Colorado Springs Vintage Homes Blog
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Archive for January 21st, 2009
Marriage and Mortgages FAQ’s
Colorado Springs Vintage Homes is happy to feature a great article by
Harry Venik with Adams Mortgage, LLC
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- Pre-Qualification or Pre-Approval, which do you need to buy a home?
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- Colorado Springs Mortgages — tips for consumers on points
Marriage and Mortgages FAQs
Q: Could one spouse’s bad credit negatively affect the other?
A: If a couple is applying for credit jointly, say for a loan or credit card, then yes. One person’s lower score can negatively impact the interest rate the couple will be offered. This is because every borrower has three credit scores, and lenders use the lowest “middle” credit score of the two borrowers. We have seen many situations in the past in which one borrower was dropped from the application – but only if the lower score belongs to a non-working spouse. This can create a serious issue, however, if the income is needed in order to qualify.
Q: Can one spouse’s low score negatively Read the rest of this entry »
Abandoned Coal Mines Cause Problems
Did you know that a large portion of Colorado Springs
was used for coal mining from the late 1800’s to the 1950’s?
It was mainly done in the area around the Colorado Springs Country Club northwest to Rockrimmon.
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Coal has a long history in Colorado and it is currently used to supply approximately 71% of Colorado’s electricity needs.
Federal and State law were enacted in 1977 that require potential surface subsidence to be taken into account in mining plans. But prior to that time, the effect of mining on the surface was not fully considered. Consequently many homes were built over these Read the rest of this entry »
