The real estate market in Colorado Springs ended the year 2021 with a historic low number of homes for sale. Only 659 homes were listed for sale in El Paso County compared to the 1,536 homes for sale five years earlier in December 2016. The lack of homes has led to fierce bidding wars. At the end of 2021, the median price of homes sold in December increased by 18.4%. Experts are cautiously optimistic of the area’s housing supply increasing in 2022. Read on to know more about market trends in Colorado Springs. Be Prepared When Shopping for a Colorado Springs [...]
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Whether you're applying for your first home loan or you're refinancing your existing loan, it can be overwhelming. Mortgages require a lot of paperwork and present many financial terms that not all borrowers are familiar with. By understanding the common mistakes that we're going to discuss below, you can better prepare for getting a flawless home loan. Paying Off Debts Right Before Applying It's natural to want to pay off existing debts that you have before applying for the large debt of a mortgage. However, that's not always the best move to make. Paying off old debt and using a large [...]
If you are buying a new home or planning a refinance, you may wonder which is better for you: an adjustable-rate mortgage (ARM) or a fixed-rate mortgage? The short answer is: it depends. Your family's financial situation and the current average mortgage interest rate will affect which loan is best for you. A good place to start when you need to shop for a mortgage is to understand the two main loan types. In this article, we will break down these two types of mortgages to help you make a more informed decision when the time is [...]