22 Jun

5 Things to Do When Buying in a Seller’s Market

When you’re buying a home in a seller’s market put yourself in the mindset of a contestant on an episode of the Amazing Race. Success depends on being resourceful, keeping a positive attitude, and managing your resources.

Thankfully, Rocky Mountain Law Enforcement Federal Credit Union can offer their members competitive rates and advice in the form of these five MUSTs before you start looking on Zillow, Redfin or your favorite local realtor’ website.

  1. Get your financing in order.

    In short, pay down your debts, have money earmarked for a down payment and check your credit report so there are no surprises.

    1. Pay Down Debts – Pay the most expensive first. This is the bill with the highest interest rate. Consider moving your balance from one credit card to another with a 0% interest rate, but be faithful with your payments before the 0% offer expires.
    2. Down Payment – Aim for 10-20% of the purchase price.
    3. Credit Report – Order your free one here. Get all three at once. Check for late payments and make sure they are not erroneous, especially recent late payments. If your name is common, make sure that the address noted is correct. If you see something that shouldn’t be there, call the creditor whose name appears alongside the disputed information.
  1. Get a low interest loan.

Here’s where Rocky Mountain Law Enforcement Federal Credit Union can help. From now until the end of June we can offer 125%* for 30 year and 3.25%* for 15 year loans. There’s no requirement for private mortgage insurance and we’re offering extremely low origination fees of 0.5%.

  1. Be willing to look in different areas and during the weekday.

If there’s a great house out there but you’re only able to view it on the weekends, you might lose out. Buying in a seller’s market means meeting the realtor at the first opportunity. Having a manageable commute is important, but be willing to look for homes in areas you haven’t considered. Arvada and Lakewood are our picks if you want to live closer to the mountains.

  1. Be flexible with the closing date!

Summer and Fall are busy and maybe you have dates in mind that would be less than ideal for moving. Sorry to say, you need to make it work for the seller when you’re buying in a seller’s market. What matters most ultimately is the price you end up paying – and getting a home that works for you. Don’t get hung up on dates.

  1. Shorten your lists of must haves.

You may think you have to have air conditioning, but a swamp cooler can do just fine in this area of the country. Be open to a corner lot, replace the kitchen cabinets yourself, and don’t get stuck on the existing paint colors. Certain characteristics are non-negotiable: school districts, number of bedrooms for each child (bunking brother and sister together for the “perfect house” is not recommended). Save your long list of must haves for a buyer’s market that will eventually happen. If anyone has any guesses of when, let us know.

Buying in a seller’s market is difficult, but not impossible. Stay tuned for more home buying advice from RMLEFCU.

*Annual Percentage Rate. With approved credit. Some restrictions may apply. Applications must be submitted by June 30th, 2016 to qualify for the promotional rate and origination discount.

22 Apr

Colorado Home Prices Rising at Fastest Rate in the Country

How to use a Home Equity Line of Credit HELOCAccording to the Denver Post who referenced a report from CoreLogic, a firm that tracks housing trends, home prices in Denver rose by 9.8% year over year in February. This home-price appreciation rate is currently the highest in the United States. The average sold home price in metro Denver is around $354,000 in March 2015. It was around $344,000 in February 2015 and was around $311,000 in February 2014.

RMLEFCU is offering Mortgage Loans at 4% APR* with no mortgage insurance and ½% origination fee for RMLEFCU members. If you are trying to buy a home, please contact a RMLEFCU representative.

That’s great, but you already own a home and you don’t plan on selling anytime soon. So what does this mean for you?

How to take advantage of low interest rates and the increased value of your home. Read More

02 Mar

Put Your Home’s Equity to Work with a RMLEFCU HELOC

How to use a Home Equity Line of Credit HELOCRMLEFCU would like you to put your home equity line of credit (HELOC) to work! HELOC’s are a great way to consolidate debt, pay for college, or make home improvements. RMLEFCU even has the convenience of making your home equity line of credit available with a visa card, perfect for emergencies or long-term projects. Not sure about all the details concerning home equity? Read on to learn more!

Read More

19 Feb

5 Tips for the First Time Homebuyer

So you’re ready to buy a house for the first time! It’s exciting, it’s groundbreaking, it’s a huge step forward…and it’s also a long, stressful process with a lot of opportunity for mistakes. We have five tips for a first time home buyer that should help you find your perfect home and mortgage. (*fun fact* mortgage translates literally to death pledge.)

5 tips for the first time home buyer credit union1.) First things first, make a list that includes your absolute needs, your “really wants”, and your “won’t haves”. The priority of the list is completely up to you. Maybe having a double vanity in the master bathroom is more important to you than living in a neighborhood with low property taxes. There’s no right or wrong formula for what’s necessary for your home: it’s what is right for you! Once you’ve made the list, stick to it. A house with perfect hardwood floors is not going to make up for the long work commute that was on the top of your “won’t have” list.

2.) Organize your documents. This may seem like a no-brainer, or even a minor step in the home buying process. We’re here to tell you it’s an absolute must to get this done ahead of time. There’s hardly anything more stress inducing than choosing a home and applying for a mortgage and realizing that you have fifteen different documents you need to round up by the morning. Sheyna Steiner for bankrate.com warns that most mortgage lenders will require “two recent paystubs, the previous two years’ W-2s, tax returns and the last two months of bank statements — every page, even the blank ones.” Not only does doing this early save time, but it’s an essential step in preparing your budget, which just so happens to be our next tip.

Read More

13 Sep

Using a Home Equity Line of Credit to Pay Off Debt

Attention: Please read this article until the end. 

Pay off debts with HELOC Rocky Mountain Law Enforcement Federal Credit UnionA Home Equity Line of Credit, or HELOC as we will refer to it, is an amount of credit that we extend to a homeowner based on their credit history and the value of their home. A HELOC differs from a mortgage in that you will only pay interest on the money you draw from your line of credit. For example, if you accept a HELOC of $10,000 and never draw from it, you will not have to pay any interest. If you choose to take $5,000 from your HELOC, that you will pay back $5,000 with interest.

Wait, wait, wait. I know what you you’re thinking. Whoever, is writing this article must be taking advantage of the recent legalization of a certain green substance in Colorado. How can you pay off debt, by taking on more debt? Great catch.

The advantages of getting a HELOC is that by using your home as collateral, you will receive a considerably lower interest rate than with the credit card where your debt is now. At the time of this writing we are offering a HELOC with amazingly low rates based on the prime rate plus 0 points (based on current Loan to Value (LTV) and your credit history.) At 3.25% (as of 9/12/14) that is insanely low! What is the interest rate on your credit card? 20%? 25%? 30%? More?! Even our Visa Platinum Select without rewards credit card is 6.75% which is still double the rate of a HELOC.

By using a HELOC to pay off debts with higher interest rates, you can save a lot of money in interest, and pay off your debts faster. To make things even more convenient, we offer the HELOC on a Visa card so you have access to it on the go. No waiting for a check and no waiting for approval.

IMPORTANT! DO NOT STOP READING.

The dangers of using a HELOC to pay off debts.

A Home Equity Line of Credit is an extremely powerful privilege. And like any powerful privilege such as yielding the Excalibur,captaining the Starship Enterprise, or having the power to read minds, a HELOC requires great self-control and responsibility. Read More

22 Aug

What is a HELOC and How Can I Use It?

HELOC from RMLEFCU Denver, COHELOC is an acronym for Home Equity Line Of Credit. A HELOC is a loan set up as a line of credit rather than for a fixed dollar amount. For example, if you get a HELOC for $100,000 but only use $10,000 of it, you will only be responsible for paying interest on the $10,000, not necessarily your full line of credit. This is opposed to a traditional home equity loan where for example, if you take out a $100,000 loan you are responsible for paying interest on the entire $100,000.

In the Denver area, home values have risen considerably over the past few years. The supply of homes is not keeping up with the demand, which is driving home values higher and higher. Your home could be worth more than ever! This makes today’s economic climate an attractive time to consider using a HELOC for home improvements, college expenses, an emergency fund, and more. Currently, we are offering amazingly low rates based on the prime rate plus 0 points (based on current Loan to Value (LTV) and your credit history.) We even offer a convenient and easy way of accessing your Home Equity Line of Credit by giving you a HELOC Visa card. Learn more by calling 303-458-6660.

Here are 4 great reasons to take advantage of a HELOC:

Read More

20 May

How to Prepare for a First Mortgage Loan

First Mortgage Loans at Rocky Mountain Law Enforcement Federal Credit UnionFirst mortgage loans are currently still hovering at historic lows. By taking advantage of these low rates you could conceivably save a lot of money over the course of your mortgage with a fixed-rate loan. We’re not suggesting you over extend yourself and buy a home if you are not ready, however if you are in the market for your first home, now is a great time to get a first mortgage loan from RMLEFCU. As of the date this post was published, we are offering 30-year mortgages at 4.50% and as low as 3.625% APR*

So what should you do to prepare yourself for your first mortgage loan? Below are a few tips to help you get ready for one of life’s largest investments! Read More

27 Mar

Advice for the First Time Home Buyer

RMLEFCU Home LoansBuying a home is exciting! Well, at least finding a home is…

At RMLEFCU we are trying to help all of our first time homebuyers get the home of their dreams in any way we can. This article is designed to give you a few tips regarding the home buying process. If you ever have any questions concerning the loan process we strongly urge you to contact one of our mortgage specialists. This leads us to our first piece of advice, get pre-approved!

  1. Get Preapproved – This initial consultation and preapproval process will save you lots of headaches down the road and help you determine how much house you can afford. Getting preapproved is easy and essential for a first time homebuyer. Once you have determined a budget, start looking for your new home! Bonus Tip: Another advantage to getting preapproved is how quickly you will get the money to secure the home and get it under contract. Currently in the Denver market, homes are selling quickly. So do the best you can to be prepared. Click here to learn more about  the RMLEFCU loan processRead More