Denver Area Real Estate and Community News

Feb. 9, 2021

6 Foundational Benefits of Homeownership Today

6 Foundational Benefits of Homeownership Today

6 Foundational Benefits of Homeownership Today | MyKCM

Over the past year, our homes have become an integral part of our lives more than ever. They’re much more than the houses we live in. They’re our workplaces, virtual schools, and safe havens that provide shelter, stability, and protection through the evolving health crisis. Today, 65.8% of Americans are fortunate enough to call their homes their own.

As we continue to think about the future, our goals for the year, and what we want to achieve well beyond 2021, it’s a great time to look at the benefits of owning a home. Below are some highlights and quotes on the benefits of homeownership shared by the National Association of Realtors (NAR). From feel-good motivations to economic and social impacts on the local community, these items may give you reason to believe homeownership stretches well beyond your financial investment.

Non-Financial Benefits

Owning a home brings a sense of happiness, satisfaction, and pride.

  • Pride of Ownership: It feels good to have a place that’s truly your own, especially since you can customize it to your liking. “The personal satisfaction and sense of accomplishment achieved through homeownership can enhance psychological health, happiness and well-being for homeowners and those around them.”
  • Civic Participation: Homeownership creates stability, a sense of community, and increases civic engagement. It’s a way to add to the strength of your local area and drive value into your neighborhood.

Financial Benefits

Buying a home is also an investment in your financial future.

  • Net Worth: Homeownership builds your net worth. Today, the median household net worth of all homeowners is $254,900, while the median net worth of renters is only $6,270.
  • Financial Security: Equity, appreciation, and more predictable monthly housing expenses are huge financial benefits of owning a home. Homeownership is truly the best way to improve your long-term financial position.

Economic Benefits

Homeownership is even a local economic driver.

  • Housing-Related Spending: An economic force throughout our nation, housing-related expenses accounted for more than one-sixth of the country’s economic activity over the past three decades.
  • Entrepreneurship: Homeownership is also a form of forced savings that can provide entrepreneurial opportunities. “Owning a home enables new entrepreneurs to obtain access to credit to start or expand a business and generate new jobs by using their home as collateral for small business loans.”

Bottom Line

The benefits of homeownership go well beyond the basics. Homeownership is truly a way to build financial freedom, find greater satisfaction and happiness, and make a substantial impact in your community. If owning a home is part of your dream this year, let’s connect so you can begin the homebuying process today.

Jan. 26, 2021

5 Questions To Ask Your Mortgage Lender

5 Questions To Ask Your Mortgage Lender

Lets start with what a mortgage Lender does ->  A mortgage lender is a financial institution or mortgage bank that offers and underwrites home loans.  They are responsible for setting the terms, interest rates and creating a payment schedule for a mortgage borrower. 

  • What type of Loan do you recommend for me and why?

    • There are many different types of loans to choose from that your lender can explain to you.  Depending on what you choose, it is important to know why it is the best for you and how the loan terms work.
  • Will a down payment vary based on the loan I choose?

    • Loans can vary on down payment requirements.  It's important you inform your lender on your financial status and your cash flow so you cand find a loan that you feel comfortable with.
  • What is the interest rate and annual percentage rate (APR)?

    • The interest rate and APR are just as important as one another.  The APR is a combination of the interest rate and the fees a lender charges to originate the loan.
  • Can I lock in an interest rate? If so, for how long?

    • Right now Interest rates are at an all time low, based on this it would be wise if you are already a homeowner to think about refinancing your mortgage. If that wasn't the case today and there was a chance rates could go up, you can ask your lender to lock in your rate for a specific period of time.
  • What will my closing cost be?

    • Closing costs usually run about 3%-6% of the loan value so be sure to know how they will be covered.

It is important you understand this process.  Be sure to ask your lender questions for clarification on things you might not understand so you can be fully prepared to make informed decisions.  

Posted in Alexandra Bowles
Jan. 13, 2021

Mortgage Process DOs & DON'Ts

Our team wants your transaction to be a SUCCESS!  We have a few pointers to keep you on track no matter who your lender may be.  

1. Don’t Deposit Cash into Your Bank Accounts Before Speaking with Your Bank or Lender. Lenders need to source your money, and cash is not easily traceable.

2. Don’t Make Any Large Purchases Like a New Car or Furniture for Your New Home. New debt comes with new monthly obligations. New obligations create new qualifications.

3. Don’t Co-Sign Other Loans for Anyone. When you co-sign, you’re obligated. With that obligation comes higher ratios as well.

4. Don’t Change Bank Accounts. Remember, lenders need to source and track your assets. 

5. Don’t Apply for New Credit. It doesn’t matter whether it’s a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO® score will be impacted.

6. Don’t Close Any Credit Accounts. Many buyers believe having less available credit makes them less risky & more likely to be approved. Wrong. A major component of your score is your length & depth of credit history & your total usage of credit as a percentage of available credit.

If you have any questions about this process, reach out to us and we can connect you with any of our lender partners.  A smooth transaction is the goal! Let's do this! 

Mortgage dos and don'ts

Posted in Market Updates
July 31, 2017

Curious About Local Real Estate?

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates