Michael Shotnik's Blog

What's new? FHA's decided that it's time to hike up mortgage insurance rates, again...The FHA commissioner has stated that this is a required measure to "protect FHA's single-family insurance programs". In other words, there are capital concerns, and this appears to be an easy solution. Over the ...

Statewide, prices rising as inventory levels drop to lowest level in decades Colorado home buyers hunting for homes on Zillow.com or Redfin.com may be finding a lot fewer properties up for sale recently. That’s because the number of homes on the market in the Denver metro area are at the lowest l...

  House hunting: Avoid the red flags   Don’t commit to a new home before considering these potential pitfalls   When searching for the “perfect house,” buyers often put their hearts before their heads. Before you fall head over heels for a home, make sure it is worth the enormous investment by th...

  Financial planning for home buyers   Be smart with your money, and prepare to make your loan app easier   In preparing to buy a home, it is important to get your financial house in order before initiating your loan application. Getting organized and simplifying your account history will help al...

Day by day the market is becoming more of a buyer's market. As interest rates rise the pool of buyers is diminishing and the longer homes sit on the market. For those of us on the buying side this is a good thing! If you can approach the purchase process with patience and a critical eye there has...

Purchase price: 285,000 Loan amount: 300,000 Appraised value 6 months later: 359,000!! 59,000 in gained equity in only 6 months!!   The buyer was a gentleman interested in purchasing a nice home for his family. He wasn't an investor and his primary motivation was not to make a quick buck. But, he...

If you are just getting started on purchasing a home in Denver then you should consider yourself very lucky. Denver is a great city and has a strong real estate market to match. The different sub-areas around Denver offer desirable properties whatever your price range. If you're looking for a fix...

FHA just recently announced some fairly significant changes. The changes are intended to help FHA/HUD maintain a strong position while having as little impact as possible on the housing industry. The way FHA will decrease their risk is by requiring each person who obtains an FHA loan to pay a hig...

**NEW** Mortgage Credit Certificate (MCC) in Colorado First Time Homebuyers - Mortgage Credit Certificate - Colorado The Mortgage Credit Certificate (MCC) program is no longer just for Denver County but Colorado as a whole!  The program is in addition to the $8,000 first time home buyer tax credi...

Yesterday we had the worst day for mortgage rates we've had since October.  It was a landslide that most did not see coming.  Rates seemed to be fairly level over the previous month so the drastic change was unexpected by most.  What happened?The easiest answer is that investor money moved out of...