Landmark Advantage Transitional HELOC Program

Ready to buy but need time to sell? Move on your terms with a Transitional HELOC.

When you work with Colorado Landmark Realtors, you get access to the Transitional Home Equity Line of Credit (HELOC) program from Elevations Credit Union, the No. 1 credit union mortgage lender in Colorado.


Access your home equity without rushing to sell.

With this customized short-term loan that’s similar to a Bridge Loan, you get access to the equity in your current home so you can make an offer on your next home — without rushing to sell. After your home is sold, the proceeds are applied to pay off your Transitional HELOC.


A Transitional HELOC is a flexible solution.

While Elevations tailors each loan to the buyer’s needs and best interest, consider a Transitional HELOC if:

 

  • Your money is tied up in the equity of your current home.
    Fund the down payment or mortgage payments for your next home with a Transitional HELOC — a great option in Colorado where properties are in high demand.

 

  • You need to renovate your current home.
    Move out before your home becomes a construction zone so you can boost your home’s value and get ready to sell.

 


*Offers of credit are subject to credit approval. Available equity is dependent upon the difference between your current home value and your current mortgage balance(s) to include all loans that are secured by your current home.


 

The Saul Team, Featured in Real Producers Magazine

Check out this fantastic article about the background and passion for real estate of Lynn Saul, Jordan Saul-Peterson and Kaylyn Thueson of The Saul Team out of CLR Louisville, by Ashley Sowell of Real Producers Magazine.

These women are doing some incredible things and have beautiful families and stories to share. Read the full magazine and article starting on page 12 here.


To Refinance or Not, That is the Question…

by Aaron Staufer

Elevations Credit Union

NMLS: 501268 | LMB: 717246

 

     No doubt you’ve been seeing commercials on TV or hearing radio spots advertising rates that seemingly can’t exist and you’re wise to be a bit skeptical. At the end of the commercial you’ll undoubtedly see a screen of text in .2 font that can hardly be read. So how do you know when it makes sense to refinance and what should you look out for? I’m taking a bit of time to hit the high points…

 

     One of the first things I ask a member when we start the refinance conversation is, “how long do you plan on being in the property for?” and the second question I ask is, “what do you intend to do with the property once you move out?”

Refinances always have closing costs, sometimes they are rolled into the loan amount and sometimes they are wrapped into a higher rate, but rest assured they always exist. If somebody is only going to be in the house for a year or two and they are planning on selling after that time, refinances rarely make sense. The longer that you have the loan, the longer you’ll benefit from reducing the rate or term. So if you’re thinking about moving soon and you don’t have interest in being a landlord then you’ll want to think long and hard before paying the costs associated with a refinance.

 

     Another important variable is to consider how much you owe. Closing costs on a refinance are fairly static. The difference in closing costs for a $100,000 mortgage and a $500,000 mortgage are typically only a couple hundred dollars. But somebody with a $100,000 mortgage is going to save 1/5th the amount of somebody with a $500,000 mortgage. Since the costs are almost identical in both scenarios the larger mortgage is going break even with costs in far less time. If you don’t owe a lot expect your break even point to be quite a bit higher. Owing less money is a great problem to have but it can pose a problem when it comes to refinancing.

 

     Make sure when you’re hearing about refinances that you keep an eye on a few things.

 

1) The term of the loan. I see commercials all the time and my poor wife has to listen to me rant and rave every time one comes on TV because you’ll hear them advertising, “2.5% with no points!” but if you read the fine print you’ll see the rate that’s being advertised is for a 15 year mortgage. It’s not that 15 year mortgages are bad (I love 15 year mortgages) but if your goal is to reduce your payment there’s a good chance that loan will not accomplish your objective.

 

2) The costs associated with the rate that’s being offered. Points are a bit confusing but in short 1 point (also known as discount points) is 1% of your loan amount. Points are the cost (or credit) associated with the rate that’s being advertised. You can pay higher costs (points) and obtain a lower rate. It’s extremely common for lenders to advertise rates with points being paid. Keep an eye on the costs associated with the refinance and as your lender for a “no point option” for comparison sake. A loan officers’ job is to present options, not to decide for you.

 

3) The program they are advertising. Another common ploy lenders will use is they will advertise programs that are seldom used because they have a lower interest rate. The next time you see one of those commercials on TV see if the letters “FHA” show up anywhere. If so, the program that’s being advertised is a Government loan that has a multitude of potential down sides. Just as 15 year mortgages aren’t bad nor are FHA loans. They have their place in the world and can be quite helpful for the right situation. But if you have good credit or 20% or more equity in your house then FHA is not a program we’d typically explore. It has higher costs both up front (known as up front mortgage insurance) as well as on a monthly basis (monthly mortgage insurance). While they may come with a lower rate the potentially higher upfront and monthly costs usually outweigh the benefit.

 

     If you’re going to have the loan for an extended period of time and you can recoup the costs associated in short order (I usually hope for 18 months or less though it does depend case by case) then a refinance may very well make sense. Keep an eye out for misleading advertising and make sure you’re working with a  reputable lender.

 

Ask for a Loan Estimate or Closing Cost Worksheet to ensure you’re getting a full break down of the costs associated and make sure to read the fine print!

 

America’s Best for Colorado – CLR Winners!

A HUGE congratulations is in order for our agents who are listed on the 2020 Real Trends “America’s Best” for Colorado!

 

Marybeth Emerson – #29 Individual Sales Volume & Number 1 in Boulder!

 

Kim Thompson Group – #27 Small Team Sales Volume & Number 4 in Boulder!

 

 

The DRF Team – #79 Small Team Sales Volume & Number 8 in Boulder!

 

A big round of applause for these women and their hard working teams!

 

Check out the full list of winners here!

 

Congratulations to Colorado Landmark’s 2020 5 Star Professional Award Winners!

It is our great pleasure to to announce the four incredible agents that have worked so hard and have been honored with this years 5 Star Professional Award and Rising Star Award! These agents have been recognized by their clients for professional excellence and outstanding service.

 

Congratulations to Maria Scroggs, Jennifer Fly and David Scott for earning The 5 Star Professional Award and to Phil Booth for receiving The Rising Star Award. Way to go team! Give yourselves a well deserved pat on the back!

 

 

Maria Scroggs

REALTOR

303-345-3359

MariaScroggs@gmail.com

 

 

 

Jennifer Fly

REALTOR

303-506-0253

JenniferFly@ColoradoLandmark.com

 

 

 

David Scott

REALTOR

303-588-8358

DWScott@ColoradoLandmark.com

 

 

 

Phil Booth

REALTOR

303-817-8307

Phil@ColoradoLandmark.com

 

 

Safe Showing Update

On Sunday, April 26th, Boulder County released an update to their stay at home order, which is currently in effect until May 8th, allowing in-person showings.  (Open houses are NOT permitted.)  While we are thrilled to be able to serve our clients in this way again, we take the safety of our agents, our clients and our community very seriously.

 

Here are the steps we are taking to make sure our showings are as safe as possible:

 

Prior to approving any showings, we are asking buyers to thoroughly review photographs, virtual tours, floor plans, videos and property disclosures. and if possible, drive through the neighborhood.

 

Buyers must also be pre-approved for mortgage financing through a reputable lender, or provide proof of funds.

 

We provide a COVID-19 Disclosure and Release Agreement for both buyers and sellers to review and sign, confirming that no parties are experiencing any symptoms of COVID-19 or have knowingly been exposed.  These steps ensure that only serious buyers who are ready, willing and able to purchase the home are approved for showings.

 

Seller or listing broker will prepare the house for showing by turning the lights on, clearing paths,  opening closet doors, and removing all valuables.

 

Masks, gloves, booties, hand sanitizer and disinfectant wipes (if available) will be made available by the front door of all listings.

 

If home is occupied, the Seller is also instructed to disinfect surfaces of home after showings have taken place.

 

No overlapping showings allowed.  A maximum of three people can attend showings, and buyers should whenever possible leave children at home.  All people entering the property must wear masks, gloves and booties, leave lights on and refrain from touching anything other than doorknobs and handrails if necessary.

 

Anyone entering the property must adhere to the safe distancing guidelines, and any discussion regarding the property should take place following social distancing rules (6’ or greater) after leaving the property, or over via electronic means.

 

Together we can work to keep everyone safe while still providing our world-class service to our buyers and sellers. If you have questions about how we can help you buy or sell a home during this time, please reach out!

 

We are here for you!

 

Boulder County Updates Stay at Home Order to Allow In-Person Showings

Boulder County that has issued guidance regarding the extended Stay at Home order (which currently extends through May 8th), to allow Real Estate Showings.

Real Estate Showings: In-person real estate showings are permitted under the following conditions:

Appointment only (no open houses)
Masks required for all participants
Number of in-person participants limited to the greatest extent possible with participation by children strongly discouraged
Social Distancing Requirements are met at all times

This is great news for our buyer and seller clients who need to buy or sell during this time. Colorado Landmark has worked diligently to create safe showing protocols to protect our clients and the community, and we are thrilled that this order allows us to continue to do our jobs and serve our clients.

More information on the order can be found HERE.

For more information on the steps Colorado Landmark, Realtors is taking to ensure the safety of our clients and community, please contact us at 303-443-3377 or www.coloradolandmark.com.

COVID-19 and Real Estate Update

COVID-19 and Real Estate Update

by Brett Sawyer

 

 

Friends, clients, and colleagues from across the country and around the globe have been reaching out to me asking about the state of real estate in the Boulder/Denver Metro area.  We know that different states are under a wide range of guidelines for this industry that is poised to lead our economy back out of this recession.

 

It’s been a roller-coaster few weeks given the initial “stay at home” order issued by Gov. Polis did not include real estate as an essential business.  This put thousands of home buyers, home sellers, and active transactions in jeopardy of failure and  financial distress.  Fortunately, with the help of the Colorado Association of Realtors (CAR), that order was revised within 24 hours.

 

NAR, CAR, DMAR, BARA and most all of the Realtor boards were quick to issue guidelines to their members for safe and sanitary practices for showings, and focused on homes that were currently on the market, while also being sensitive to buyers who still needed to buy, and sellers who still needed to sell.

 

A couple of weeks ago we were gut-punched via an opinion from the Colorado Attorney General’s office limiting real estate services solely to appraisals and Closings.  No showings, no inspections, no photographers.  Through the combined efforts of the Realtor community; the title insurance industry; the mortgage industry; and the home inspector industry we were able to demonstrate to the governor’s office, as well as the AG’s office, the dire unintended consequences that ruling would have on the personal and financial safety of people who needed (not just merely wanted) to buy or sell a home.

 

After four days of negotiations we saw some movement, and finally this week we were advised that effective April 27th we can again show homes.  It’s important to keep in mind that responsible Realtors are not conducting Open House events; and are showing homes under very strict guidelines requiring masks, gloves, and social distancing.  We are united in our goal to keep our buyers, sellers, and necessary ancillary businesses involved in real estate transactions safe!

 


Brett Sawyer

Broker Associate | REALTOR

Brett@ColoradoLandmark.com

303-517-4147

 


 

Certified Hard at Work!

Check out these agent all-stars that have been working hard on certifications and received awards while staying at home!


Deborah Read Fowler  has taken the time to complete and pass her GREEN Certification, Approved by the American National Association of Realtors (NAR) and used to indicate the level of environmental friendliness for real estate properties. The course curriculum includes sustainable building practices, marketing, and rating systems.

 

She has also completed her HSE (Home Staging Expert) Certificate. Way to go Deb, you have been a busy bee!


 

Shannon Andrews-Palo has been working on her Graduate, Realtor Institute (GRI) Designation. This course helps real estate agents increase their knowledge and skills in a broad array of technical subjects with additional focus on the fundamentals of real estate.

 

 

 


 

Stimulating our brains and keeping current, the Colorado Landmark way! 

Home Sales Are Still Up!

Showings are down starting in March, as you can see, due to physical distancing and safety precautions; but home sales are still up and title companies are busy!

 

We have had to become more creative in how we show and list homes. Virtual home tours have been our most effective, main creative platform.

 

Check out some of our most recent tours from CLR’s Candace Loving and 3rd Eye View Productions working with Marley Gagnon, to bring you high quality 3D virtual home tours from Matterport. If you have virtual reality goggles, you can even jump on and feel like your really in the living room or kitchen of your future home!

 


6030 Red Hill Road, Boulder

https://my.matterport.com/show/?m=ohSB8r2oc4

5 Beds | 5 Baths | 5553 Sq. Ft.

 

Listed by: Kim Thompson

303-641-2049

Kim@KimThompsonGroup.com

 


3850 Broadway Street #19, Boulder 

my.matterport.com/show/?m=EwbDki7mtA3

4 Beds | 3 Baths | 2132 Sq. Ft.

 

Listed by: Kim Thompson

303-641-2046

Kim@KimThompsonGroup.com


 

47 Chieftain Court, Lyons 

my.matterport.com/show/?m=anuZnFQobDJ 

3 Beds | 3 Baths | 2515 Sq. Ft.

 

Listed by: Joni Renee

720-365-7302

Joni@JoniReneeRealty.com

 


745 Highland Avenue, Boulder 

my.matterport.com/show/?m=NjHHgGAD28t&brand=0

5 Beds | 5 Baths | 4518 Sq. Ft.

 

Listed by: Candace Loving 

303-332-4530

CandaceLoving@gmail.com