Tag: budgeting

Tips For Shopping For a LoanTips For Shopping For a Loan

  • Know what you can afford.  Don’t start looking online for a home before you get preapproved.  Just because you get preapproved for a loan it doesn’t mean that monthly payment will work for you.  Look at your debts, future bills and plan.

  • Get advice from trusted sources.  Ask your friends who they used to get a loan.  Talk to your realtor.

  • Understand loans and fees.  Not all loans are the same.

  • Shop Around.  Ask questions of your potential lender.  What if I pay for appraisal and my loan doesn’t go thru, did I just lose that money?  How long will it take to close?  How much are closing fees for loan?  Will I need money for a down payment?

I’m here to help! Carrie Summers ~Colorado Ranch & Home Realty 970-759-2540

Cost of Living in Mancos vs. DurangoCost of Living in Mancos vs. Durango

Mancos, nestled in between Durango and Mesa Verde National Park has a wonderful small town atmosphere.  From art galleries, breweries, a revitalized downtown, and endless supply of outdoor fun, Mancos is a great place to live.  If you are thinking of moving here, it’s essential to know the cost of living.  Cost of living includes all the necessities like cost of transportation, housing, food and utilities. Knowing the cost of these basic items can help you decide how much you can expect to spend on a monthly basis, and how much you’ll need to earn in order to live a good lifestyle.

Mancos housing costs are 48.8% lower than in Durango and it’s only 30 minutes away.  That is huge when you are looking to move.  The median home cost for a home in the Mancos (81328) zip code is $326,400 vs Durango it’s $470,800!  Your money goes a lot farther in Mancos!

Right now with 30 year fixed loans hovering around 3% and 15 year at 2.5%, now is a great time to move!

What makes Mancos magical?  The people.  We are an eclectic group of young farmers, ranchers, artists  and young families who want a slower pace and wide open spaces.  The town of Mancos now has about 1600 people, one stoplight, a grocery store, natural food store, several excellent restaurants, brewery, and an excellent school Pre K-12.

Let me help you fall in love with Mancos!

Are you ready to sell your home?Are you ready to sell your home?

Should I sell my house?  If you have been asking yourself this questions, I’ve got great news.  It’s a great market for sellers.  There are a shortage of homes on the market which drives home prices up.
Here’s some things to ask yourself.
1.  Are you emotionally ready to sell your home?  Are you ready to put in the work to get your home ready for sale?  Yes, it’s a big chore and I can help you declutter and make that first impression a good one.  Are you ready the reasons potential buyers don’t like your home?  Are you ready to leave those memories created in the home?
2.  Do you have equity in your home?  You need to know what your home is worth.  Look at your mortgage statement balance and call me for a Comparative Market Analysis (CMA).  With these two things I can help you determine your equity.    Do you owe more on your home than it’s worth?  Probably not since the last several years home values have been rising and that means you are building equity.
3.  So how much equity do I need?  You want to have enough equity to pay off your current mortgage with enough left over to provide a 20% down payment on your next home.  Having this 20% will help you keep your next private mortgage insurance (PMI) down.
4.  Are you out of debt and have cash in the bank?  This is super important that you have money to pay for emergencies.  So how much?  You should have at least 3 months of expenses saved up.  Need help working on a budget or figuring this out?  Call me.
5.  Does your current home fit your lifestyle?  Is it too small for your family or too far away from the school?  Do you really want to spend all your time shuffling kids around?  Maybe your home is too big, now the kids are out of the house or there are just too many stairs.
These are really important things to consider.  I’m here to be your trusted advisor.  Call me, Carrie Summers and lets talk.  970-759-2540

Tip for the New Year: Start with making a BudgetTip for the New Year: Start with making a Budget

Now is the time to start the New Year off  right with a budget.
A budget is a personal or household itemized summary of expected income and expenses for a defined period of time, usually one month.  While you might think of  a “budget” negatively,  just like a diet, a budget should really mean more efficient spending.  A budget will show you how much money you expect to bring in against all of your expenditures from the required expenses like house payments, electricity, groceries, and entertainment.

How to Make a Budget

  • Gather every financial statement you can. This includes bank statements, investment accounts, recent utility bills, and any information regarding a source of income or expense. One of the keys in the budget-making process is to create a monthly average, so the more information you can dig up the better.
  •  Record all of your sources of income. If you are self-employed or have any outside sources of income, be sure to record these as well. If your income is in the form of a regular paycheck, use the net that you bring home after taxes.
  • Create a list of monthly expenses. Write down a list of all the expected expenses you plan on incurring over the course of a month. This includes a mortgage payment, car payments, auto insurance, trash, groceries, gas, utilities, child care, entertainment, student loans, basically everything you spend money on.  Make sure you put in a misc expense.
  •  Total your monthly income and monthly expenses. If your end result shows more income than expenses, you are off to a good start.  However, if you are showing a higher expense column than income, some changes will need to be made.  If you are in a situation where expenses are higher than income, you should look at your expenses to find areas to cut. Can you shop more efficiently for groceries? Are you throwing away food that is never eaten?  Are you eating out alot?  Are you buying coffee at the coffee house each day? Can any of these expenses be minimized?
  • Review your budget monthly.  Do any of the expenses or income need to be adjusted?  Can I pay off my debt a little faster?  For example, just paying a few extra dollars on your mortgage payment and specifying it goes directly to principal can save you tons!
  • Seek help.  I’d be happy to sit down with you and help you for free.  I’m here to hopefully make your life a little easier.