Andre’ Asks… I am selling my home and I’m a bit superstitious. My agent brought a contract to me today – Friday the 13th… I dont want to accept it – my wife says I’m nuts. What do you think?

Andre’, you are not alone.

There are many buyers and sellers than will avoid having the number 13 associated with their transaction. Not only do they avoid the 13th day of the month, but studies show that properties with the number 13 in their address are 34% less likely to sell than any other numbers.

Buying a home is typically the largest financial investment for a borrower – so they want everything to be just right – especially the contract day or the closing day.

Since many people tend to believe that Friday the 13th is the most unlucky of days  – most likely real estate will be very quiet in 2012 on that day!

I would suggest your agent present you the contract on the 14th and avoid all reference to the 13th – just in case! Good luck!




Fred Asks… Which of my three credit scores is most important?

Credit ScoreWhen it comes to qualifying for a home loan, Fred, the most important one is whichever one is weakest. That’s the one that could trip you up when applying for a loan. Your creditors aren’t required to report to all three bureaus — or any of them for that matter. And the three major credit bureaus process your information differently. So, check all three of your scores regularly. If one of them drops, act promptly to bring it back up. Still confused? Give me a call and I’ll be happy to answer any other questions you have. 303-696-6933.

Jo Asks… How do I avoid buying a lemon?

LemonThere’s always some risk with anything you do, Jo. But there are ways to minimize your risks when buying a home. Have your prospective home checked by an independent, professional inspector. This is common and important. Don’t skip it. There are limits to what an inspector can find. They can’t open up walls or perform exhaustive tests on mechanical systems. But an inspector who uses an infrared camera may be able to spot plumbing leaks hidden behind walls. You can obtain a Comprehensive Loss Underwriting Exchange (C.L.U.E). report, which is a seven-year history of claims on the home. They’re available through A home warranty, paid for by you or the seller, provides an added degree of protection. Be extra cautious if buying a home that’s being flipped. A knowledgeable flipper can hide some problems that won’t show up for a while. If you have reasons to be concerned, talk to neighbors. They may know of problems, particularly things that also affect them. Trust your gut. If something doesn’t feel right, check it out. A last resort is litigation. But that’s really a last resort. Be careful. But don’t let fear keep you from buying. A well-maintained home probably won’t be a problem later on. Still have questions? Call me. 303-696-6933.

Bobbi Asks… How do I prepare to buy a house a year from now?

Ca;emdarCongratulations on planning ahead, Bobbi. You’ll want to make sure your finances are in order. So, pay off as much debt as possible. Add to your savings if you can. Work on improving your credit score, if needed. Figure out what you think you can spend. I can help you with these financial preparations. But you’ve got a year to work with. So, don’t limit your planning to financial issues. Do some preliminary “window shopping” in various neighborhoods to get a feel for where you want to live. Check schools, if you have kids or expect to. Find a realtor you’re comfortable with. Begin collecting the financial forms you’ll need — bank statements, tax returns, etc. I can help you figure out what you’ll need. Your realtor or I can help you find a lawyer, home inspector and insurance agent if you want. Or you can use the year to find these professionals on your own. It’s never too early to begin planning. So, whether you’re ready to buy now or a year from now, give me a call if you want help getting ready. 303-696-6933.

Stephen Asks… Can I pay my student loans with the equity in my home?

Gradiatopm ca[ amd do[;p,aThat’s a tough one, Stephen. Student loans have onerous collection fees, can’t be discharged in bankruptcy and generally have higher interest rates than mortgages. But they’re also unsecured loans. Your mortgage is secured by your home. Including a student loan in your home loan will mean a higher mortgage payment. So, if you can’t pay your mortgage at some point because your student loans make the payment too high, you can lose your home. If you’re buying the home with someone else, adding your student loan to the mortgage means, in effect, the other person is helping pay your student loan. Are they willing to do that? And the added risk of including your student loan in your mortgage makes their stake in your shared home riskier as well. So, if you’re thinking about adding a student loan to your mortgage, let’s talk about it first. 303-696-6933.

Thom Asks… How do I make sure the seller accepts my offer? I want to be a ready buyer.

You are Ready YES-button– We are Ready!  I say it all the time.The current housing market is fast paced and you need to BE READY to make an offer – and say… “YES to the Address”!

The seller will want to know that you are a “ready buyer” & do to that, most of the loan approval work is done BEFORE you look for a home!   This is where we can really help each other out!   When we review all your documents ahead of time; you will be confident when making an offer & effectively minimize the risk of surprises or last minute scrambling.

Get your financing approved before you start sopping. Sellers will take your more seriously if they know you already have the financing you need to live up to your offer.

Make a realistic offer. You may want to leave yourself some room to negotiate upward, if necess
ary. But submitting an unrealistically low offer in hopes of getting a “bargain” in today’s highly competitive market is a good way to lose out to another buyer.


Rhonda Asks… Can you help me understand the alphabet soup of lending?

We do seem to love our acronyms in the home lending business. Here are a few of the more common ones that are useful to know:

PITI stands Colorful letters coming out of home cook soup bowl on wood deckfor principal, interest, taxes and insurance. It’s everything that’s included in your monthly house payment.

GFE means good faith estimate. As a lender, I’m required to provide you with a good faith estimate of what your home loan will cost you both to acquire the loan and to maintain ownership of the home.

DTI is short for debt-to-income ratio, one of the key measures of how much you can afford to pay each month — and, therefore, how much you can afford to borrow.

PMI is private mortgage insurance, required for home buyers making a down payment of less than 20 percent.

Are there other lending terms you don’t understand? Give me a call and I’ll be happy to go over them with you. 303-696-6933.

Kelly Asks… What can I do to making my loan closing go smoothly?

You’re off to a good start, Kelly. Buyer BE Ready is what I always say! Ask questions. Knowing what to expect and what’s expected of you is important to a smooth closing. Make sure you supply all of the documentation you’ve been asked for. Review your loan documents in signatureadvance to make sure there aren’t any mistakes that will need to be corrected at the last minute and hold up the closing. Give yourself plenty of time just in case something happens. Taking the day off is a good idea. Trying to close on your lunch hour is risky. And bringing a certified check instead of using a wire payment is a good idea. The closing won’t happen until the closer is notified that the wired payment has cleared. Despite what you may have heard, that doesn’t always happen instantaneously. The title company will review all the documents with you and handle all the money for the transaction. Once you have signed ALL the paperwork  – your reward will be the keys to your new home! Congratulations!

Michelle Asks… Are there any obstacles I need to be aware of as a single buyer?

You’re in good company, Michelle. About one out of every four home buyers is single. So, don’t let being single hold you back. As a single buyer, you’ll have to qualify for a loan based on your income alone while many couples have two incomes to rely on. Another advantage of shopping as a couple — a built in second opinion. You may want to ask a friend or two to help you shop as you’re looking for your new home just to have another opinion. Get your loan approval early so you know what you can spend. And try to come in under budget to give yourself a little extra cushion in case you run into unexpected expenses later on.Give me a call if you have other questions about being a single buyer at 303-696-6933.


Marty Asks… Is this a good time to sell my house?

HOme for saleThis is a great time to sell your house if that’s something you want to do. Demand is strong and there’s a limited supply of houses on the market. So prices are strong and good homes properly priced are selling quickly. Can you make more money by waiting? Well, maybe. But it’s hard to predict. And if you’re planning to move up to a more expensive home, waiting might actually cost you money because you could pay more for the more expensive house you trade up to. Finally, the most important question is why are you interested in selling? Is it time to move on to a new chapter in your life? Is that worth postponing in hopes you might make more money later? That’s a personal decision only you can make. But, historically speaking, this is a great time to sell. Give me a call if you want to talk about it. 303-696-6933.

what customers are saying

"Annie and I wish to say thanks to ALMC Mortgage for all they have done for us in getting the mortgage we wanted." –John W.

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