Fears of the Coronavirus Easing
Believe it or not, when search engine queries for Coronvarius surged last week, it was nothing compared to searches for Corona Beer’s relationship to the virus. Difficult to believe people can be that misinformed about something in the good ole USA. Ian Bennet shared breaking Boulder mortgage news today that fears of the pandemic sweeping the USA are subsiding.
That’s good news on two fronts. First, that big money is loosening once more – that’s good for fluidity in the mortgage world. And that rates are more market driven than fear influenced.
End of Trump Impeachment Nets Rate Improvements
Also good news, the shenanigans of the impeachment inquiry and trial are in the rear view mirror. This means instead of fear impacting home mortgage rates and buying decisions, we can focus on real market indicators.
That’s better for the economy as a whole and will improve consumer confidence. Regardless of your political affiliation. When you consider the low unemployment (down), new manufacturing jobs (up) and consumer confidence (improved) the latest Boulder mortgage news is – now is a good time to lock in a low home mortgage rate!
Monthly Payment Qualification
Rick Demario shares another interesting and useful point to start the week. He writes that sometimes a $500,000 house can be more affordable that a $450,000 condo.
How? While the mortgage will be higher for the house, the Home Owner’s Association fee can easily raise the monthly payment of the condo to exceed that of the house.
For Colorado home buyers, the best value in regards to your monthly payment could be a single family house.
I like this sort of helpful Boulder mortgage news. Thank you Rick for the timely reminder.
Non Farm Jobs Explode Upwards
I mentioned good jobs numbers a moment ago. Brian Crowder mentioned in his update this week that non farm jobs growth exceeded expectations. The manufacturing sector saw wage growth and job hiring improvements. To the point of shattering expectations (225K jobs created vs 165K forecast). How does this directly impact Boulder mortgage news?
Well, we have been suffering – even here – from a lack of construction workers to build new housing. Higher wages will grow the number of trades working in the area and bring us some much needed improved inventory. That’s great news for today’s home buyers looking to get out of Mom & Dad’s basement!
Mortgage Insurance Premiums Go By-By
Michaela Phillips shared some Boulder mortgage news earlier this month that is worth passing along. If you have mortgage insurance – possibly from an FHA loan or on a conventional deal with less down, now may be the perfect time to do a refinance and drop the insurance premium. These unseasonably low rates are ideal for home owners with big payments to get some reductions. Lock in the savings so to speak.
FICO Scoring Changes
About half of Americans will see an impact of less than 20 points, with rest of us seeing a change of over twenty. Wondering what I’m on about? Jen Heieck shared late last month that the way your FICO score is calculated by Fair Issacs Co. is changing.
This could be impactful Boulder mortgage news. With the high home prices we have, a negative impact could take buyers out of one price range and into another. Give me a shout for more specific info and how to keep your credit scores higher!
Educational Boulder Mortgage News
Big thank you to a number of lenders – no time to mention you all here – for sponsoring various education classes I took in January and thus far this month. I really appreciate the Boulder Area Realtor Association affiliate partners who bring great education classes. I’ve learned a lot that I hope to implement to be a better Realtor to you this year.
Who Is The Best Mortgage Lender In Boulder
Great question and honestly, I have no idea. Sometimes though, finding someone you have a connection with helps the process. I know I find inspiration from my skiing and running and sledding and parenting buddies who are also mortgage lenders. Big thank you to all for the contributions to this post.