Kelli Lanphere
December 2021
"The future belongs to those who believe in the beauty of their dreams." Eleanor Roosevelt

Understanding Your Appraisal
What you think your home is worth may not be what your lender thinks your home is worth. Rather, what the appraiser tells your lender what it’s worth. The final word comes straight from the appraisal, not the lender. The lender simply reports to you what the appraiser determined. Here’s how to interpret how the appraiser arrived at the value that it did. You can get the final appraised value but it’s also important to know how the final value turned out the way it did.
      First, there are different types of appraisals. There’s a desk appraisal, a drive-by and a full appraisal. The determination of which appraisal your lender uses is a result of what’s required on the electronic
Mortgage Rates
U.S. averages as of December 2021:

30 yr. fixed: 3.1%
15 yr. fixed: 2.42%
5/1 yr. adj: 2.47%

“findings” various automated underwriting systems say. A desk appraisal is one where the appraiser goes online and looks at public records showing recent sales of similar properties in
Wondering What Your Home Is Worth in Today's Market?

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Can You Use Home Equity to Buy Another Property?
     When you have equity in your home, you can tap into that and, if you’re strategic, use it as a way to build long-term wealth.
      There are a lot of ways you can capture equity to build wealth. For example, you can pay off higher-interest debt or make home improvements that ultimately increase the value of your house. You can start a business or you can even invest in the stock market where returns might be significantly more than the interest you pay on your loan.
      Another question people commonly have is whether or not they can use their home’s equity to purchase another property, which we discuss below.
      Can You Use a Home Equity Loan to Buy a House? In short, yes. You can use a

Buying a Home as an Unmarried Couple: What to Know
     It’s increasingly common for people to live together but not be married. For example, in the past 20 years, the number of unmarried couples living together has almost tripled. You might be planning to wait to get married, or maybe you’re not going to at all, but what if you want to buy a home together?
      It’s possible to buy a home as an unmarried couple, but it can be a little more complex than it is for a married couple.  
      The following are some considerations to proactively think about before you start the process.
      Who’s Going To Apply for the Mortgage? When you aren’t married, but you want to buy a home together, one of the first things you’ll have to think about is who’s applying for the mortgage. The person in the relationship who has the strongest financial history is the one who needs to do it in almost all

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Deferred Maintenance: What You Need to Know
     We’ve talked a lot lately about appraisals but what we haven’t mentioned is an observation the appraiser makes when performing an on-site property inspection. This observation is explicitly deemed, “Deferred Maintenance” and if it’s so noted on your appraisal report, it can stop your loan application dead in its tracks. What is it and why is it so important?
      Technically it means there are things wrong with the house and in need of repair, but the owners have yet to fix them. To a lender, it can stop the entire loan approval process until the issues are addressed and resolved. What are some of these items? 
      Cracked or broken windows. Lawns that have not been taken care of and full of weeds. Carpets severely stained. Sidewalks with multiple cracks and sagging porch decks. The appraiser will note all these things on the report. The sellers of such a property knows these things and can adjust the sales price to reflect the needed repairs. While this can certainly be a strategy by reducing the sales price of the home by an approximate amount the repairs would cost, a lender won’t issue funds until

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Kelli Lanphere, RE/MAX Circle of Legends RE/MAX Hall of Fame Certified Luxury Home Marketing Specialist CRS
Direct: (303) 322-2210
RE/MAX of Cherry Creek Inc.
(303) 320-1556 x 4578
100 Jackson Street
Denver, CO 80206

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