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What Does Refinance Mortgage Mean?

Refinance Mortgage

Refinancing is the process of acquiring a new mortgage for the purposes of replacing your old one. Most of the time, people conduct refinance their mortgage for the purposes of getting better deals and rates on their properties. The main aim of refinancing is to pay off the first loan then creating a second as opposed to acquiring a new mortgage and disposing of the original. If you have a good credit history, refinancing can be a way of converting variable loan rates into fixed ones.

Refinance Mortgage

Are there any benefits to mortgage refinancing?

Yes, many benefits come with refinancing. Some of the major ones include:

#1 Reducing of the interest rates:

Many people continue to make money as each day passes. If one acquired a mortgage on credit, as the person continues to earn, so does his/her credit score increases. For a person who has been working for some time, there might arise the urge to get lower rates on their mortgage fees and that is where mortgage refinancing comes in. with the high credit scores, a person will be able to pay less money monthly. At the end of the year, the person would have saved more money than anticipated.

#2 Can be a way of obtaining money for large purchases:

If you are looking to get improved deals such as reducing the credit card debts or buying a car, refinancing might be the perfect option for you. Most dealers achieve this by taking equity from your home. First, they appraise your home. From that appraisal, the lender will then figure out the much they are willing to give you in terms of a loan. The final stage entails offsetting of your original mortgage loan so that you can start afresh with another.

Are there any risks involved in refinance mortgage?

Every great deal has its downsides. We already know how great a deal mortgage refinance is and thereby it goes without saying there are risks involved. For instance, you may have to suffer several penalties because of using your home equity credit to pay for your current mortgage. In most cases, most mortgage agreements say that the lender can charge you for mortgage refinance. Sometimes these fees can be very exorbitant leading to unforeseen losses. To avoid this, make sure these costs are covered before finalizing the deal. This will enable you to avoid surprise costs that the lender may be looking to charge you with.

In addition to that, be aware of the additional charges that mostly remain hidden until later stages of your refinancing deal. Some of these additional charges may include the attorney charges and the bank fees.

Conclusion:

Mortgage refinance is the process of getting a new mortgage for the purposes of replacing the old one. Mostly, the lender looks at your credit card score as a determining factor. If impressed, the lender will appraise your current home to see how much he/she can lend you. However, there are risks in this process that you must know. Some of them include the additional charges that you may have to incur during the process.

Real Estate and Crypto Currency

Real Estate and Crypto Currency

In the recent times, there has been a battle especially for new investors in determining whether to go for real estate or Cryptocurrency. In case you are wondering what we are talking about, we will begin by defining both terms for you so that we are on the same page.

Real Estate and Crypto Currency

Real estate:

Many people are familiar with this. Real estate refers to the business of selling properties mostly consisting of land and the buildings in it. In some cases, the business may also entail the minerals, water and other economic recourses available on the piece of land. Many people get into the business because of the lucrative deals that come with it.

What are the advantages in engaging in the real estate business?

As aforementioned, real estate is a business opportunity that most people all over the world would like to grab. Here are some of the reasons as to why this is so:

For the money:

Many people view real estate as a business where one can make money from pure passion and hard work. Depending on the rank of the real estate agent, one can make up to $200,000 annually. This good amount can change a person’s life for the better.

Tax benefits:

In most parts of the world, the government rewards rental property owners well. Apart from the government taxing the money received rentals as a self-employment job (which is much subsidized), it gives much significant tax offers to rental owners. You, therefore, get value for your money in a legal way.

You have the control of your business:

Real estate business is one that is more or less self-employed. This way, you can make the decisions that affect your business positively and be able to earn a living.

Other benefits of real estate include you have a hedge against inflation, have a considerable loan pay down and there is much appreciation in the business.

Crypto Currency:

In the recent past, we cannot overlook the fact that Cryptocurrency has been gaining ground in the market quickly. Probably you have already heard of Bitcoin and Ether. These are the examples of Cryptocurrency.

What are the advantages of Cryptocurrency?

Here is why Cryptocurrency is gaining ground rapidly:

  • Offers immediate settlement- with Cryptocurrency, the process of settlement is very fast. This is because there are no third parties like lawyers involved.
  • Has lower fees- there are no transaction fees when it comes to Cryptocurrency and when there, they are significantly lower
  • Has tight security- it is almost impossible to lose your money in this business

Verdict:

Both real estate and Cryptocurrency have their advantages and disadvantages. However, I think Cryptocurrency comes out on top. Being that it is a new idea in the market and people are working hard to embrace it, it is bound to be a success in the near future.

 

How to Easily Save Money While Traveling – The Cheapest Way to Go on Vacation

Want to find the cheapest way to go on vacation? Fortunately, this isn’t as hard as it might seem. With the internet at your disposal, and as long as you know where to look and what to search for, it’ll be a piece of cake to find the lowest prices, best discounts and most appropriate accommodation options to suit your budget.

Book Your Flight Farther in Advance

vacation travel

A trick that a lot of people forget about is the act of booking a flight in advance. Depending on where you go, you’ll find that there’s a different time you can book your flight to get the cheapest discounts.

In the USA, Mexico or Canada, you can usually book 2-3 months in advance and get remarkable price reductions. In other parts of the world, you might have to book your flight a lot sooner. Experts consider that, because South Asia and the Caribbean are common vacation destinations, you can only  expect a better price if you book your flight 200 or even 300 days in advance.

Get a Room Where You Can Cook

The cheapest way to go on vacation is to avoid buying food, drinks and coffee at the local hotel or restaurants. If you’ve ever been in an airport, you probably already know that even a simple coffee will cost you twice or three times as much as it would in a small coffee shop somewhere on the outskirts of the city. This is the same for downtown restaurants and fast food places in most areas.

To avoid this issue, simply look for a cheap inn, motel, or San Antonio furnished apartments that give you access to a fridge, stove and oven, or even just a simple microwave. You can then prepare and store your own food. If you haven’t brought any with you, get to the local market or supermarket, and find cheaper items or discounted food to save even more cash.

Search for Free Activities and Events

Going on vacation isn’t that fun if all you can do is get a quick tour of the city and stay in your hotel room most of the time. However, if you know where to look, you’ll discover a lot more that any city or area can offer, and you can do it for free.

To do so, start looking for community calendars online, and check for events and activities that allow you to attend for free – or at least at a very low price. You’ll find many of these are not advertised on some of the larger travel sites, since the tourist industry (like any industry) is looking to make more money.

You can also do a self-guided tour to discover locations on your own. Check parks and museums for events and gallery expositions that might allow you to attend for free. Also, don’t forget to look for discounted admissions at local theaters or during certain concerts or festivals.

You’ll find a wealth of insight about all these details by simply looking online. The cheapest way to go on vacation is, after all, preparing yourself for everything and gaining access to the right information.

Tips for Finding and Getting a Property Management Job in Denver

Applying For A Property Management Job

The construction industry has been growing steadily for years in the Centennial State, which makes getting a property management job in Denver easy and difficult at the same time – easy because there are many job openings available in the segment and difficult because candidates need to apply a strategic approach in their job search to be able to find the most suitable position. Whether it is a supervisor position or skilled work in apartment maintenance, job openings are plentiful in the Mile-High City, so here are a few tips about how to start searching for a job and what you need for landing a rewarding job.

Types of Positions in Property Management

Property management jobs Denver has available, is the operation to ensure that the property is well-maintained, orderly and clean, that the systems and sub-systems of the property are functional and that the financial aspects, such as rent collection are properly taken care of as well. Property management being such a multi-faceted segment, the jobs available in the segment can include skilled work, such as jobs for electricians, plumbers or painters as well as supervisor positions.

Where to Look for a Property Management Job in Denver

There are various sources that you can turn to if you want to find out about job openings in property management – here are a few of the best media:

  • Online job boards – these websites provide up to date information about employment opportunities. To have access to the job postings, you will have to set up a profile on the job board;
  • Local newspapers and magazines – many property management companies advertise their openings in printed media as well;
  • Direct contact – if you find a company that you would really like to work for, you can contact them directly. Many companies appreciate proactive behavior and if you can also provide an attractive and relevant resume and an attention-grabbing cover letter, you can soon get an interview, even if the company has not been advertising any job openings.

How to Prepare for the Job Search

The first step before you start looking for a job in property management is to prepare a resume and a cover letter to capture the attention of your potential employers. According to the statistics, the average employer does not spend more than a few seconds looking at a resume and a cover letter, so it is very important to make yours as informative, attractive, relevant and concise as possible. If you have experience in the area of property management that the job is for, prepare a chronological resume that lists your most recent employment first, but if it is a new career path for you, use a functional format to highlight your skills, rather than your previous job titles. Prepare a cover letter to accompany your resume and to showcase the strong points in your resume – employers usually read the cover letter first and have a look at the resume only if they are intrigued by the letter.

If you have made up your mind about getting a property management job in Denver, this is the best time to start browsing positions – get up to the process and you will soon find the right position.

Trends in Colorado Mortgage Rates – Available Programs, Incentives and More

If you have a look at the governing trends in Colorado mortgage rates, you will see that the mortgage rates in the Centennial State are currently on the rise, in harmony with the trends that characterize mortgage rates in most other states in the US. Even so, Colorado mortgage rates are still a bit lower than the rates offered by lenders in other parts of the country – 15-30 fixed mortgage rates are 0.01% lower than the national average. It may seem like a small percentage at first, but if you calculate how much that would mean in your specific case, you will see that it is a lot of money, so investing into real estate is an excellent idea today – here are a few more details about the programs you can use.

mortgage calculator, house, money, form

Mortgage Programs and Options

The affordability of housing is a top priority for the state in Colorado, so there are many great, advantageous loan programs that allow buyers to purchase a home with very little down payment, in some cases as low as $1,000.

There are various sources that provide assistance for various categories of borrowers:

  • The Colorado Housing and Financing Authority (CHFA) provides down payment assistance for first-time buyers in the state and they also offer mortgage loans with very favorable conditions, such as very low mortgage insurance fees, financial education for potential buyers, affordable, 30-year fixed rates and refinancing options. Their programs are provided via approved loan lenders and are available for applicants who have limited income, low credit scores and insufficient funds to make a down payment.
  • VA loans – Colorado currently gives home to six military bases and to almost 50,000 active duty and reserve members of the military and the state wants to help these members to find the home they want and deserve. The conditions that Veterans Affairs mortgages, also called VA loans, come with are becoming increasingly favorable these days: VA rates today are lower than the rates offered to civilian borrowers, no down payment and no insurance is required and the loans are available not only active members and veterans, but to surviving spouses as well.
  • FHA loans – these government-insured loans are geared especially towards first-time buyers, but they are available to other categories of borrowers who fulfill the employment, credit score and income-related requirements and they come with very favorable conditions, such as down payment ranging between 3.5-10%, low rates and the option to use the loan for refinancing purposes.
  • USDA loans – these loans are offered by the US Department of Agriculture to homebuyers willing to move to rural areas in the state of Colorado. The Centennial State being one of the most beautiful states in the nation, borrowers who are intrigued by country life can benefit from USDA loans that come with zero down payment requirement and favorable repayment conditions.

With all these great facilities offered by lenders approved by government and state agencies, you can now make the most of the favorable trends in Colorado mortgage rates – take your time to check the programs that you qualify for or contact an experienced and reliable mortgage broker and you can move into your own house as soon you obtain the loan approval.