FREQUENTLY ASKED QUESTIONS

WILL GETTING PRE-QUALIFIED HURT MY CREDIT?

No! I use a Soft Pull credit service to provide my pre-qualifications, which means you will never have to worry about a mortgage inquiry hurting your credit.

WHAT DOES IT MEAN TO GET "PRE-QUALIFIED"?

Getting pre-qualified means a knowledgeable loan officer has reviewed your income, assets, employment and liabilities in order to come up with a maximum purchase or refinance amount.

DO YOU OFFER DOWNPAYMENT ASSISTANCE?

YES!
With down-payment assistance you can purchase a home with as little as $1,000 down! Reach out to me or pre-qualify to find out if you qualify for Colorado Down-payment Assistance.

WHAT MORTGAGES DO YOU OFFER?

Conventional: minimum down payment 3%, mortgage insurance required for less than 20% down that falls off, credit score of 620+

FHA: minimum down payment 3.5%, mortgage insurance required for less than 20% down that does not fall off, credit score of 580+

VA: minimum downpayment of 0%, must be able to provide a DD-214

USDA: minimum downpayment of 0% down, monthly fees for less than 20% down, must be in a USDA approved area, income limits apply

WHEN SHOULD I CONSIDER A REFINANCE?

Refinances can be beneficial to lower monthly payments by lowering interest rates or removing or decreasing mortgage insurance. 
Refinances can also be used to take cash out for renovations, debt consolidation, a big purchase, and much more

For questions not answered above, or for direct advice about home loans or refinancing, don’t hesitate - get in touch!

See below for additional mortgage information, tips and tricks!

 
  • Jamie Laskie

Is Buying Cheaper Than Renting?

Updated: Jul 1, 2019


Is it cheaper for you to rent or buy? We'll show you how many years it will take before the cost of buying equals the cost of renting – the break-even horizon. If you'll stay in your home past the break-even horizon, consider buying; if you'll move sooner, renting might be a better option.

Use this great tool to see if buying could be cheaper than renting for you in the long term! (click the calculator preview above to start!)

Now what are you going to do with all that extra money?


Advantages of Buying

1. Building Equity Over Time

Unlike renters, homeowners build equity over time. On most mortgages, a portion of each monthly payment goes toward the loan’s interest. The remainder pays down its principal. Every dollar you put toward your loan’s principal represents a dollar of equity – actual ownership of the property. Once you reach 20% equity, or 80% LTV, you can tap that equity through a home equity loan or refinance your mortgage to secure a lower interest rate or longer repayment window.

You can also boost your home’s value, and thus lower your LTV, through judicious investments in home improvement. For instance, the home my wife and I recently purchased has only a rutted dirt driveway with a small shed at the end. Paving the driveway and building a proper detached garage in place of the shed would substantially increase the property’s functionality and curb appeal, potentially boosting its value by an amount greater than the project’s total cost.



2. Tax Benefits

Several tax benefits cater exclusively to homeowners, though not all homeowners qualify for all benefits. These are the most notable:


Homestead Exemption. Many states exempt owner-occupied homes (homesteads) from a portion of the property tax burden that would normally accrue. For instance, Louisiana exempts the first $75,000 of a home’s value from property tax assessments, so a $200,000 home in New Orleans is taxed as if it were worth $125,000.

Federal Tax Deductions. If you itemize your federal income taxes, you can deduct your property taxes and the interest paid on your mortgage, reducing your overall income tax burden (often substantially). This particularly benefits those in higher tax brackets.

These benefits aren’t available to renters.


3. Potential for Rental Income

Even if you don’t initially think of your home as an investment property, you can turn it into a source of income. This can partially or totally offset your mortgage, tax, and insurance payments on it.


The easiest way to do this is by renting out part or all of the property, provided you follow all local rental property laws. You might rent out a basement bedroom to a friend, live in one unit of a duplex and rent out the other to strangers, or purchase and move into a second home, leaving your entire property free to rent. You can also plunge into the sharing economy and take in short-term renters via Airbnb, VRBO, or another house-sharing platform.






4. More Creative Freedom

As a homeowner, your decorating, DIY project, and home improvement choices answer to no one, provided they don’t break local building codes or violate homeowners’ association rules. You can paint walls, add new bathroom fixtures, update your kitchen, finish your basement, or build a patio or deck to your heart’s content.


Radically changing your living environment to suit your whims is a fun, and even cathartic aspect of homeownership – and generally, it’s not available to renters.








5. Sense of Belonging and Community

Since homeowners tend to stay in their homes for longer than renters, they’re more likely to put down roots in their communities. This manifests in many ways. You might join a local neighborhood association, sponsor block parties or National Nights Out, volunteer at a nearby community center, join a school group, or align with a business improvement district. As a renter, you might not do any of those things, particularly if you know you may be moving in a year or two.












Think that buying a home could save you money, or considering purchasing an investment property? Give me a call!


Jamie Laskie

NMLS 1641628

970-237-5014

Guild Mortgage Company is an Equal Housing Lender; Company NMLS #3274



Jamie Laskie is a licensed Loan Officer in Colorado for Guild Mortgage Company; Regulated by the CO Division of Real Estate. Licensed in the state of Colorado, NMLS #1641628. The postings on this blog don't necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. This information is not guaranteed to be accurate and shall not be construed as a guarantee of loan approval. All loans are subject to underwriter approval, and are subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.

The information provided herein has been prepared by a third party and has been distributed for education purposes only. The positions, strategies or opinions of the author do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Each loan is subject to underwriter final approval. All information, loan programs, interest rates, terms and conditions are subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.

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©2018 by Jamie Laskie. 

Guild Mortgage Company is an Equal Housing Lender; Company NMLS #3274. All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice.  Always consult an accountant or tax advisor for full eligibility requirements on tax deduction. 

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Jamie Laskie NMLS #1641628, is licensed to do business in the states of Colorado. 

Jamie Laskie

970-581-4811

jlaskie@guildmortgage.net 

https://www.guildmortgage.com/jamielaskie