current debt and ask for your income to see whether you can afford to repay the loan. A good lender gives you a loan amount that closely matches your financial need.
  4. TRUSTWORTHINESS. The best way to identify a reputable lender and company is to learn about others’ experiences through online searches and by asking friends and family. Good lenders should have positive reviews from independent consumer advocacy websites or product comparison websites, along with strong user testimonials on social media websites.               
                                                                                                                                                        
KNOWLEDGE IS CONFIDENCE
 
 
I want to be your guide! If you or someone you know has been worried about the steps you must take to purchase a new home and get a loan have them contact me. 
 
 
 
 
 
“To stay on course, we need a compass whether a person, guidepost, or sign."                                           Judy Ingels
  
 
                                                                                                                                           
 
719-229-7999 or judy@judyingels.com

Pre-Qualified versus Pre-Approved

by Cindy Grey

When a client tells you they are Pre Approved for their mortgage are they really?

 

Know the Difference between a Pre-Approval and a Pre-Qualification~~

Knowledge is Confidence!

What if you've invested time and money showing houses TO YOUR CLIENT and the SELLER is packing and has plans for the proceeds of his sale and the deal goes dead because you thought your client was pre-approved and that is NOT the case?                       

Pre-Qualification entails a basic overview of a borrower's ability to get a loan. The borrower provides a mortgage lender with information~~about their income, assets, debts, and credit~~~but they do not need to produce any paperwork to back it up. In return they get a rough estimate of what size loan they can afford.....this is by no means a guarantee that they will get approved for that loan when they go to buy a home.

Pre-Approval is an in-depth process that involves a lender running a credit check and verifying income and assets. An underwriter then does a preliminary review of the borrower's financial portfolio and if all goes well issues a pre-approval which is a written commitment for financing up to a certain loan amount.

I've gathered a lot of experience over the past 25 years and would love to share it with someone ready to buy their first home....or who needs a refresher course  because it has been years since they have gone through the loan process. I can help your clients gather together the paperwork needed to get a pre-approval giving you more confidence in writing an offer!   

I will help your client NAVIGATE THE LOAN PROCESS.....

WITH CONFIDENCE!

JUDYINGELS   
Lending Consultant  
                                                         (719)-229-7999                                                           
 

Comparing loans with different interest rates

by Cindy Grey
When a lender tells your buyer there are NO CLOSING costs for the loan they are getting can this be true?
 
Let's find out why interest rates are different.....the closing costs associated with a loan.....and who pays for what.

Knowledge is Confidence!
 
You have told your client to compare the interest rates and fees of different lenders and they run across one who mentions they can offer them a loan with NO CLOSING costs and they are amazed....and think “WOW” that will save us a bunch of money!!. They ask themselves "Why are some lenders so different?" This leaves them confused and not sure who to trust. Are these company's employees working for FREE?
 
OR
 
Your homebuyer tries to find the best deal themselves by looking online and calling random lenders to try to save money as they shop for their home. The problem is that they do not understand what they need to know to make a fair comparison. While they thought they had found a deal TOO GOOD TO BE TRUE they might actually end up spending more money and paying more interest over the life of their loan.
 
 
Comparing one mortgage to another isn’t as easy as just comparing interest rates. To make a fair comparison one needs to compare three major components of a loan's price~~~interest rate, discount points, and closing costs.
 
 
I've gathered a lot of experience over the past 25 years and would love to share it with someone ready to buy their first home....or who needs a refresher course  because it has been years since they have gone through the loan process. 
 
I can help your clients understand and compare lenders' rates and fees leaving them more confident in choosing the right lender.   
 
 
I will help your client NAVIGATE THE HOME LOAN PROCESS.....
WITH CONFIDENCE!
 
719-229-7999 or judy@judyingels.com

Navigating the Home Loan Process

by Cindy Grey

Things aren’t what they used to be when it comes to getting a home loan. When I bought my first house I went to a banker who knew me, shook his hand, and Poof, I had the money to buy the home of my dreams!

Things have changed in recent years due to so much fraud and default of home loans back in the 2008 era of lending when people did not have to show income documentation and had poor credit but could still obtain a home loan. More documentation is now necessary to prove you are ready to take on this responsibility.

You are probably thinking that the loan application is merely a static action-or a “snap shot” of your financial picture at this given moment in time. I am here to let you know that it is just not that simple. Whether or not you shop for your home loan on the internet or work with a local lender, the process can be detailed.

A credit decision is based on a review of EVERYTHING you have done over the past years as well as EVERYTHING you do right up until the day of closing.

I am a professional with 25 years of experience in lending, to GUIDE you as you NAVIGATE The Home Loan Process….so feel free to call me - I have the tools and can help you! This is a time when the internet doesn’t have all the answers!

 

JUDYINGELS

Lending Consultant                                                                                                                                     719-229-7999                                                                                                                                     judy@judyingels.com

Superbowl and Real Estate

by Cindy Grey

Just like the Superbowl, you want to be on the winning team when you buy or sell a home!  A winning real estate team has a great managing broker, talented realtors, lots of options, well rehearsed plays, and lots of training and experience.  Trust your greatest asset to a winner!  Call Broadmoor Bluffs Realty today at 719-579-9211.  

Have your Peeps call our Peeps!

by Cindy Grey

Have your Peeps call our Peeps!  Spring has sprung, and the tulips are peeking through the soil.  This reminds me of two things - buying and selling homes, and doing taxes!  We are here to help with the real estate thing!  The real estate market is heating up, along with the weather.  Our experienced team is ready to show you homes, or place your current home on the market for sale. 

 

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Cindy Grey
Broadmoor Bluffs Realty
4729 Opus Drive
Colorado Springs CO 80906
Mobile: (719)210-8029
Office: (719)579-9211