Shopping for a New Home? Find out How Much You Can Afford!
Hello, my name is Brian Quigley and I have been a mortgage broker in Denver, CO since 2003. I have been fortunate enough to choose this very rewarding mortgage broker career and help thousands of borrowers over the years. Customer satisfaction is important to me most, and getting my clients to the closing table smoothly. I am proficient in all types of mortgage financing including FHA/VA, Conventional, USDA, Jumbo, Portfolio, 1031 Exchanges, Reverse Mortgages, Construction loans, and FHA 203K loans.
Recent News, Articles, and Trends about Mortgages and Lending
2019 Guide To Qualifying For a Colorado Mortgage With Student Loans
You definitely can buy a home with student loan debt, however what kind of mortgage you apply for, is crucial when taking your loan through underwriting. The smartest thing to do first is to have your loan underwritten by a Colorado mortgage broker, so you know exactly what your debt to income ratio will end up at. Below are the three major types of loans you will end up getting for your first time home buying experience, and they are as follows; FHA, Fannie Mae, or Freddie Mac. Does student loan debt count against debt to income ratios? Yes they do, and see the below case study. The following is a case study and John the Dentist, as he is about to get pre approved for a home loan, and wants to be pre-approved up to $500,000. He has around $200,000 in student loan debt and he pays around [...]
TOP 5 Benefits of FHA Loans for Denver Home Buyers (2019)
When choosing a mortgage, many homeowners and future homeowners are caught in a tug of war when picking which loan program is right for their financial situation. The FHA loan is the standard when it comes to giving you the most flexibility with regards to your mortgage. Below are five benefits of choosing and FHA loan. Hopefully this helps provide some guidance when choosing your next mortgage either as a first time home buyer, or a homeowner looking to refinance. To get further help it is wise to consult with a mortgage broker that specializes in FHA loans. Here are the top 5 benefits of an FHA loan: Low Down Payment More Flexibility Increased Loan Limits Lower Interest Rates Streamline Refinance LOW DOWN PAYMENT Currently, FHA requires a 3.5% down payment, designed to help out that first time home buyer, who might not have 20% set aside [...]
TOP 10 Frequently Asked Questions (FAQs) About Construction Loans
With the ever increasing price of real estate in Colorado for 2019, many future homeowners are priced out of the market in cities like Denver, Durango, Boulder, etc. They are forced out into the suburbs, or other areas, that were not on the the top of their dream list. Home affordability in the last few years has been almost non existent for the first time buyer, as they compete against cash offers, get into bidding ways, and otherwise pay a premium on a property, with all the equity eaten up on the buy side. What is a potential homeowner to do? With all of the resources and motivation to buy a home, they are getting a lot more savvy and creative. Construction loans are a great way to enter the home ownership arena, however it does take alot of time, grit, and understanding to make these loans work. However, [...]
Reverse Mortgage Process and Top Myths Explained
In this article we will discuss The process of Getting a Reverse Mortgage & Busting the Top Myths Associated with It. A reverse mortgage is a home equity loan that is offered to senior homeowners that are 62 years old or above. Rather than making monthly payments to the lender, the borrower receives mortgage payments in return for a part of their equity in the home. This gives seniors a running income at a time when they need it the most. Therefore, it is no surprise that a reverse mortgage has become known as a type of retirement planning for seniors that own a home. All such loans are insured by the FHA (Federal Housing Administration) and are found to be beneficial by people who: Do not wish to move from their current residence Have trouble affording the maintenance of their home and paying for insurance and taxes Want [...]
Colorado Living Articles
3 Reasons Why I Live In And Love LoHi Denver, COLORADO
When I moved from New York, I didn't want to lose my urban roots, so I automatically gravitated to a NY Style loft located in the Highlands area of Denver, CO. in a small neighborhood called LoHi. I just really appreciate an open-air floor plan with high ceilings, exposed duct work, and brick. A true city feel. The real estate in Highlands has been consistently appreciating since I moved to the neighborhood in 2009. There was literally no retail when I moved here then. A run down Kung-Fu Studio was where one of the best bars in the world is now, Williams &Graham, a renowned speakeasy serving specialty cocktails in a prohibition-era atmosphere with a secret entrance and alley exit. The multi-family developers have landed here in a huge way. Dickinson Plaza on 32nd Avenue, which housed the Laughing Latte Coffee Shop, Fat Jacks's Super Subs, and 420 Friendly [...]
Colorado Real Estate Market
Colorado’s Market Forecast Q4 2018 and Beyond
With mortgage rates in Colorado and nationwide at 7-year highs, many are wondering what is in store for the housing market in 2019 and beyond. We have all been spoiled with low interest rates since the refinance boom in the early 2000's. Many of us, myself included, entered this industry during that boom, and enjoyed the low rates up until 2007-2008, when the housing crisis dismantled everything, leading us into a recession. The non-QM market is booming The writing is already on the wall. The non-QM market is booming. Self-employed borrowers are finally getting the break that they wanted with easier qualifications, unlike the stated, no doc loans of the past, they are getting approved based on the strength of their income via bank statements. The 40-year mortgage is back, even 50-year mortgage, and interest only payments are being talked about during pre-approvals for new loan submissions. [...]
Denver Real Estate Market Update – April 2017
Are you looking to get into the Denver housing market? You’re not the only one. In an ultra-competitive market such as ours, a mortgage broker like myself can help you gain the advantage you need. The Denver real estate market continued its red-hot ways last month and there is no sign of a slow-down in sight. Per an article on Westword, an increasing number of people are flocking to the Denver area and buying homes. These people are all competing for the market’s supply, resulting in several bidding wars and plenty sold-above-asking deals. In fact, the article notes that demand is currently so high that agents are now putting “coming soon” signs on front lawns before the “for sale” signs go up. In March 2017 in particular, the number of homes sold in the Denver area increased by 36% from the previous month for a total of 4,347 units. [...]
Finance News and Articles
FHA Loan Rules for Borrowers after Filing Bankruptcy
The subprime mortgage industry collapsed in 2008, which also coincided with the crippling US recession. The recession triggered massive financial and economic repercussions felt by millions of Americans. Unemployment rate in the country doubled from five to a jaw-dropping ten percent. As a result, the total wealth or assets of an estimated 65 percent of Americans declined. Moreover, foreclosures and short sales skyrocketed, along with many people facing a bankruptcy. Also, keep in mind that non-business related foreclosures and bankruptcies reached an all time high in 2010. The number of foreclosures and bankruptcies reached more than 1.5 million. In the years since then, fortunately, the economy underwent improvement. More Americans are now getting back on their feet from a financial perspective. Why Bankruptcy and Foreclosure is No Longer an Impediment to Loans The good news is that bankruptcy and foreclosure are no longer the stigmatizing force they once were. [...]
Buying a Home to Use as a Rental Property: Benefits and Considerations
We have had numerous discussions with entrepreneurs and salaried individuals who concluded that they have to diversify their profits and income into more than merely a savings account. In case you are one of those people – you have to pay close attention. Although being an owner of a rental property is not as glamorous as it may seem, it is one of the most effective ways to accumulate wealth in the long run, in particular for the entrepreneurial-minded. There are many benefits and perks to owning a rental property, and one of the major attractions is that it provides an excellent source of regular passive income. For many property owners, the pride of ownership might be a big part of the allure as well. It could be rewarding to confidently and efficiently manage and make decisions about the property that you own. On the other hand, some might be [...]