Sara Ibarra - Local Mortgage Lender at Elevations Credit Union

Sara (Lohndorf) Ibarra is an experienced local lender at Elevations Credit Union for purchases & refi


What are the new loan limits? ๐Ÿก For 2024, the conventional loan limit is $766,550, meaning that any loan above this is a jumbo loan and can get a lower rate on a 7-year Adjustable Rate Mortgage ๐Ÿ’ช



Whatโ€™s the forecast for mortgage rates? ๐Ÿก It appears that rates may start to ease in 2024, however there are ways to buydown the rate, if needed on a loan ๐Ÿ’ต


Why keep it local? ๐Ÿก Local lenders often have a better reputation in the community than large non-local lenders or big banks ๐Ÿฆ When purchasing a home, itโ€™s best to support your community and choose a local mortgage lender ๐Ÿ”๏ธ


What can help your interest rate? ๐Ÿก Your credit score, debt ratio ๐Ÿ’ธ property type, loan product and down payment amount ๐Ÿ’ฐ all play a factor in the interest rate of your loan ๐Ÿ’ต


What is an ARM? ๐Ÿ’ช An Adjustable Rate Mortgage is fixed for the initial period, then can adjust to current market rates if you havenโ€™t refinanced by then. ๐Ÿก Often ARMs have a lower interest rate than a fixed rate mortgage and may be a good loan option when purchasing a home ๐Ÿ”๏ธ โ€ผ๏ธ ๐Ÿฆ๐Ÿงโœด๏ธ


Whatโ€™s the minimum down payment needed for a new home purchase? ๐Ÿก In most cases, just 3% of the purchase price, and these can be gift funds from family๐Ÿ’ฐ


What is equity? ๐Ÿก The difference between the homeโ€™s value and the amount owed in loans on the home. ๐Ÿ’ฐ Equity can be used to finance a home equity loan for debt consolidation or home renovations/repairs ๐Ÿ”จ ๐Ÿ”‘๐Ÿกโค๏ธ ๐Ÿฆ๐Ÿงโœด๏ธ


How can HOA dues affect your loan qualification? ๐Ÿก Homeowners Association Dues on the new property are calculated into your total liabilities, which means that they affect your debt ratio and the amount you can qualify to purchase ๐Ÿ’ต ๐Ÿ  ๐Ÿฐ ๐Ÿ”๏ธ


How will the Fed meetings affect mortgage rates? ๐Ÿก ๐Ÿ’ฐ


What is a HOA? ๐Ÿก When getting a loan on a new home with an HOA, the monthly dues must be accounted for, and if the property is a condo, the HOA must meet all criteria on the questionnaire for the lender to proceed ๐Ÿ’ฐ


What is the interest rate? ๐Ÿก Rates change daily for mortgage loans and are very specific to each situation and property๐Ÿ’ฐ Best practice is to contact a local lender for a loan estimate which will show you a ballpark rate on the new loan โšพ๏ธ ๐Ÿฆ๐Ÿงโœด๏ธ


What determines home loan rates?
๐Ÿก interest rates are very specific to each person, property and situation. ๐Ÿ’ฐ Best practice is to contact a local lender and give them specific details and they can provide a loan estimate to you ๐Ÿฐ


What is a mortgage lender? ๐Ÿก Someone who helps you finance a home purchase. ๐Ÿคš Best practice is to select a local lender for your home-buying process โ›ฐ๏ธ


What are you waiting for? ๐Ÿก Now is a great time to get pre-qualified to start your home-buying journey! ๐Ÿ”๏ธ ๐Ÿฐ


Is there ever a perfect time to buy? ๐Ÿก Nothing is ever perfect, but now is a great time to contact a lender and get pre-approved for a new home purchase! ๐Ÿ”๏ธ Then you can work as a team with your lender and buyers agent to determine your timeline for purchasing ๐Ÿฐ


What is a pre-approval? ๐Ÿก A pre-approval is the process of qualifying for a new loan for a new home purchase ๐Ÿ”๏ธ Once this is completed, youโ€™re ready to begin house-hunting as you know your budget and price range ๐Ÿ’ฐ


Why get Pre-approved? ๐Ÿ’ฐ
Because piece of mind is priceless when youโ€™re starting the home-buying process. ๐Ÿก There will be many things you canโ€™t control, why not build a strong foundation with a loan pre-approval? ๐Ÿ’ช


Wondering where to start when you want to buy a new home?
๐Ÿก Start with a local home lender โ›ฐ๏ธ Get Pre-approved ๐ŸŒธ Contact a local buyers agent/Realtor to start house-hunting ๐Ÿฐ


What determines your interest rate on a home loan? ๐Ÿก Rates are very specific to each situation and property type ๐Ÿฐ Internet rates change daily and canโ€™t be locked-in ๐Ÿ”’ until you have a signed contract on a specific address ๐Ÿ–Š๏ธ


Want an easy way to go plastic-free?
๐ŸŒŽ Start grocery shopping at N**e Foods Market โ›ฐ๏ธ Buy everything in glass jars and then return the clean jars for $1 off each on your next trip ๐ŸŒบ As a busy mom, I can do 90% of my grocery shopping here and their prepared foods are ๐Ÿคฉ! Located on Walnut St. near 30th in Boulder and Denver location coming soon, delivery options as well


Why Choose a Local Lender? โ›ฐ๏ธSupport your community ๐ŸŒธ No funding conditions ๐Ÿป More control over the process and timeline of your purchase ๐ŸŒฒ Work with local appraisers, underwriters and processors who know the area โ˜€๏ธ Better service, rates and fees ๐Ÿฐ


Whatโ€™s the most important factor when qualifying for a new home purchase? ๐Ÿ  Income ๐Ÿ’ต โ›ฐ๏ธ Your total income drives your purchasing power and determines your pre-approval amount for a new home ๐Ÿฐ


Why use a local lender?
๐Ÿก Better service ๐Ÿ’ฐ More attention โ›ฐ๏ธ Custom products ๐Ÿคš Personalized loan solutions ๐ŸŒธ Give back to your community


When should you get Pre-Approved for a new home purchase? ๐Ÿก The earlier the better, as I can give you a roadmap to homeownership no matter what your timeline is or when youโ€™re ๐Ÿ‘€ to purchase ๐Ÿ’ต


What loan options do you have?
๐Ÿก A 7-year ๐Ÿ’ช ARM or adjustable rate mortgage is fixed for the first 7-years, and then adjusts on year-8 if you havenโ€™t refinanced by then, and is still amortized over 30-years๐Ÿ’ฐ


Why choose a local lender? ๐Ÿก Support your community ๐Ÿ’ต Credit unions are member-owned cooperatives where you are a shareholder and partial-owner ๐Ÿ”๏ธ Keep your banking and mortgage local as well


What determines the interest rate on a home loan? ๐Ÿก ๐Ÿ’ฐ


When is the right time to get pre-approved?
๐Ÿก Are you ready to purchase a home? ๐Ÿ’ฐ Are you curious about your purchasing power?
๐Ÿ”๏ธ Would you like to plan for a future home purchase? Iโ€™m happy to help! ๐ŸŒธ


Which home loan option is best for you?


Why get Pre-Approved?
๐Ÿก Piece of Mind ๐Ÿ’ฐ Know your Purchasing Power โ›ฐ๏ธ Get your Financing in Place ๐ŸŒธ Plan for your Future Home ๐Ÿฐ


Why use a local lender?
๐Ÿก Better reputation ๐Ÿ˜๏ธ Lower closing costs/fees โ›ฐ๏ธ Supporting the local community ๐Ÿ’ฐBetter service ๐Ÿ 

Photos from Sara Ibarra -  Local Mortgage Lender at Elevations Credit Union's post 05/25/2023

Thinking about getting pre-approved? ๐Ÿก Checking in with your credit, income and assets can help determine if itโ€™s the right time ๐Ÿ•ฐ๏ธ


Why choose a local lender? ๐Ÿก Community support,๐Ÿ’ฐ lower closing costs, โ›ฐ๏ธ quicker closings, no funding conditions, better service and reputation, ๐Ÿฆฌ keep it local!


What determines your interest rate? ๐Ÿ’ฐ Rates are affected by many factors and are specific to each buyer and each property. ๐Ÿก


What is an escrow account?
Itโ€™s escrow analysis time, which means you may receive a notice about your escrow account, which usually means that your property taxes or homeowners insurance payments have changed.


Loan products to fit every buyerโ€™s need, whether itโ€™s a non-warrantable condo, or a jumbo loan with a 5% down payment amount, we have options!


What drives your purchasing power?
Your income, after your monthly reporting debts are subtracted, is the driving force behind your borrowing power. If youโ€™re looking to qualify for a higher purchase price, you need to increase your income, or reduce your debts.


When should you get pre-approved?


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Videos (show all)

๐Ÿก Whatโ€™s the minimum down payment for a new home purchase? ๐Ÿ’ต 3% for 1x Homebuyers, or 5% for non-1x homebuyers or those ...
๐Ÿ’ฐ What is the minimum down payment needed for a new home purchase? ๐Ÿก 1st time homebuyers can usually qualify with 3% dow...
What is a bridge loan? ๐ŸŒ A way to use equity in your current home to โ€œbridge the gapโ€ between when you sell your previou...
What is a credit union? ๐Ÿ’ฐ A not-for-profit financial institution where members can borrow money from pooled deposits. ๐Ÿคš ...
What is a loan recast? ๐Ÿก When you pay a large lump sum to your mortgage loan, you can often request that the remaining p...



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