212 S. Garo Ave.

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Check out my new listing!  This all brick rancher is located in an established neighborhood and features 3 bedrooms, 2 baths and over 1,800 finished square feet!  Includes front and rear yard landscaping, auto sprinkler, oversized concrete patio, formal living room with wood fireplace insert and brick hearth, formal dining room, original wood floors underneath carpet, finished basement with huge family room and separate bedroom with private bath!  Great location...walk to nearby shopping!  This home is obviously in need of some updating, but it has great bones!

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Where was Little London?

Colorado Springs Known as Little London

In the early days of Colorado Springs, the city was known as "Little London". At one point there were actually over 2,000 immigrants from Great Britain living in El Paso County, that was 1 out of every 5 residents.

 

This phenomenon was due in large part to the fact that much of the money raised by William Palmer to develop both Colorado Springs and the "Denver and Rio Grande Railroad" came from English Investors.

 

Colorado Springs residents evidently became "quite British" according to Patricia Farris Skolout, in her book "Colorado Springs History A to Z. Residents carried umbrellas, celebrated English holidays, flew the English flag on Queen Victoria's Birthday, played cricket and rugby. The police in Colorado Springs at that time were even called "Bobbies".

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Vestiges of our British past still exist today. For example, The Broadmoor Hotel still hosts afternoon teas from Monday through Saturday. One of our favorite bakeries is the "Little London Cake Shoppe" and many of the streets northeast of the Broadmoor Hotel are named for the old polo grounds that were housed in that area. So, although the name "Little London" and the atmosphere are long gone, you can still find pieces of that history, if you know where to look.

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Downtown Colorado Springs Street Names, What do they mean?

colorado springs real estateOne of the first things people notice when they visit Downtown Colorado Springs is the unique street names like, Tejon, Wahsatch and Cache La Poudre. We have the wife of our city's founder General William Jackson Palmer to thank for these truly memorable names.

Queen Palmer suggested that the streets of Colorado Springs should be named after iconic elements of Western geography. This was meant to honor her husband's railroad career and the areas he had explored while choosing train routes.

For example, street names like Cache La Poudre, Cucharras,Huerfano, Vermijo, Cimarron, Costilla, Moreno,Kiowa, Bijou, Platte, Boulder and St. Vrain were all creeks or locations Palmer had explored while building his railroad.

Mountain ranges inspired names like; Sierra Madre, Cascade, Tejon, Nevada and, Wahsatch, Sawatch and Weber.

Another interesting fact about downtown Colorado Springs streets is that some streets are significantly wider than others. This is because Palmer wanted horses pulling wagons or carriages to be able to easily make a U-turn.

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Everything You Need to Know About Mortgages, But Didn’t Know Who to Ask

colorado springs home loansThe world of home financing is a multi-faceted one and we at Springs Homes would like to help you understand the ins and outs of the mortgage world. Much of the confusion and seemingly random nature of the home loan and mortgage process has to do with where the money comes from and how it flows. In this article we will discuss the various roles played in this process.

 

 

 

 

 

  In general, there are three “tiers” in Mortgage Lending. I am going to refer to them as follows:

  1. The Origination Stage
  2. The Middle Man
  3. The Secondary Market

The Origination Stage:

There are five types of lenders in the Origination Stage:

1. Correspondent Lenders are companies that actually loan homebuyers the money they need to purchase a home. They have their own money and their own underwriters.

2. Direct Lenders are the “Big Guns” of the mortgage world, e.g. Chase and Wells Fargo. They have a division which functions as a Correspondent Lender in the Origination Stage. (This is confusing because they also have a department that packages the loans and offers them for sale to the secondary market.) They also have their own money and underwriters.

3. Brokers shop Direct Lenders to find you the best mortgage. They do not have their own money or their own underwriters. Once you have chosen the mortgage you want from the ones offered, brokers present your file to that lender and wait for approval.

4. Portfolio Banks originate loans, finance and keep some of them, and sell some to the Secondary Market. First Bank and ENT Credit Union are the major Portfolio Banks in Colorado.

5. Sub Prime: These lenders loan money that does not meet the guidelines of FNMA, FHLMC, GNMA. Rates and fees are usually high to offset the risk of the loan.

The Middle Man:

Once the loan is closed in the Origination Stage, lenders sell the loans to The Middle Man (or one of the Big Guns), like Wells Fargo or Chase. Those banks then package loans into huge portfolios of similar loans and sell them to the secondary market while retaining the servicing, another income stream for the Middle Man. Because FNMA, FHLMC,GNMA have a list of strict guidelines for the loans they purchase, each file is reviewed before it is added to a portfolio. These auditors are dedicated to reviewing each file. If the file doesn’t meet all the guidelines, the loan will be kicked back to the original lender. If the file is rejected for any reason, the Originating Lender is required to buy the loan back. The Originating Lender is then holding an “unsellable” loan, restricting their liquidity. This is why mortgage companies are fanatic about following all the rules.

The Secondary Market:

The secondary mortgage market is comprised of private and government agencies, which buy mortgage loans.

Fannie Mae (Federal National Mortgage Association, or FNMA) buys portfolios of conventional loans, with or without Private Mortgage Insurance from Direct Lenders.

Freddie Mac (Federal Home Loan Mortgage Corporation or FHLMC) buys portfolios of conventional loans, with or without Private Mortgage Insurance from Direct Lenders as well as portfolios from banks, savings and loans as well as Direct Lenders.

Ginnie Mae (Government National Mortgage Association or GNMA) buys portfolios of government loans, e.g. Veterans Administration (VA) and Federal Housing Administration (FHA) from Direct Lenders.

The purpose of the secondary market is to allow Originating Lenders to lend more money to potential homeowners. By purchasing loans from the Middle Man, Fannie, Freddie and Ginnie provide liquidity to those lenders, who can now offer more loans. Both Fannie and Freddie are limited to purchasing loans of $417,000 or less—this figure is reevaluated every year.

Once Fannie, Freddie and Ginnie have purchased the loans, they are converted into mortgage securities and bonds and offered as trading commodities. Because Ginnie Mae handles government guaranteed loans, their yield is generally higher than those of Fannie Mae or Freddie Mac.

There are of course multitudes of exceptions and guidelines can change daily, making explanations a challenge.

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4381 Crow Creek Drive

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Built in 2003, this charming 2-story home shows pride of ownership inside and out!   Features 3 bedrooms, 3 baths, over 1,400 finished square feet, custom  interior paint, wood floors in kitchen and dining room, gas fireplace with travertine tile surround, built-in T.V. niche, upper level loft, updated bathrooms, air conditioning, oversized patio, tasteful landscaping with lush lawn and mature fruit trees, and even a dog run!  Great Springs Ranch location...walk to nearby elementary school!

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