Now might be the best time to lock in a low mortgage rate

Low interest rates have been gracing the Vail real estate market with their presence for the past year but the word on the street is that they won’t be here much longer.  While mortgage rates aren’t going to skyrocket out of sight, it is doubtful that they will decrease and certain that they will steadily begin to rise.

For those wishing to lock in at below 5%, the time just might be now or never (or at least for a very long time).  The first week in January, the average 30 year fixed mortgage rate was 5.09%.  The general sentiment among economists is that rates are not going anywhere but up from here.

The strengthening of the economy equals less chance for discounted rates.  If you want to refinance or purchase real estate in the Vail Valley, now might be the best time to do so.  The low rates make it a great time to purchase Vail real estate.

For more information on mortgage rates click here to look at a recent article from CNNMoney.com.

If monthly payments are affordable buying a home in Vail Colorado can make more sense than renting

A question that surfaces on most people’s mind at some point is, whether to rent or to buy when living in Vail Colorado.  The first thing that pops to mind is affordability but there are other factors, such as job stability, relocation possibilities and lifestyle.  If you intend on being in Vail for at least two more years, your income is steady and purchasing a home fits your lifestyle then it is time to break out a pen, paper and a calculator and see if buying makes more sense financially than renting.

At first glance buying a home in Vail Colorado makes more sense than renting because of the ability to gain equity in a home.  While the past few years have shown this factor to be a bit shaky, the reality is that if you keep a property long enough, or get in at the right time, buying Vail real estate can be a worthy investment.

There is no sense making a two column list when it comes out to equating the cost of renting and buying.  Renting is a fixed equation, the monthly number typically doesn’t change.  To compute your costs for buying a home you look at the following:

• Purchase price
• Down payment amount
• Loan Amount
• Loan Term
• Interest rate
• Property taxes
• HOA fees
• Monthly mortgage payment
• Home owner’s insurance
• mortgage insurance

Your monthly costs will include your mortgage payment, property taxes, insurance, and any HOA dues that may exist.  If these numbers add up to an amount you can afford it could make sense for you to purchase a home instead of rent.  The important thing to remember is that once you buy a home you are not going to have a landlord to rely on to make repairs so factor in putting aside some extra money for a home repair and maintenance account.

Buying a home in Vail, or anywhere for that matter, is an important decision and one which can add to future security and financial stability if done with great thought and evaluation.

The Home Affordable Refinance program can help those whose home values have dropped

If you own real estate in Vail and are worried about the current value of your home there is governmental help available.  The Home Affordable Refinance program was designed to help home owners lower their monthly payments while at the same time securing lower interest rate mortgages. The program is aimed at helping home owners whose mortgage loans are more than the value of their home. The program had a value set at 105% and under the Obama Administration this number has become 125%. The Home Affordable Refinance plan is helping home owners who are underwater with their home values restructure their mortgage payments and ease their financial stress. If you are a Vail homeowner and your home is now worth less than what you bought it for you may want to learn more about the plan.  A few highlights of the Home Affordable Refinance program are:

• A borrower must be current on his payments in order to qualify for the refinance.
• The refinancing must be completed with a Fannie or Freddie approved lender.
• The new loan would come with mortgage insurance.
• Borrowers cannot take cash out.

If you have Vail real estate and the value of your home has dropped below what it was when you purchased it this could be the program for you.

Check out the Making Home Affordable web site for more information and to see if you qualify.

Visit www.vailmountainproperties.com for access to the Vail MLS and all Vail Valley Real Estate listings.

Don’t hesitate to call Gil Fancher today at (970) 390-7469, for excellent service and information on Vail Real Estate! 

Take your time and know what you are doing before buying your first home in Vail

It is a great time to by a first home in Vail Colorado.  Not only are Vail Valley home values down and mortgage rates at historic lows but the First Time Home Buyer Tax Credit will give you 10% of your home’s value (up to $8,000) at closing.  These three items can add up to significant savings for the first time home buyer, making it an ideal time to start looking at real estate.  However, there are important things to keep in mind before buying your first home in Vail, to make sure this important decision is the right one for you and your wallet.

• Get Information.  Most communities offer free seminars for first time home buyers.  There are also non-profits that offer helpful advice and information.  Visit www.HUD.gov for helpful tips and a list of agencies near you that have free information available.
• Know What You Can Afford.  Analyze your monthly budget.  A good rule of thumb is that your mortgage should be 28% of your expenses or less to be successful financially.  Remember to factor in home owners insurance and property taxes into this scenario.
• Talk to a Lender. Start talking with a bank or mortgage lender and get the ball rolling.  The process of being approved by a lender is a longer process these days and you want to make sure that you get approved before the First Time Home Buyer Tax Credit expires on November 30.
• Find a Real Estate Professional.  Finding the right real estate agent to work with can make your deal run that much more smoothly.  A good real estate agent will help find you a home that works for you, not against you.  A good real estate professional can also help you find a good lender if you have had a hard time during that step.
• Know What You Are Committing to. During a real estate deal you are signing a lot of papers.  Know what you are signing.  If your real estate agent is having a hard time explaining things to you you might want to take the extra step and get a real estate lawyer to review your documents.

When it comes to buying your first home in Vail, you want to make sure your are buying something you can afford, something located in a neighborhood you want to live in and, most of all, a place that you want to call home.  Take all of the information and advice you can get, filter and decipher it and make the best decision for you.

Visit www.vailmountainproperties.com for access to the Vail MLS and all Vail Valley Real Estate listings.

Don’t hesitate to call Gil Fancher today at (970) 390-7469, for excellent service and information on Vail Real Estate!

Refinancing your Vail home can lower your monthly mortgage payments

Refinancing, a simple word and a sometimes complicated process.  If you are considering refinancing your Vail real estate there are a few things to know beforehand so that you know what is expected of you and what you can expect from the process.  Refinancing your Vail home to lower your monthly payments can be a great idea but it is imperative that you know exactly what you are signing up for before you sign your name on your new papers.

Variable or fixed.  Make sure you know if you are getting a fixed or a variable rate mortgage.  With a fixed mortgage your payments will remain the same for the length of your mortgage (with the exception of a rise or dip in property taxes).  A variable rate mortgage typically starts with low monthly payments that adjust over a period of time.  With a variable rate mortgage the payments can go up dramatically after a period of time.

Is it a good idea to refinance? Sources say that refinancing makes sense if you can reduce your current mortgage by 2 points or more.  Analyze whether the cost of refinancing is worth it by figuring out how long it will take you to cover the refinancing cost and whether you plan on being in your home that long.  If your new mortgage will save you $200 a month in mortgage payments but it cost you $2,000 to complete your refi then it will be 10 months before you recoup the cost.

Length of your mortgage.  Shorter loans have lower interest rates but higher monthly payments.  Mortgages are usually 15 years or 30 years in length.  Make sure that your new loan doesn’t have penalties associated with an early pay-off if your plan is to pay your home loan off early.

Refinancing your Vail real estate can be a wise financial decision and with mortgage rates at a 30 year low refinancing is at an all-time high.  Weigh all of the details and make sure that your new mortgage is exactly what you are looking for before signing on the dotted line.

Click here for more information about refinancing from Yahoo Real Estate.

Visit www.vailmountainproperties.com for access to the Vail MLS and all Vail Valley Real Estate listings.

Don’t hesitate to call Gil Fancher today at (970) 390-7469, for excellent service and information on Vail Real Estate!

A Realtor can be an invaluable tool when buying or selling real estate

Are you looking to buy or sell Vail Valley real estate? An often perused question is: Should I use a Realtor or not?  People often underestimate Realtors and their importance in a real estate transaction.  On both sides of a deal a real estate professional can be an invaluable asset, helping to keep deals together and run more smoothly.

If you are selling your Vail Valley home a Realtor can be valuable in a number of ways.  Realtors know the Vail market and how to evaluate the price your home should be sold at.  A Vail Valley real estate professional will advertise, market and expose your home to other real estate professionals as well as the community at large, not to mention the large customer base that they may already have.  A Realtor can help you set your home up for success by helping you present your property in a way that will appeal to potential buyers.  Realtors are indispensable when it comes to contracts and making sure each step is carried out to the seller’s best interest.

For a person looking to buy Vail Valley real estate a broker can be an incredibly helpful tool when looking for real estate.  Not only does a competent Vail Realtor know the local real estate market and what is available but he also knows the community, its amenities and all that it has to offer.  A Realtor will write a contract when a buyer has found his ideal property and will help the buyer follow through with each step until closing.

In a nutshell, Realtors are incredibly helpful in diminishing the stresses involved with buying and/or selling real estate.  Contact Gil Fancher, (970) 390-7469, an experienced Realtor in the Vail Valley, if you are thinking of buying or selling property in Vail today.

Go to www.vailmountainproperties.com for access to the Vail MLS and all Vail Valley Real Estate listings.

Don’t hesitate to call Gil Fancher today at (970) 390-7469, for excellent service and information on Vail Real Estate!

Pay attention to your Vail Valley home from a buyer's perspective

The Vail Valley real estate market is as competitive as others across the Country.  If you are trying to sell a home in today’s market there are a few things to keep in mind that will help your home stand apart from the pack.  Prioritize and analyze what will fit in your budget and take the steps necessary to make your Vail home show well and appeal to prospective buyers.

• Fresh & Clean: Inspect your home inside and out. Does it need a coat of paint? A fresh coat of paint will always be recouped in the sale of a home and is well worth the cost.  Does it look clean and tight?  Pack up the mess, the more clutter free a home the better it will show.  Likewise an empty house shows better.

• Curb appeal: Pay attention to your home as if you were a potential buyer.  Is it inviting?  Clean?  Shore up your landscaping, make sure that your lawn is green and well-kept, that your flower beds are weeded and mulched, and that the exterior of your house is clean and respectable.

• Inspection: There will be a home inspection completed by the buyer be prudent and do one yourself.  Attend to items that could possibly hold up the sales process.

• Best areas of a home to update and remodel? The Master Bathroom and the Kitchen.  Don’t spend the money to gut and redo your entire home but remodeling the master bath and kitchen areas of your home will make your home more appealing and grab a buyer’s eye.

• Evaluate: Are the remodel/updates going to net you more than you are putting into them?  It is very important in the need to pay attention to your local market and make the improvements that will help you not hurt you.  If you are not going to get the money back that you are intending to put into your home don’t do the changes.  Do the low-cost improvements and make do by making your home clean in its appearance.

The better your Vail Valley home shows the more likely it will attract a potential buyer.  The Vail Valley is full of attractive, updated homes that are selling for less and if you want to compete you either have to make the improvements or lower your price.  For great advice on Vail Valley real estate contact Gil Fancher today, (970) 390-7469.

Check out YahooRealEstate.com for more information and ways to sell your home.

REO property in Vail can be a great bargain for the real estate investor

What is REO property and is there any REO property in Vail Colorado?  REO (real estate owned) is property which has been taken back  by the lender.  REO properties in Vail typically sell for less than comparable real estate listings as the lender usually wants to recoup the value of the loan which is traditionally less than the valueof the property.  The differences between REO property and foreclosure or short sale property are:

• REO has already been acquired by the lender typically after a failed foreclosure sale or foreclosure auction.
• The REO is owned by the bank (or lending institution) and is listed as an asset on their balance sheet.
• The original home owner is no longer in the picture and the property is for sale.

The downside of REO property is that an REO property is typically not well-maintained by the financial institution that owns it.  The positive side of an REO is that a real estate investor or buyer can often purchase the property at a distinctively lower price.  If you are looking for an REO property in Vail Colorado contact Gil Fancher today, (970) 390-7469.

For more information on REO property click here.

Visit www.vailmountainproperties.com for access to the Vail MLS and all Vail Valley Real Estate listings.

Don’t hesitate to call Gil Fancher today at (970) 390-7469, for excellent service and information on Vail Real Estate!