Ensure a successful closing day...

As a general rule, it has always been highly recommended for homebuyers to avoid doing anything that will affect thier credit during the home-buying process. Now, however, the rule is even more important as Fannie Mae has enacted the Loan Quality Initiative (LQI), effective June 1,2010. One of the initiatives of LQI requires mortage companies to ensure no additional debt has occurred prior to closing. Changes in finances could cause mortgage loans to be delayed or even denied, despite earlier approvals.
There are four main things you must avoid before closing on your new home.
1. Don't apply for new credit. Do not obtain new credit cards, a car loan or any other form of credit. New credit inquiries and new debt will appear on your credit reports. If the amounts of your monthly debts increase, your mortgage could be delayed or denied.
2. Don't charge up existing credit. It is common to want to purchase large items such as new furniture on credit or borrow money to help pay for repairs or improvements on your existing house if you are trying to sell. Regardless of the reason, new debt could result in a higher debt-to-income ratio.
3. Don't change jobs. A change in job status or income will require a mortgage company to re-verify job status and income, which could cause delays. Also, loss of income before closing will raise your debt to income possibly causing the loan to be denied.
4. Don't miss payments or incur excessive debt. Be sure to keep on top of your credit card bills, car loans and other bills. Keep your existing accounts well below your limits.

Avoiding these mistakes will help you prevent delays or disappointment and ensure a successful closing.

Lower Prices Have Put Steamboat Within Reach For New Buyers!

There has been an increase in activity in the Steamboat Springs market. Vacation properties in our world class ski resort are now in reach for new buyers. The lower prices are luring buyers to take the plunge on ski properties despite economic worries. Although some sellers have not lowered their list prices to meet buyers expectations. We estimate that the prices have fallen at least 20 to 30 percent since its peak in 2007 and land prices have dropped as much as 50 percent.
Many buyers are looking for a bargain and many sellers have some sort of distress element. The distress element is often divorce, death or debt, but two years into a grim economy the motivating factor for a price reduction can simply be time.
If buying a vacation home is part of your long term plan, it might be wise to accelerate your timetable to take advantage of low prices and historical low interest rates. Many buyers are now offered a chance to fulfil a dream.