Colorado Springs Vintage Homes Blog
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7 ways to avoid identity theft
1 in 10 will be the victim of ID theft this year
Identity theft is one of the fastest growing crimes in Colorado and in the US.
Must Read Posts:
- Credit score explanation
- Pre-Qualification or Pre-Approval, which do you need to buy a home?
- Why do I have to pay mortgage insurance?
- 26 criteria used to determine interest rates
Here’s my top 7 tips to avoid identity theft
-
Mail: Have it delivered to/from the post office. Don’t have mail delivered to your home mailbox; especially if it is unsecured
- Social Security number: Never carry your social security card with you. Be very cautious about giving it out.
- Receipts: Take all your ATM and gas receipts with you. Don’t leave them at the gas station or at the ATM machine.
- Statements and credit card solicitations: Don’t just throw them away, shred them.
- Bar codes: Remove the bar codes from magazine and shred them.
- Credit report: Monitor your report on an annual basis at www.annualcreditreport.com
- Electronic Keypad signatures: Put the date at the end of your signature when you are signing on an Electronic keypad. (This will keep your signature from being stolen and used again.)
Remember, Knowledge is Power
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To find out more information about buying or renting a home in Colorado Springs or Manitou Springs, call ….
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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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 »
Buying a Home in Colorado Springs, manage your most valuable asset! Part VI
Colorado Springs Vintage Homes is happy to feature a great article
on Managing Your Credit Score – Part VI
Anza Goodbar, President of Clearview Mortgage 
Previous Posts by Anza:
- Tips for Colorado Springs Consumers – what is identify theft?
- Want to buy a home in Colorado Springs, manage your most valuable asset!
- Buying a Home in Colorado Springs, manage your most valuable asset! Part II
- Buying a Home in Colorado Springs, manage your most valuable asset! Part III
- Buying a Home in Colorado Springs, manage your most valuable asset! Part IV
- Buying a Home in Colorado Springs, manage your most valuable asset! Part V
Now that you understand the individual components of your credit score and how they factor into your total score, let’s talk about what you can do to increase your score.
How to build your credit score:
You may be young and just starting to build a credit history, you may have been married and all of the credit history was in your husband’s name or you may have experienced difficulties in your past that have caused blemishes on your credit report.
The first step is to pull a tri-merged report to verify it is accurate. For this example, let’s say everything reporting is correct. You may not have a score because you have not applied for credit in the past. It may be difficult for you to obtain credit Read the rest of this entry »
What are closing costs?
Closing cost explanation
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
When buying real estate in Colorado Springs, the closing is the last step. It is the process of passing ownership of property from seller to buyer. As a buyer, you should be familiar with these costs that are both mortgage-related and government imposed. Here are some common fees:
Appraisal Fee: This fee pays for the appraisal of the property. You may already have paid this fee at the 
beginning of your loan application process.
Credit Report Fee: This fee covers the cost of the credit report requested by the lender. This too may already have been paid when you applied for your loan.
Loan Origination Fee: This fee covers the lender’s loan-processing costs. The fee is typically one percent of the total mortgage, but varies from lender to lender.
Title Insurance Fees: These fees generally include costs for the title search, title examination, title insurance, document preparation and other miscellaneous title fees.
PMI Premium: If you buy a home with a low down payment, a lender usually requires that you pay a fee for mortgage insurance. This fee protects the lender against loss due to foreclosure. Once a new owner has 20 percent equity in their home, however, he or she can normally apply to eliminate this insurance.
Prepaid Interest Fee: This fee covers the interest payment from the date you purchases the home to the date of your first mortgage payment. Generally, if you buy a home early in the month, the prepaid interest fee will be substantially higher than if you buy it towards the end of the month.
Escrow Accounts: In locations where escrow accounts are common, a mortgage lender will usually start an account that holds funds for future annual property taxes and home insurance.
Recording Fees and transfer taxes: This expense is charged by most states for recording the purchase documents and transferring ownership of the property.
Must Read Posts for Buyers and Sellers:
- It’s against the law
- Who is Representing YOU?
- Shop for a Lender like you shop for a house
- Research who you are working with
- 8 biggest mistakes made by home buyers
- Colorado Springs Home — Is a Condo or a Townhome right for you?
- Joint Tenants or Tenants-In-Common, the choice is yours when purchasing a home
- How to choose a Buyer’s Agent
Keep in mind that you can negotiate these costs with the seller during the offering stage. In some instances, the seller might even agree to pay a portion of all of the settlement costs.
If you enjoyed reading this article, why not Kathy (719-287-1049) KTorline@msn.com
