Top Denver Suburbs
Denver sits about 100 miles away from that summit at the base of the Rocky Mountains of Colorado. Known as the Mile High City, Denver, is most beautiful with its blue skies and panoramic mountain views, which has inspired many writers, composers, and visual artists.
Denver’s location, beauty, diverse yet robust culture coupled with its strong economy, vibrant job market, and low unemployment rate placed Denver on top of the list of best places to live in America. It is also one of the fastest-growing cities in the nation. From a population of around 100,000 people 7 years ago, it now has over 3 million people spread across its fast-growing suburbs.
Here are the 5 most awarded Denver suburbs in 2020:
- Holy Hills
Holy Hills is part of Arapahoe County, with a population of only 2,909. It got an overall rating of A+ because it tops in the areas of – housing, education, community atmosphere, employment, and leisure. It ranked 1st in 3 crucial categories in 2020:
- Best Places to Live in Colorado,
- Best Places to Raise a Family in Colorado, and
- Best Places to Buy a House in Colorado.
Holy Hills offers a rural feel which residents find very conducive for raising family and retirement living. Houses are in close proximity to each other enhancing camaraderie and cooperation.
The majority of the residents (93%) own their own homes; only a few (7%) are renting. This alone indicates how stable Holy Hills is compared to other Denver suburbs. Its current vacancy rate is almost zero leading to competition in acquiring property in the area and to an increasing price of real estate.
Acquiring property in Holy Hills can be considered a tremendous economic mileage. The average real estate value in the area is $425,500, 77% more expensive than the other Colorado neighborhoods, and 85% more expensive than the other neighborhoods in the whole of America. The average rent value in the area is $2,634, 99% higher than the rest of the neighborhoods in Colorado.
Holy Hills is one of the oldest Denver suburbs. The majority of the residents have been settling in the area since the 1940s, and their extended families that follow chose to remain in the area. The majority of the residents are wealthy and educated retirees coming from well-paying careers. Their influence explains the rather conservative stance of the community.
Most of the houses in Holy Hills are rather old but well-built, mostly huge and of classic designs with wide lawn areas. The estates are well-maintained, gearing high real estate value. Data show that Holy Hills is one of the wealthiest communities in America. Its average household income is $136,176 far way above the $55,322 national median.
In Holy Hills, you can find pricey vintage models of Mercedes, Audi, BMW, and Lexus vehicles. Most residents (74%) drive private automobiles to get their families to work or school; others (6%) take the train or go on carpool (6%), and the rest (14%) commute.
The unemployment rate in Holy Hills is very low; it is rated A+ in terms of employment. Of its working population, 60% are employed in executive, management, and professional occupations, 20% are in sales and service jobs, 14% are in technical jobs, and 6% are in manufacturing and labor jobs.
Holy Hills community is ethnically diverse. It has more Greek and Yugoslav ancestry than nearly any neighborhood in America, and many speak Russian, Polish, Irish, and Swedish in their homes. While many are native Coloradans, others come from various ancestry lines- 32% Greek, 1% Yugoslav, 20% German, 16% Polish, 8% Italian, 7% Swedish.
The public schools in Holy Hills are highly rated compared to other schools in the area. Many school children from neighboring suburbs go to Holy Hills schools.
Indeed, Niche cannot be wrong in naming Holy Hills as the best of the Denver suburbs in terms of livability, in raising family, and in real estate acquisition.
Inverness is a census-designated place in Arapahoe County with only 1,465 population. It got an overall rating of A+ because of its highly rated schools and a high number of job opportunities for young professionals. It ranked-
- 1st Places with Best Public Schools in Colorado,
- 1st Suburbs with Best Public Schools in Colorado, and
- 1st Best Suburbs for Young Professionals in Colorado.
What puts Inverness on top of the list of best Denver suburbs is the number of technological companies in the area, the two largest in terms of revenues are the- Jeppesen, an aerospace company, and Arrow Electronics, an electronics wholesaler, both situated in Inverness Business Park. The well-paying job providers draw mostly young professionals who are adept and skilled in science and technology. With their relatively good income, many are settling in Inverness, making the suburb more vibrant.
Inverness exudes an urban feel with lots of food and leisure options. Most of its residents (74%) are renting while only a few (26%) own their homes. The average real estate value in the place is $632,700, while the average rent is $1,627.
- Cherry Creek
Cherry Creek is part of Arapahoe County, with a population of 12,201. It got an overall rating of A+ and was ranked:
- 2nd Best Places to Raise a Family in Colorado,
- 2nd Places with the Best Public Schools in Colorado, and
- 2nd Best Suburbs to Raise a Family in Colorado.
Cherry Creek exudes a dense suburban feel. It is very near metro-Denver but not wholly in it. It is just a walk away from Denver shopping centers. The houses are in close proximity to each other, enhancing a closely knitted community atmosphere. It has a good number of restaurants and business outlets. Public schools are highly rated.
Superior is part of Boulder County, with a population of 13,014. It got an overall rating of A+ and ranked:
- 3rd Places to Raise a Family in Colorado,
- 3rd Best Suburbs to Raise a Family in Colorado, and
- 4th Best Places to Live in Colorado.
Living in Superior offers residents a sparse suburban feel. Most residents (60%) own their homes, while 40% are renting. The average real estate value in the place is $530,800, and the average rent value is $1,829.
In Superior, everything one needs is within walking distance from grocery stores and restaurants to cafes and movie theaters. It offers countless outdoor activities. Its mountain bike trails are amazing. It is a safe community with highly rated schools.
- Greenwood Village
Greenwood Village is part of Arapahoe County, with a population of 15,677. It got an overall rating of A+ from Niche because of its livability and highly rated schools. It ranked-
- 4th Best Places to Raise a Family in Colorado,
- 4th Best Public Schools in Colorado, and
- 4th Best Suburbs to Raise a Family in Colorado.
Living in Greenwood Village offers residents an urban and suburban mix feel. Most residents (67%) own their homes, while 33% are renting. The average real estate value in the place is $899,400, and the average rent value is $1,703. The neighborhood is safe, and the police are very visible.
Greenwood Village was incorporated in 1950. It was named after the historic Greenwood Ranch, which occupied considerable acreage, including the present-day Glenmoor development (Cherry Hills Village) and The Preserve (Greenwood Village).
The community was established as a purely residential area with no commercial operations, a small strip mall, private country clubs, tennis and swim clubs, and churches. The residents enjoy tree-lined streets, horse pastures, bridle paths, the High Line Canal, and numerous creeks and open spaces. This idyllic neighborhood boasts massive new homes, ranch homes from the 50s, cottages, and contemporary masterpieces, all unique and pricy.
The residents now have a multitude of recreational opportunities, including miles of trails for hiking and cycling, top-notch parks and playing fields, and even a skateboarding park.
Its top-rated schools are Greenwood and Cottonwood Creek Elementary, Campus Middle, and Cherry Creek High.
There are a lot of magazines and websites that offer reviews on places in America, some primarily lean towards real estate priorities of specific cities or counties; others shift their perspective based on the current pandemic, or simply promote the certain area. Still, the abovementioned Top 5 Denver Suburbs consistently land high on the various lists in terms of livability, community, best schools, and safety.
What is a Refinance Mortgage?
Gaining a new mortgage to substitute the first loan is what a refinancing of mortgage means. Refinancing is made to let a borrower a more favorable interest term and rate. The first loan is paid off, enabling the second loan to be performed rather than just making another mortgage and thrusting out the original mortgage. For borrowers with excellent credit records, refinancing can be a beneficial way to transform a variable loan rate to a fixed and take a lower interest rate. In any economic climate, it can be tough to gain payments on a home mortgage. Among possible high-interest rates and a troubled economy, causing mortgage returns may become more complicated than you ever supposed. Should you see yourself in this situation, it might be time to acknowledge refinancing. The threat in refinancing lies in ignorance. Outwardly the right awareness can harm you to refinance, developing your interest rate rather than lowering it.
Refinancing is the method of acquiring a new mortgage in an attempt to decrease monthly payments, lower your interest rates, take cash out of your home for large purchases, or transfer mortgage companies. Most people refinance when they have equity in their home, which is the distinction between the value owed to the mortgage organization and the worth of the house.
When is the Right Time to Refinance a Mortgage
Refinancing a mortgage is paying off a current loan and displacing it with a new one. There are many motives why homeowners refinance: to get a lower interest rate, to reduce the term of their mortgage, to transfer from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage, or vice versa, to tap into home equity to raise funds to trade with a financial emergency, finance a large purchase, or incorporate debt.
Refinancing a mortgage to shorten the loan’s term is one of the reasons why to refinance when interest rates decrease, homeowners sometimes have the chance to refinance an actual loan for another loan without much variation in the monthly payment, has a significantly shorter term.
Refinancing to convert to an Adjustable-rate or fixed-rate mortgage is also another reason why, while adjustable-rates often start out offering lower rates than fixed-rate mortgages, periodic adjustments can result in rate hikes that are higher than the rate available through a fixed-rate mortgage. When this transpires, switching to fixed-rate mortgage ends in a lower interest rate and drops concern over future interest rate hikes.
Switching from a fixed-rate loan to an Adjustable-rate mortgage, which often has a lower monthly payment than a fixed-term mortgage, can be a sound financial strategy if interest rates are falling, especially for homeowners who do not use to stay in their homes for more than a few years. These homeowners can lessen their loan interest rate and monthly payment, but they will not have to worry about how higher rates go 30 years in the future. If rates remain to befall, the periodic rate adjustments on an ARM result in reducing rates and smaller monthly mortgage payments eradicating the need to refinance every time rates drop. With mortgage interest rates rising, on the other hand, this would be a rash strategy.
Refinancing to tap equity or consolidate debt is also a reason for the refinancing of homeowners. Homeowners usually obtain equity in their homes to cover significant expenditures, such as the values of home improvement or a child’s college education. These homeowners may explain the refinancing by the fact that development adds value to the home or that the interest rate on the mortgage loan is less than the rate on money borrowed from another source. Another explanation is that the interest on mortgages is tax-deductible, while these reasons may be valid, increasing the number of years that you owe on your mortgage is seldom a smart financial decision, nor is spending a dollar on interest to get a 30-cent tax deduction. Many homeowners refinance to incorporate their debt. At face value, substituting high-interest debt with a low-interest mortgage is a good idea. Unfortunately, refinancing does not bring automatic financial concern. Take this step only if you are convinced you can resist the temptation to spend once the refinancing relieves you from debt.
What are the Things to Consider before you Refinance your Mortgage
First is you have to know your home’s equity, which is the first qualification you will need to refinance is equity in your home. Some homes have not retrieved their value, and some homeowners have low equity. Refinancing with little or no equity is not always possible with conventional lenders, but some government programs are available. The best way to find out if you qualify for a particular program is to visit a lender and discuss your individual needs. Homeowners with at least 20% equity will have a more convenient time qualifying for a new loan.
Next is to know your credit score. Lenders have stretched their measures for loan endorsements in recent years, so some consumers may be surprised that even with good credit, they will not always qualify for the lowest interest rates. Typically, lenders want to see a credit score of 760 or higher to be eligible for the lowest mortgage interest rates. Borrowers with lower scores may still get a new loan, but the interest rates or fees they pay may be more high-priced.
The other thing to consider is to know your debt-to-income ratio. Even you already have a mortgage loan, you may assume that you can quickly get a new one, but lenders have not only raised the bar for credit scores; they have also become stricter with debt-to-income ratios. The debt to income ratio is a personal finance measure that compares the amount of debt you have to your gross income. You can calculate your debt-to-income ratio by dividing your total recurring monthly debt by your gross monthly income.
There you also have to consider the cost of refinancing. Refinancing home usually costs between 3% and 6% of the total loan amount, but borrowers can find several ways to reduce the expenses or wrap them into the loan. If you have enough equity, you can roll the costs into your new mortgage, increasing the principal. In refinancing, don’t forget to negotiate and shop around as some refinancing fees can be paid by the lender or reduced.
And many more things to consider upon refinancing of mortgage, like any transaction, mortgage refinancing is complex and requires diligence on the part of the homeowner and excellent communication with a reputable lender.
What is a Mortgage Lender?
When we talk about owning a house, we are looking forward to how much it cost for us to own one; of course, ideally, you will think of choosing the best one you think that could fit your living and budget. But with the small savings, how could you materialize it? There is where a mortgaging helps you. A mortgage is a loan provided by any financing institutions for purchase purposes of properties, including house and lot or cars. A Mortgage Lender is the institution that offers the credit to their client, provided the client complies, and passes the standard requirements for a mortgage loan. It helps you and your savings augment the amount you need to purchase and acquire the property; wherein the balance of the total amount of the house from your savings can be granted to you to buy it, but if you don’t follow the predetermined schedules of your payment, the whole dream house of yours shall be processed by the mortgage lender, and that correctly serves as the collateral.
Mortgage lenders are either individuals or companies that offer you loan money to buy a real estate, known as a mortgage loan. Since they will lend you money, they are securing that you can pay the money back you borrowed.
Difference between the Individual Mortgage Lenders and Bank
Since you know what is mortgaging, when you are ready to purchase a home, you’ll possibly find lots of choices to get a mortgage loan. There you can have the fund from an individual or company, either of the two; it can help you get the funds you needed to buy your home as long as your credit, income statement, and many more requirements meet their qualifications. Mortgage lenders often offer a wider variety of loan opportunities and can be more accepting of borrowers with damaged credit. Banks, on the other hand, typically have fewer options and stricter lending criteria.
Bank mortgage lender, considering you already has a connection with a bank, you may find it effortless to attain a local banker to assist you with the home loan process. Banks also usually offer unique benefits or discounts for subsisting banking customers. They may even have exclusive in-house loan choices intended for specific buyer sections such as self-employed consumers, investors, and the like. Besides, banks may attempt to encourage other financial products, ultimately the process to maximize return. It could involve offering specific conservations or checking accounts, credit cards, or other products in exchange for more pleasant mortgage courses.
The extreme downside of bank investments is that they usually appear with stricter lending measures because they’re subject to general agreement and promulgating laws. It might make it harder to come by a mortgage if you have less-than-stellar credit or a hard financial event (like a foreclosure or bankruptcy) to your name. It also usually takes long-drawn to settle on the loan. Banks give depending on your business profile, may have lower interest rates. It may offer special rates or benefits to existing banking customers. The bank will be most likely to continue servicing your loan after closing, and It may offer proprietary and niche-specific loan programs. With the aforementioned good things from the bank mortgage lender, you have to know that they have the stricter lending standard. You are obliged to give more fees due to increased compliance requirements. The cross-selling of additional banking products and bring you to longer closing times.
Individual mortgage lenders are those more dedicated mortgage lenders that have seized an increasingly large share of the home loan market because they are flexible, and they make speed in closing loans. Considering these lenders are often restricted strictly regulated than banks, they are usually able to customize loan proposals to the buyer’s specific financial situation and home-buying aims. Loan originators with mortgage organizations are also expected to fill up several mortgage-related courses and exams, supplying them a broad and deep level of knowledge and experience in the said trade. Some of these mortgage lenders are online-only, which means you might not take the equivalent value of hand-holding in terms of customer service.
Mortgage lenders also often sell their mortgages to servicing businesses after closing. That implies you won’t have authority over who you conclusively pay or work with, though the essential factors such as rates and terms on your mortgage won’t change after the sale. With all of that information about mortgage lenders, you must know that they have more lending expertise and training compare to the bank, and they can build up more loan options.
They can provide more and better loan guidelines and advice about your home loan. The mortgage lender is more willing to negotiate on terms, and you can have a faster loan closing. Te only thing that you could worry about is that since they are sometimes online-only, there might not be a physical location, and the lender may sell your loan to another servicer after closing but fortunate that the cost for monthly payment won’t change.
Dedicating yourself as Smart Shopper finding a Mortgage Lender
Upon all of the things, you have to consider looking at the best and trusted mortgage lender that you could ask for and work with for your mortgage loan; you have to be a smart shopper where you don’t believe right away with all good little thing you can hear and read on the Google or the pop-ups advertisements. So to be a smart shopper is you must be strictly informed about their details and information like who they are, where they can be located, how they operate, their reviews, and their ratings about their recent and records works.
The next to consider is finding a reputable lender, no matter what you are looking for, either what loan is that you always check it on Google. Do all the verifications like their ratings and reviews, and if you find that they make it through and they make a happy client, then you can go and ask for more information about them. I know that it is not easy to entrust this thing to anyone, and if you did it wrong, it might be the mistake that will rip you off, and you’ll suffer from, so choose wisely and take it easy.