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Judy Kivela
    Years of Experience: 29

    CRS: Certified Residential Specialist
    GRI: Graduate REALTOR® Institute
    CDPE Certified Distress Property Expert, SRS
    WHS: Workforce Housing Specialist

Direct: (406) 491-5777

Office: 406-491-5777

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Homestead Real Estate
1815 Harrison Avenue
Butte, Montana

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Posts Tagged ‘Mortgage Rates in Butte MT’

First Steps to Getting a Mortgage for Your Butte Real Estate

Monday, November 30th, 2009

You’ve reached that time in your life where you’re ready to buy Butte real estate. Even though the mortgage approval process can be intimidating, you can get yourself ready to apply for a loan. These are the first steps to buying your home:

Make a List

First, make a list of your finances. Include all your income, and factor in your normal monthly debts. Miscellaneous bills, like your daily coffee or weekly magazine, should be listed too. Write down everything that you spend each month.

Calculate what 28% of your income is. Most loan officers recommend not spending more than 28% on your housing costs. You may not want to take on a mortgage loan for the maximum amount offered without consulting your list to see what money is actually available for you to spend.

Decrease Your Debt

Once you’ve have detailed your finances, it’s time to make a budget. A good budget can help you eliminate wasteful spending which will allow you to pay off more of your debts. When planning your budget, don’t forget to include some personal money.

Start with the small debts first. Pick the credit card with the highest interest rate and smallest balance and work from there. After one debt is paid off, use the extra money that you’re saving from the first card, and pay off the next. This way, you should be able to pay your balances down quickly.

It only takes a couple of months of good payment practices to begin to see your credit score go up. With a good credit score, you can get a better interest rate. This will save you thousands of dollars in mortgage payments over the life of the loan.

Save For the Down Payment

You’re ready to start saving for the down payment on your Butte real estate. It has to be paid up-front at the loan closing, but sometimes the seller will pay the closing costs.

If you’d like more tips on how to buy Butte real estate, subscribe to this blog. It’s free and easy. Just enter your email address in the subscription section, and you’ll automatically receive tips like this in your email inbox a couple of times a week.

Decrease your debt:


Make a budget:


Credit score:


Energy Efficient Mortgages for Butte Real Estate

Sunday, November 1st, 2009

If you’re looking to buy Butte real estate, you’re probably already looking at mortgage possibilities as well. Since many buyers are also looking for energy efficient options, I thought it only right that I brought EEMs (Energy Efficient Mortgages) and EIMs (Energy Improvement Mortgages) to your attention.

What are EEMs and EIMs?

An EEM adds a home’s energy efficiency into the mortgage, giving you the ability to finance energy efficient measures as part of the mortgage payment. One of the good things about an EEM is that it stretches the debt-to-income qualification ratio, which means that you can qualify for a larger loan and a more energy efficient home.

An EIM is for existing Butte  real estate that you plan to make energy efficient improvements to. You can include the cost of the improvements into the mortgage without raising the down payment. In addition, whatever you save in utility costs from the improvements can go to finance more improvements.


If you’re trying to qualify for an EEM or EIM, you’ll need to have a home energy rating conducted first. This is to give you an estimated Energy Savings Value – the value of the measures and the estimated monthly energy savings.

Types of Energy Mortgages

There are several types of energy mortgages available:

  • Conventional - sponsored by Fannie Mae and Freddie Mac, these EEMs give the Fannie Mae approved lender the ability to raise your income, matching a dollar for each estimated dollar gained through efficiency.
  • FHA - Lenders can add 100% of the cost of improvements to an approved FHA loan, up to $4,000 or 5% of the home value (maximum of $8,000). FHA loan limits won’t stop you from getting the EEM. You can find out more about the FHA EEMs on their website.
  • VA – Veteran’s Administration EEMs cap energy improvements at $3,000 to $6,000, and are for buying existing [city] real estate. If you’re a qualifying reservist, veteran or military personnel, you can find more information on the U.S. Department of Veteran’s Affairs website.
  • Last but not least, there is the Energy Star mortgage pilot program. Currently, it is only available in a few states, but it’s growing to include others.

If you’re interested in making energy efficient improvements to an existing home or buying a home that’s already energy efficient, I strongly recommend that you look into EEMs and EIMs.

If you’re looking for an energy efficient home or one you can make energy efficient, I can help. Call me at 406-491-1234 or email me for more information.


Fannie Mae approved lender




U.S. Department of Veteran’s Affairs


Energy Star mortgage pilot program


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  • Avg. Days on Market: 157

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