Refinancing may allow an eligible Denver homeowner to stop paying FHA mortgage insurance by replacing the FHA loan with a conventional mortgage that does not require private mortgage insurance. Whether this strategy works depends on available equity, credit, income, interest rates and refinancing costs. FHA mortgage insurance is normally called a mortgage insurance premium, or…
A new appraisal may help remove private mortgage insurance from a Denver conventional mortgage when property appreciation or completed improvements have created sufficient equity. However, an increase in market value does not guarantee cancellation. Mortgage servicers and loan investors establish requirements for PMI removal based on current property value. These rules may address the homeowner’s…
You may be able to stop paying private mortgage insurance on a Denver home when your conventional mortgage balance reaches certain loan-to-value thresholds. Federal law provides eligible homeowners with both borrower-requested cancellation and automatic termination rights. Private mortgage insurance, commonly called PMI, is generally required when a borrower obtains a conventional mortgage with less than…
A Denver listing Realtor helps a homeowner prepare, price, market and negotiate the sale of a property. The agent also coordinates communication and transaction deadlines from the initial market analysis through closing. Listing a home involves considerably more than placing photographs online. Pricing, disclosures, property condition, marketing exposure and contract terms can all influence whether…
A relocation Realtor can help someone moving to Denver compare communities, tour properties remotely, prepare an offer and coordinate the transaction from another city or state. This local assistance can be particularly valuable when the buyer has limited time to explore the Denver metropolitan area before moving. Relocation involves more than finding an attractive house….
You are not legally required to hire a Realtor when purchasing a new-construction home in Denver. However, working with an experienced buyer’s agent can provide independent guidance during builder selection, contract review, upgrade decisions, inspections and the final walkthrough. A builder’s sales representative can explain the community, available homes and purchasing process. That representative normally…
Denver property taxes increase the total monthly housing expense shown by a mortgage calculator. Even though property taxes are not part of the principal-and-interest calculation, they must be included to develop a more realistic estimate of the amount a homeowner may pay each month. A calculator that displays only principal and interest can make a…
A Denver FHA mortgage calculator estimates the monthly payment for a Federal Housing Administration-insured home loan. It considers the purchase price, down payment, loan term, interest rate and FHA mortgage insurance. A more complete calculator also includes estimated Denver property taxes, homeowners insurance and homeowners association dues. These additional expenses can make the total monthly…
A Denver mortgage calculator should estimate more than the principal and interest due on a home loan. To produce a useful monthly housing estimate, the calculator should also include property taxes, homeowners insurance, mortgage insurance and applicable homeowners association fees. The resulting estimate can help Denver homebuyers compare prices, down payments, loan terms and interest…
A VA Interest Rate Reduction Refinance Loan, commonly called a VA IRRRL or VA streamline refinance, allows eligible Denver homeowners to replace an existing VA-backed mortgage with another VA-backed loan. The program is generally used to obtain a lower interest rate, reduce the monthly principal-and-interest payment or replace an adjustable-rate mortgage with a more stable…