Ready for a random – but revealing – fact? In the past 24 hours, Goggle has identified more than 18,000 different news articles that contain the term “Home Mortgage”. That means 18,000 different stories, views, comments or theories revolving around a term that just a couple years ago was rarely discussed unless you were actually buying a house. So if you feel like all you hear about lately is the mortgage mess or real estate woes, it is probably because it is all you are hearing about! But how much do you really know about your particular mortgage? Over the next few weeks we’ll dig into more info on this extensive topic, with the hope of providing you with some sanity checks and reference points. If nothing else, you’ll be better prepared when the topic comes up yet again in a conversation over the weekend!
To start off, let’s look at how home ownership is paid for in Colorado. According to estimates and research provided by the National Association of Realtors:
- 58% of Colorado homes are financed using a Prime loan
- 12% of Colorado homes are financed using an FHA or VA loan
- 7% of Colorado homes are financed using a Subprime loan
- 23% of Colorado homes are owned free and clear!
Where do you fit in? Based on the numbers, you most likely have a Prime loan, which means you provided appropriate documentation confirming your income, an existing job and a reasonable credit score. It also probably means that your loan was larger than whatever limits the FHA had in place at that time, which makes sense, given the average price for homes in most of Colorado has typically been higher than FHA limits. But how does this tie into the mortgage mess we are constantly hearing about? We’ll talk about that part next week.
Find of the week: Whenever you are in the central part of Denver, specifically around Broadway and I-25, be sure to stop into Divino Wine & Spirits (1240 S. Broadway, just south of Arizona, on the east side of Broadway). These guys know their wine, and have thousands of bottles waiting to be tried. But the best part is their “10 under 10” wall, where each month they have 10 different bottles, each priced under 10 bucks. This month the theme is Zinfandels. What better way to try some new, tasty wines?
Property update: As a sign that there is always a market for properly priced, well located homes, we are proud to say that we listed a home at 837 S. Gaylord in Wash Park last Friday, and had it under contract three days later! Check it out at 837 South Gaylord.
