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!

 

What Americans Love—and Hate—About Their Homes During Coronavirus, a REALTOR.com Survey

By  Clare Trapasso  |  Apr 27, 2020

There’s nothing like a pandemic forcing you to stay indoors to help you realize what’s really important in your living space.

 

As millions of Americans shelter in place, they’re realizing what they love—and what they desperately want to change—about their homes and neighborhoods.

 

The quality people valued most in their current living situation was being in a quiet neighborhood with outdoor space that’s near grocery stores and pharmacies, according to a realtor.com® survey of 1,300 homeowners and renters.

 

The survey was conducted during the week of April 5. About 13% of respondents ranked each of these characteristics highly.

 

“After more than a month of stay-at-home orders, it’s safe to say Americans are really getting to know what home features work and don’t work for their families,” realtor.com’s chief marketing officer, Nate Johnson, said in a statement.

 

That outdoor area in a quiet community can provide fresh air and a much-needed mental health break from those who have been cooped up at home for too long.

 

Ten percent of folks also appreciated having an updated kitchen, all the better for preparing meals at home when dining out is not an option. About 9% of participants liked their natural light, and 6% appreciated flexible spaces that can be used for crafting, gaming, or exercise.

 

What folks yearned for the most—but didn’t have—in their homes was more space. Hey, it’s hard to be quarantined with everyone on top of everyone else! About 19% of survey participants dreamed of additional square footage, while 13% wanted an updated kitchen and 11% wanted a home gym.

 

Updating the style of the home, wanting more natural light, and adding a yard or patio all ranked highly, with about 9% of participants each. An additional 6% hoped for an extra bathroom.

 

And since they’re stuck at home, many folks are making the best of it by finally getting around to their do-it-yourself lists. About 32% of those surveyed said they had started a home improvement project, and another 15% plan to embark on one.

 

“As we move forward, we expect the shelter-in-place experience to have a significant influence on home-buying trends and how buyers prioritize home features, neighborhoods, and home improvement projects” Johnson said in a statement.

 

The most common DIY project was finally getting around to cleaning out the closets or the garage, at 21% of participants. That was followed by gardening and planting, at 17%; painting, at 13%; redecorating a room, at 10%; and rearranging the furniture, at 9%.

 

In addition, folks were keen on adding artwork or decor to their homes, at 7%; adding a home gym or workout space, at 5%; and installing an office or work space, at 4%.

 

Clare Trapasso is the senior news editor of realtor.com and an adjunct journalism professor at the College of Mount Saint Vincent. She previously wrote for a Financial Times publication, the New York Daily News, and the Associated Press. She is also a licensed real estate agent. Contact her at clare.trapasso@realtor.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!

 

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

 

 


 

We Are All in This Together!

We are here for you

Here at Colorado Landmark, Realtors, we are actively keeping our finger on the economic pulse. 

Please call us at any time to ask questions and we will share any  information we have learned.  In the meantime, if you are thinking about buying or selling your home this year, here are some things you can do now to prepare:

 

1)    Please file your federal (and state) tax returns: the government has extended the filing deadline to July 15th, however you can still file your tax return, even if you’re not ready to pay your final 2019 tax bill.  You must have this complete for your pre-approval letters, but in general, procrastination is not useful, especially if you have a lot of time on your hands right now.

 

2)    If you have been thinking of selling, this is a great time to de-clutter and get your home ready! Check out our blog post about easy home updates you can do right now:

https://coloradolandmarkblog.com/easy-home-updates-you-can-do-now/

 

3.  If you are planning to purchase a new home, speak with a lender to get pre-approved.

 

4)    If you MUST buy or sell, we have a safe plan for you.  Please reach out and we will go over all the safety precautions that we have in place.

 

 

5) Stay safe: keep your immune system high, stay at home and when you head out, please follow social distancing protocols, wear a mask and wash your hands frequently, especially after returning to your house from shopping, etc.

 

 

We will get through this together!

 

 

Don’t Let Frightening Headlines Scare You

Don’t Let Frightening Headlines Scare You, from Gretchen Heine 

March 26, 2020

There’s a lot of anxiety right now regarding the corona virus pandemic. The health situation must be addressed quickly, and many are concerned about the impact on the economy as well.

Amidst all this anxiety, anyone with a megaphone – from the mainstream media to a lone blogger – has realized that bad news sells. Unfortunately, we will continue to see a rash of horrifying headlines over the next few months. Let’s make sure we aren’t paralyzed by a headline before we get the full story.

When it comes to the health issue, you should look to the Centers for Disease Control and Prevention (CDC) or the World Health Organization (WHO) for the most reliable information.

Finding reliable resources with information on the economic impact of the virus is more difficult. For this reason, it’s important to shed some light on the situation. There are already alarmist headlines starting to appear. Here are two such examples surfacing this week.


1. Goldman Sachs Forecasts the Largest Drop in GDP in Almost 100 Years

It sounds like Armageddon. Though the headline is true, it doesn’t reflect the full essence of the Goldman Sachs forecast. The projection is actually that we’ll have a tough first half of the year, but the economy will bounce back nicely in the second half; GDP will be up 12% in the third quarter and up another 10% in the fourth.

This aligns with research from John Burns Consulting involving pandemics, the economy, and home values. They concluded:

 

“Historical analysis showed us that pandemics are usually V-shaped (sharp recessions that recover quickly enough to provide little damage to home prices), and some very cutting-edge search engine analysis by our Information Management team showed the current slowdown is playing out similarly thus far.”
The economy will suffer for the next few months, but then it will recover. That’s certainly not Armageddon.

 

2. Fed President Predicts 30% Unemployment!

That  statement  was  made  by  James  Bullard, President of the Federal Reserve Bank of St. Louis. What Bullard actually said was it “could” reach 30%. But let’s look at what else he said in the same Bloomberg News interview:

 

“This is a planned, organized partial shutdown of the U.S. economy in the second quarter,” Bullard said. “The overall goal is to keep everyone, households and businesses, whole” with government support.

 

According  to  Bloomberg, he also went on to say:

 

“I would see the third quarter as a transitional quarter” with the fourth quarter and first quarter next year as “quite robust” as Americans make up for lost spending. “Those quarters might be boom quarters,” he said.

 

Again, Bullard agrees we will have a tough first half and rebound quickly.

Grethchen Heine | REALTOR

303.816.8390

Homes@GretchenHeine.com

2015: A Banner Year for CLR!

2015 was a banner year for luxury real estate at Colorado Landmark, Realtors!

Our agents closed on both the highest residential sale and the highest price per square foot sale in Boulder, proving that we are true “market makers”.

Updated Luxury Chart 12-21-15 light blue-page-001

 

Our clients appreciate Colorado Landmark’s one-on-one approach, designed to market each unique property skillfully for a seamless experience from beginning to end. That’s what luxury service is all about: establishing trust, matching qualified buyers with sellers, and removing the barriers to a successful transaction.

We are proud to be members of Leading Real Estate Companies of the World and Luxury Portfolio International, and look forward to another successful year in 2016 representing the best clients and most distinctive properties in Boulder.

Best wishes to all for a fantastic 2016!

LuxeTrends by Luxury Portfolio

We LOVE everything that has to do with the home – especially when it comes to the latest real estate trends, design concepts, luxury destinations and more. If you are anything like us, you’ll fall in love LuxeTrends, a gorgeous and wonderful 1luxury lifestyle e-newsletter created by Luxury Portfolio. Every 6 weeks, receive a FREE LuxeTrends newsletter right to your inbox. Learn about some of the best luxury products on the market, high-end fashion trends, interior design ideas and so much more! Interested? Sign-up to receive this free luxury e-newsletter by clicking HERE or give us a call so we can sign you up. We would love to connect you! With our affiliation with Luxury Portfolio, Leading RE’s beautiful luxury marketing division, our firm has access to its award-winning website, LuxuryPortfolio.com as well as a robust menu of marketing services, tools, advertising and partnerships all designed to showcase the luxury properties of all their member brokerages.

Take a look below to get a glimpse of the most recent LuxeTrends newsletter. Color of the year? MARSALA.

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