The 30-year fixed mortgage rate is currently 3.82%, down 13 basis points from 3.95% at this same time last month. After peaking at 4.1 percent, the 30-year fixed mortgage rated hovered between 4% and 3.95% for the rest of the month, before falling to the current rate.
The rate for a 15-year fixed home loan is currently 3.18%, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.75%.
Two great reasons to buy a home
Make money with somebody else's money: The best part of buying a house is, what other investment enables you to use somebody else's money to make money? That's exactly what happens when your house appreciates in value and you sell it for a profit.
Take in the tax benefits: Don't forget that home ownership comes with lucrative tax benefits. The first benefit starts the moment you move in. The IRS allows you to deduct the interest you pay on your mortgage from your federal income taxes.
It's the government's way of supporting home ownership. Here's another tax treat, courtesy of Uncle Sam. If you make money on a business or a bond, you have to pay capital gains taxes on the profit. But if you sell your house at a profit, the gain is tax free up to $250,000.
Four steps to take before buying a new home
You also need to calculate your debt-to-income ratio, which shows the amount of your income that goes toward paying your debts. The higher your ratio, the less likely you will qualify for a home loan. Find out if you can get a mortgage before you begin searching for your dream home. If your debt-to-income ratio is more than 36 percent, you should think about getting out of debt, or at least reducing your debt immediately.
Your credit score also plays a role in your loan eligibility. If you have a higher credit score, you will be eligible for better loan rates. If you have a low credit score, on the other hand, you should first learn how to improve your credit score before you get pre-approved for a loan.
2. Get pre-approved. Take the time to get pre-approved before you begin looking at homes. In fact, many real estate agents won''t work with you until you have received pre-approval for a mortgage. Regardless, you should look to get pre-approved anyway. You might find the perfect home, and then find out the bank denied your loan application. This heartbreaking scenario wastes your time and your agent's time, too. I have several mortgage brokers that I highly recommend and would happily refer.
3. Find a real estate agent. Once you've improved your credit score and you know how much home you can afford, you need to find a great real estate agent. Your agent acts as your representative, provides you with information about market prices, and helps you find a home. Because you are reading my blog I hope that you will send me an email or call me so that I can talk with you about your home buying needs.
4. Take stock of your financial situation, again. By the time you get ready to buy a home, you may be sick of thinking about money. After following each of these steps, look at your available income one more time, and review your short- and long-term financial goals.
If you live in the USA or Canada, Daylight Savings Time 2011 ends on November 6, 2011. This means that, at 2am, we "fall back" and gain an extra hour of sleep (or nightlife). Arizona, Hawaii, American Samoa, Guam, Puerto Rico, and the Virgin Islands; as well as most of Saskatchewan and some parts of BC, Nunavut and Quebec, do not observe Daylight Savings Time.
Fall into Winter Home Protection
Simple Tips to Help Protect Your House
*much of the above information was taken from www.amfam.com article
Are you a Colorado skier? I am so excited that ski season is fast approaching!
If clutter is threatening a takeover, divide and conquer!
- Score 700-850 - smooth loan process; best interest rates
- Score 550-699 - medium risk; higher interest rates
- Score 300-549 - sorry, rarely a loan or credit card is offered
- Is your home adequately insured? If disaster were to strike, would your insurance cover the losses? In California, a state known for wild real estate escalations and wild fires, many devastated homeowners have learned the hard way that their homes were under insured.
- Is your estate plan based on a realistic estimate of your home's worth? Assuming you have provided a means for your assets to be distributed upon your death, will your plan minimize the tax burden your heirs may face? Underestimating home equity could force loved ones to sell the family homestead to cover inheritance taxes.
- Could your home mean more to your family than just safety and warmth? Could home equity be put to use in financing your children't college education? Funding a business? A more active retirement plan? Home improvements?
- Do you know how to measure the value of your home? A Comparative Market Analysis (CMA) is the only tool that provides current pricing of homes in your style in your area. With a recent CMA and knowledge of your home's condition relative to others that have tested the market, you can know an accurate dollar amount for your home.
This event is held in Memorial Park, in Colorado Springs, off Pikes Peak Avenue between Hancock Avenue and Union Boulevard near the shores of Prospect Lake from Sept. 3rd - 5th.
Mass ascensions of dozens of balloons are scheduled for Saturday, Sunday and Monday mornings with a Balloon Glo® scheduled for Saturday and Sunday evenings. Each year a variety of concessions are available and entertainment is provided during each event. Admission for spectators is free!
Per city ordinance - no pets are allowed in Memorial Park during the Colorado Balloon Classic.
The park is filled with festivities all day long. It's recommended you arrive at the park by 6:00 am to be a part of all the activities and walk the field and be next to the balloons as they inflate and take off! The evening Balloon Glo activities start at 5:00 pm with the Glo started at dusk/dark. For more information, visit their website.
When you are moving and need to rent a moving truck, it's important that you know the size of the truck you need. Moving trucks can be very expensive to rent, especially when you are moving a long distance away. It's always best to make sure you have the smallest truck that is still large enough for all of your stuff to save money.
- Search through your house to see how many things you will need to be putting on the moving truck. Make a note of all of the large things in your house like your living room and bedroom furniture. If you have any other large things that will need to be packed you should take note of these as well.
- Call the moving truck rental company that you are planning to use. Ask them what size trucks they have to choose from. Typically they will have several different sizes. In most cases the larger the moving truck's size, the more expensive it will be to rent.
- Ask them which one they suggest using. Normally they can give you a general idea of the size of moving truck you should use by knowing how large the place you are moving out of is.
- Take what the moving truck rental company has told you into consideration. After you have done this, determine if your particular living space fits the description you gave them. For example, if you told them that you are moving out of an 800 square foot one bedroom apartment, then make sure you are accounting for any garage or storage space you may be using. If you do have extra space with more things to move, you should consider renting a moving truck that is one size larger.
- Develop a relationship with your child's teacher. Volunteer in the classroom; go on field trips. Don't miss Back to School Night or teacher conferences
- Instill a love of reading. Have good books available for your children at every age
- Limit TV and video games
- Spend time helping your child with their homework, playing a game, going on a walk
- Know your child. If you suspect a learning disability, take advantage of the vast resources available. Your school-age child has a right to an evaluation and accommodations to give him/her the best education possible
- Be available. Talk frankly with your children about values you want for them
Borders bookstores are now closing (due to bankruptcy) and store closing sales are going on with discounts up to 40% off. Call or visit your local Borders store to learn about their discounts. You only have until July 31st to redeem any rewards points or Borders Bucks you may have accumulated, so don’t delay!
If you have gift cards, they’ll be accepting them through their entire store closing sale and at Borders.com.
MONDAY, July 25th - Take at least 2 non-perishable food items to any Colorado Springs Chick-fil-A location on Monday and receive a FREE original or spicy chicken sandwich. Donations will be given to Care & Share Food Bank. Please be generous with your donations.
Have you ever been to the Colorado Renaissance Festival & Artisans Marketplace in Larkspur, Colorado? Boy is it an experience I would recommend. Even if you have been before, it is ALWAYS worth going again. This year is their 35th anniversary and they are open weekends through the end of July. I would buy your tickets ahead of time and plan to be there from open to close (10 am - 6:30 pm).
Do you love to go to farmer's markets and get fresh produce? I know I sure do. I never seem to remember when and where I can find them. So, I thought you'd find this information helpful! I was surprised to find that there are quite a few weekDAY markets as well as many weekend markets. So, check it out and enjoy local produce!
Whether you’re looking to make local business decisions, integrate into a new neighborhood, or find volunteering opportunities where there is a need, it’s important to be informed about the health of your community. Fortunately, finding that information is quick and convenient when you visit this County Health Ranking Site.
This website brings together 50 reports through the collaboration of the Robert Wood Johnson Foundation and the University of Wisconsin Population Health Institute. The result is a health ranking of each state’s counties.
How Does Your Community Rank?
1. Simply visit http://www.
3. Click on your county once the state map appears on your screen.
It’s that easy. With just a few clicks, you can see your county’s overall ranking as well as important local statistics related to:
- Access to recreational facilities
- Air pollution
- Motor vehicle death rates
- And much more!
Check out your county today - and share this information with friends, family members, and co-workers in your community!
What is your favorite memory from the circus? I remember cotton candy, popcorn, high wire walkers, elephants, clowns (not my favorite, if I'm honest) and so much more. Ringling Brothers and Barnum & Bailey Fully Charged Circus will be at the World Arena in Colorado Springs, CO from June 9 - June 12. For show times and prices click here.
Family Film Night--Tangled
Kids are welcome to wear pajamas to this month's family film!
Where: Old Colorado City LibraryWhen: 6:30 PMCost: Free** Special Thanks to Macaroni Kid Colorado Springs for having such a great calendar of events