Broomfield Home Buying and Interest Rates

Here is the question that, as an agent in Broomfield, I am definitely asked the most about. What are the current interest rates? I always tell this person the rate is at about...but it depends on a couple of things. Interest rates for home loans are subject to at least several components that factor the estimated amount of interest for the loan pricing agreement. The interest rate is not locked until a loan application is completed, a loan application fee is collected and the person obtaining the loan has signed a loan financing and pricing agreement. The kinds of things that affect your interest rate might include the loan program that you choose, your credit score, your loan to value ratio for the purchase, and other factors that may pertain to securing the loan. Broomfield CO Real Estate Information

Interest rates are constantly affected daily based on the market conditions that allow available money for the lending institutions. This fluctuation is based upon changes that are reported hourly, so the rate changes by the hour throughout the day. Knowing that rates change is a great advantage to anyone looking to obtain a mortgage loan for the purchase of real estate in Broomfield or the surrounding areas.  Consulting with a mortgage professional is the best way. Simply ask what the rate is for that day, and ask the lender to lock the rate when it appears to reach the lowest point for the day.

Find real estate in Broomfield Colorado and call a top experienced Realtor with Keller Williams on the Homewerks real estate team. Consider looking at our free information and making our real estate tools a resource to find homes for sale in Broomfield. Feel free to search Broomfield Colorado real estate and recently sold properties and foreclosures, new homes, school information,and more. On the lookout for a Broomfield Realtor? Give us a call and we will be glad to help!


Shaun Werkele 303-250-4735
JanelleWerkele 303-668-3111

Shaun Werkele 303-250-4735

Janelle Werkele 303-668-3111

Getting a Mortgage in Broomfield for a Real Estate Purchase

What is it that people do not understand in today’s market about financing a loan to buy a house in our local Denver Broomfield Thornton Westminster real estate market? A lot! It is amazing when you ask people about financing and they do not understand or truly know the requirements for qualifying for a loan or what the terms of the mortgage loan financing is about. This is understandable, most people do not have contact with or follow the loan financing rules that are established and enforced within the industry. So quickly, let’s cover some of the common misconceptions about getting a mortgage in Broomfield or other metropolitan Denver areas.

Banks and loan institutions require 20% down for a mortgage loan. NO!!! If you are going to live in the home after you buy it, which is called owner occupancy, for a conventional loan, 5% down is all that  is needed for a conventional loan. For an FHA loan you only need 3.5% down payment.

I need to have the same job for 2 years! NO!!! You need to have a job today, and you need to prove that you have been in the same line of work for a while, but you do not need to show that you have had the same job for the last 2 years. 

Perfect credit is required to qualify for a loan. NO!!! You need a 640 FICO score to qualify for financing with most lenders, and depending on the lender and program, they might be able to go as low as 620. There is a lot of confusion when it comes to credit scores and FICO scores. You should be checking your FICO score, because it is the industry standard and it is being used for just about every evaluating system that is out there. You do not need to worry about other scoring systems.

I need to have thousands of dollars in the bank saved before I can buy a home. NO!!! You need to have the down payment for the purchase (unless you are getting it as a gift from a relative, and you might need some money for closing costs (unless the seller agrees to pay some or all of your costs for you). If you won multiple properties, then you will need to have money in the bank. In addition, there are local state programs that allow for down payment assistance for those who qualify. 

HUD recently re-instated the $100 down on Denver area homes REO properties that they list and these homes can be a great value for anyone looking to buy foreclosed real estate in Broomfield or any of the surrounding areas. You can view properties that are in foreclosure or distressed short sales homes listed when you view foreclosures in Broomfield Colorado. 

If you are thinking about buying a home in Broomfield Colorado or you want to sell real estate in Broomfield , feel free to call Shaun Werkele at 303-250-4735 or Janelle Werkele at 303-668-3111 and we will be glad to assist you in any way that we can. Homewerks is one of the top prominent real estate teams in Broomfield Colorado and the surrounding areas of Westminster, Thornton, Brighton, Arvada, and Lakewood, and of course, Denver.

Have a great day!

Shaun Werkele

Homewerks

303-250-4735

Westminster Arvada Condo For Sale

Hidden Lake Steps Away & Mountain Views!

For those who are looking to buy a condominium in the Arvada Westminster area, we have a great real estate condo listing for sale at the Yacht Club, at 6840 Xavier Circle which is located at 69th Avenue and Sheridan Boulevard. These condominium complex units are lined along the south side of Hidden Lake. The Yacht Club is a super nice condominium community that has the feel of a vacation resort. The complex is a quiet and private neighborhood with a community pool that is centrally located in the center of the complex with a clubhouse. Enjoy the paths and picnic areas along the shoreline that connect the buildings that are nestled by the lake. The unit for sale is unit number 5, which is on the back point ( 3rd level) of the 6840 Xavier Circle building.

This Westminster Arvada condo offers 2 bedrooms and 2 bathrooms with a 1 car attached garage and a storage loft above the parking space. The shopping and restaurants close by include a McDonald’s, Taco Bell, Walmart, King Soopers, Wendy’s, many other close shops, and for commuters the RTD Park-n-ride is nearby. This unit includes air conditioning, a fireplace with space above for television, kitchen with appliances, a washer and dryer within the unit for convenience, and walk-in closets along with a skylight overlooking the master bedroom. Hardwood floors, carpet and tile add a great amount of comfort and warmth throughout.

Vaulted ceilings and lakeside views combined with a vacation resort feel make this condo for sale a vacation getaway that you can live in all the time! If you would like a private showing, or you have any questions that are related to real estate in Broomfield, or Westminster, Thornton or any other area then give us a call. We will be ready to provide you with professional real estate service in Broomfield  in any way that we can.

Shaun Werkele
Homewerks with Keller Williams Realty
303-250-4735

Info on Buying a Condo for Sale in Broomfield CO

Living in a home in Broomfield Colorado is a great choice with the gorgeous mountains to enjoy and great shopping amenities. All of the walking trails and golf course communities available for use make for a lot of different options about where to live. There are quite a few neighborhoods in Broomfield that offer great 5 star schools and lots of Broomfield community churches for families to be involved in. But have you given any thought to buying a condominium in Broomfield Colorado? Some people prefer condos over houses, and here is why.

The easiest way to think of condominium ownership is to envision it as an apartment unit you own. With condominium ownership, the owner has control, unlike an apartment setting. You have the control to paint the walls the colors you like, install carpet the color you want, want hardwood in the bedroom? Do it! These can be your choices if you own a condo. Your ownership of a condominium extends inward from your interior walls, floors and ceilings. You are a partner with all of the other owners in the complex, of the exterior of the building structure. You share the community amenities such as the swimming pool, clubhouse, tennis courts and you might just build a new stable of friends because of this.

Other benefits include equity in the property, which can build with each payment that is made over months, unlike rent, in which you own nothing, even after years of making rent payments. Traditionally, buying real estate in Broomfield CO communities appreciate over time. Another potential benefit, depending on the individual situation, is the tax advantage that may be realized by home ownership. Of course, be sure to check with an accountant or financial advisor for more information.In some areas, a condominium may be the only consideration that fits within your budget. The reason for this is simple. In general, the same square footage will cost less purchasing a condominium than it will in a single family home or townhouse, largely because of the land cost. A contractor can develop a lot more condo units than they can single family homes on the same plot of land.

Compare condo prices to residential homes in Broomfield Colorado. The average selling price for a single family home in Broomfield for September 2011 was $332,385 as opposed to $210,883 for condo sales. You can see all the information on Broomfield CO Sold Homes Information on the Homewerks Keller Williams website. If you are looking to buy a condo in Broomfield Colorado, then you will get a place to live for substantially less, and with no commitment to mow the lawn or paint the exterior of the building!

One of the requirements of condominium ownership is the payment of a monthly condo fee to a home owner’s association. They will be responsible for general repairs and maintenance for the common areas of the complex as well as build up a cash reserve for future needs for the entire condominium subdivision. In general, all exterior maintenance and repairs are the responsibility of the condominium association, although you will be charged for them through your monthly condo fee through your association dues or a special assessment (a one time charge assessed to all owners for example, replacing the community fence surrounding the complex). The normal day-to-day maintenance of the grounds (some examples are mowing the lawn, snow removal and maintaining the pool) is also the responsibility of the association. Interior maintenance of your condo unit would be your individual responsibility and interior repairs and appliances are up to you to maintain and replace.

Feel free to contact Janelle Werkele 303-668-3111 or Shaun Werkele 303-250-4735 for more information on buying a Broomfield condominium and we will be glad to give our experience and knowledge in real estate homeownership and help you choose and purchase a home for sale in Broomfield or Westminster, Thornton, Brighton or any other metropolitan Denver area that you are interested in.