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Addendum – A document incorporated in a homebuyer’s Purchase and Sale Agreement that includes additional information or requests. Language used in an addendum can override terms in the original purchase and sale agreement.

Adjustable Rate Mortgage (ARM) – A mortgage loan subject to changes in interest rate; when rate change, ARM monthly payments increase or decrease at intervals determined by the lender.

Amortize – To repay a loan in full by making payments towards both principal and interest.

Annual Percentage Rate (APR) – Cost of credit as a yearly figure. It is figured on the total of all financing charges paid by the buyer over the life of the loan including, but not limited to, interest charges and settlement costs.

Assumable Mortgages – A mortgage that can be transferred from a seller to a buyer. The buyer typically must qualify for the assumption.

CC&R’s – Covenants, Conditions, & Restrictions. These are used to describe restrictive limitations placed on a property

Cash Reserves – A cash amount that may be required to be held in reserve, as determined
by the lender.

Conventional Loan – A private sector loan, one that is not guaranteed or insured by the U.S. government.

Deed – The document that transfers ownership of a property.

Earnest Money – This is money that you offer with the contract to purchase to show that you are serious about purchasing the home.

Fair Market Value – the price at which comparable homes in the neighborhood are selling.

FHA Loan – A government “backed” loan that allows a low down payment, and the borrower to pay monthly mortgage insurance.

Fixed Rate Mortgage – a mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate and other terms are fixed and do not change.

For Sale By Owner (FSBO) – A homeowner selling their property without the services of a licensed Real Estate agent.

Foreclosure – A process that transfers ownership from the homeowner to the bank or lender, due to the original homeowner defaulting on their mortgage payments. This is usually a very costly process, and can have negative effects on your credit.

Good Faith Estimate – An estimate of all closing fees, including pre-paid / escrow items as well as lender charges provided after the loan application.

Home Owners Insurance – (Also known as Hazard Insurance) An insurance policy that insures damage to a dwelling and its contents, along with liability protection as a result of someone’s injury on the property.

Interest – The amount paid to the lender to borrow money. Expressed as a percentage.

Lien – Any legal claim of ownership listed on the title of the home. Mortgage lenders hold the most significant lien on a home; but utility companies, contractors, and anybody else the borrower owes money to can file a lien on a home.

Mortgage Insurance – a policy that protect lenders against losses that occur when a borrower defaults on a loan. The borrower pays this monthly when the down payment is less than 20%. Referred to as PMI.

Multiple Listing Service (MLS)
– A local/regional service that compiles available real estate for sale, including property information and photographs.

Origination Fee – A lender fee: Typically 1% of the loan amount.

PITI (Principal, Interest, Taxes, and Insurance) – The four elements of a monthly payment: principal and interest pay down the loan, property taxes, homeowners insurance, and mortgage insurance.

Principal – The amount borrowed from a lender.

Pre-Qualify – A lender determines the maximum loan amount for which a borrower is eligible. Verification of employment, income, and assets has not been completed.

Real Estate Transaction Coordination Fee – A real estate fee for the process of facilitating the closing process.

Refinance – Pay off one loan with another loan, usually in order to receive a better interest rate

Short Sale – A home that is listed for a sales price less than what’s owed on the mortgage. Differs from foreclosures, in that short sale homes are still owned by the homeowner, not the bank (See: Foreclosure)

Title Insurance – Protects the lender against claims of ownership of the property. Both seller and buyer are required to purchase a policy.

Underwriting – The process of verifying a borrower’s documentation, credit history, loan application, property appraisal, and determining the risk involved in granting a loan.

VA Loan – A government sponsored mortgage program. Also called a GI loan.

Market Info

  • FACT: Colorado is one of the GREATEST places to live in America!

    Did You Know? Seven of Colorado’s cities appear on Livability’s Top 100 Places to Live. Want more info on a specific area you are interested in? We have you covered! Explore the links below to learn more about the Real Estate market throughout Colorado., Broomfield, Brighton, Westminster, Federal Heights, Northglenn, Thornton, Commerce City, Aurora, Lakewood, Littleton, Wheat Ridge, Lone Tree, Highlands Ranch, Denver, Englewood, Green Mountain, Green Valley Ranch, Parker, Centennial, Golden.So what’s holding you back? Let’s start your home search today!

Pre Approval

The first step in the home buying process is to receive a Mortgage Pre Qualification. DO NOT go house shopping without one! There’s nothing worse than putting an offer on your dream home, only to find out that you don’t even qualify to buy the home. Avoid this unnecessary heartbreak by understanding what you will be able to buy, before even looking!
 In today’s competitive market, it is imperative that you work with a reputable and reliable lender. Over the years, I have worked with many lenders, and can offer a personal recommendation for you.

Click the link below for more information on one of my preferred lenders.