May 2021 Newsletter

If you're considering buying a house in Colorado, you probably know the market is pretty hot right now and that it favors sellers. Which is why it's a good idea to have as many favorable elements on your side as possible before you even begin to look.

One handy tool is getting prequalified for a mortgage. This process is not the same as getting preapproved, but it does give you some benefits when it comes to shopping for a new home. In the prequalification step, you provide the lender with an idea of your overall finances, including income, debt, and assets. With that information, the lender can determine an estimate of how much of a loan you might expect to get. The lender will draft a letter indicating the estimated loan amount, which helps you determine the price range of the homes you can afford.

You'll discover several benefits to getting prequalified. Especially if you're a first-time homebuyer, this step can help you understand all of the costs that are associated with homeownership—including things that go beyond the monthly mortgage payment, like mortgage insurance, homeowner's insurance, HOA fees, maintenance costs, property taxes, and more. Understanding the total price tag can help you avoid falling in love with a home that will ultimately be out of your range.

The prequalification process can also help you understand types of loans you might qualify for, how much money you'll need to have at closing, and how much of a down payment you'll need. All of this will make you a better-informed buyer and better able to get the home that will work best for you.

Also, your prequalification alerts sellers to your seriousness about buying and reassures them that you have a good chance of landing the loan and therefore closing on the house you bid on. If the seller isn’t as worried about the deal falling through, they'll be more likely to work with you on the sale. In fact, in some markets, sellers won't even let potential buyers look at the home until they can produce a prequalification letter.

If you're ready to take the next step toward homeownership, consider reaching out to our affiliated mortgage company, Bellco Home Loans. An experienced lender will be more than happy to help you through the prequalification process and answer all of your mortgage-related questions. Contact them today at BellcoHomeLoans.com!

Bellco Home Loans is an equal opportunity lender. Bellco Home Loans, LLC, NMLS #2085298.

Just because the school year is ending doesn’t mean kids stop learning. In fact, summer is a great time for teens to start gaining some practical knowledge about money, saving, and spending. Bellco is here to help.

Free student checking accounts from Bellco are available for kids starting at age 13, and even if your student is graduating high school this year or has already started the next leg of their journey, it's not too late to open an account and start practicing good habits with money management. Your child will benefit from:

  • Having your oversight and guidance while becoming financially informed. You can monitor the account’s balance and your child’s debit card activity online and through monthly statements. Plus, you can sign up to receive overdraft, transaction, or balance notifications, so you can stay updated on unusual or unwanted spending activity.
  • Hands-on learning in real-life scenarios. Your student can learn how to avoid things like overdraft fees, draining their balance, and bouncing checks while also understanding the value of saving any income they might have.
  • Enjoying many of the same features as a regular checking account, including a Visa® debit card, access to online and mobile banking, no requirement for a minimum balance, and surcharge-free ATM transactions at thousands of locations.
  • Financial literacy is always important, and it's even more so as children grow nearer and nearer to becoming independent adults. The teen years are a great time to get practical experience in banking, especially when they can get it with your oversight and input. Opening a Bellco Student Checking Account with your teen will help your child achieve that financial knowledge in a controlled and safe way.

As a not-for-profit, Colorado-based financial cooperative, Bellco is committed to providing tools and resources to help our members and the community feel financially empowered. One way we've done this is by collaborating with Denver 7 to provide communities across Colorado with helpful financial tips.

In a recent Denver 7 newscast, reporter Eric Lupher detailed the ways you can start teaching your children about financial basics, even as early as age 5. You can view the segment below:


To learn more topics, strategies, and best practices for having family conversations about money, visit our free and interactive MoneySmarts page.


By Automotive Avenues

For 25 years, we’ve been providing Bellco members a fair market bid when they trade in a car. But what you may not know is we offer the same value for your car—whether you are trading in or simply selling us your vehicle.

If you’re looking to sell your car, Auto Aves makes the selling process fast, safe, transparent, and simple, ensuring you are treated fairly from start to finish. If you have the title to your car, you can leave with a check shortly after one of our buyers evaluates your vehicle and comes to an agreement with you on its value. If you still have a loan on the vehicle, we can assist in contacting your financial institution for your final payoff information—and will handle the entire transaction for you!

3 Simple Tips To Ensure You’re Prepared.

  1. Kelly Blue Book® (KBB) evaluation tools give you an idea of your car's value. We provide a helpful tool on our website under the Sell or Trade link that allows you to get an actual bid from KBB so you'll have a solid starting point.
  2. You only get one chance to make a first impression! Empty your vehicle of personal belongings and go to a quality car wash. Get the exterior washed, windows cleaned, and floors vacuumed. You'll be glad you did when it comes to your vehicle's overall evaluation.
  3. Be prepared to sell. You'll need your current registration if you are still making payments, or the title if you own your car. Also bring your current valid driver's license as it is required for the sale. We can even provide you a ride home if scheduled in advance!

Automotive Avenues is here to assist you with all your vehicle needs—from sales and service to providing direct access to great Bellco loans and leases. Learn more at AutoAves.com/Bellco or call 303-750-5000.