Madison Leads: 2018 Elected Leaders

Congratulations are in order for all of our brokers and managers who were recently elected to leadership positions in various organizations:

  • Euan Graham, Chair-Elect, Denver Metro Association of Realtors (DMAR)
  • Scott Grossman, Director, Colorado Association of Realtors (CAR)
  • Heather Hankins, Chair-Elect, South Metro Denver Realtor Association
  • Justin Knoll, Chair 2019, Colorado Association of Realtors (CAR)
  • Piper Knoll, Director, National Association of Realtors (NAR)
  • Todd Narlinger, Director, REcolorado
  • Jen Routon, Director, Denver Metro Association of Realtors (DMAR), South/ East District

We are so proud of our brokers for stepping up to impact the real estate industry and affect change in a positive way.

Continue to care deeply and act directly!

Giving Back this Thanksgiving Season

The holiday season is a time full of joy, celebration, fun with friends, and gratitude. It’s a time when we often realize how much we’ve been given and wish to give back to others who have maybe not been allotted as many gifts in life. We found a few places where you and your friends or family can volunteer this holiday season and give back. Tag us with @madisonprops and #madisongivesback on social media!

Turkeys, Turkeys, Turkeys

The Denver Rescue Mission’s annual Turkey Drive is coming up and there are numerous ways you can help out. From the DRM website:

  1. Help provide the following items:
    • Frozen Turkeys (12 lbs. or more; turkeys must be frozen to meet safety standards)
    • Boxed Mashed Potatoes
    • Boxed Stuffing
    • Canned Fruit
    • Canned Vegetables
    • Canned Yams
  2. Please bring your donations to one of these locations: 
  3. Give cash toward a turkey. The average turkey costs between $15.00 and $20.00. Donate online!
  4. Host a drive and collect turkeys and needed canned food items for Thanksgiving.
  5. Volunteer For the Turkey Drive!  

We’re in need of special “Turkey Toss” volunteers every day November 15 through November 22 to help collect turkeys from generous donors across from our Lawrence Street Shelter downtown. Shifts range from 2 to 3 hours. Follow these steps to sign up:

  • Go to www.denverrescuemission.org/volunteer 
  • Click “Advanced Search”
  • Under Title, type in “turkey” 
  • This will take you to a page of all the special volunteer projects related to our Turkey Drive

Uplift Community Seniors

Many elderly in the community are without friends or family over the holidays for a multitude of reasons. The Senior Assist Center offers resources, community, and more to Denver seniors. Reach out to the organization through their website or by phone (303.455.9642) to learn about the many volunteer and donation opportunities!

Soup Kitchen

Located in Arvada, the Denver Catholic Worker Soup Kitchen is always looking for volunteers. Preparing a meal for those in need is incredibly rewarding, and an easy thing to involve the whole family in. Especially over the holiday season when many are missing their families, this is an amazing way to give back. You can contact the Catholic Worker or sign up to volunteer on their website or via email.

Serve at the Food Bank

The Food Bank of the Rockies is one of Denver’s biggest food donation organizations. Serving many throughout the Rocky Mountain Region, it focuses especially on getting healthy food to kids through a number of programs. Their website is full of volunteer opportunities ranging from preparing meals, organizing boxes, helping with deliveries, and assisting with office tasks! Check out their website for FAQs, to learn more about opportunities, and to sign up!

The Pros and Cons of Paying Off Your Mortgage Early

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HOW TO PAY OFF YOUR MORTGAGE EARLY

Pay a little extra each month. Any payments made over the minimum payment go to your principal on the loan, instead of towards the interest. Over time you can significantly reduce the amount owed and cut down the time of loan repayment, even by years (see graph).

Refinance to lower interest rate or shorter-term loan.
Both options lower the total interest you are paying, either due to the lower rate (if you don’t already have a low-interest rate) or the shorter amount of time for the interest to build. This allows you to save money long-term, either through reduced monthly payments because of the lower interest rate or by paying the loan off faster.

Downsizing.
If getting rid of your mortgage faster, or altogether, is important, downsizing can be a great way to get there. Selling your house and using the profits to purchase a smaller home could mean having no mortgage at all, or at least a smaller one. Using the same monthly payment as before you could be debt-free faster.

THE PROS

Save money! Interest builds up, especially over the course of a 30-year loan. Paying off your mortgage early can save tens of thousands of dollars on built-up interest.

Return on investment (ROI).
When you put your dollars towards your home, you know exactly what your return on investment will be. Real estate, the stock market, and the economy are ever-changing and investing in your home is a comforting way to be sure that your money is going to the right place.

Reduced cost of living.
Mortgage payments take up a big part of one’s take-home paycheck. Getting your mortgage paid off faster allows for a lower cost of living. This can create more financial freedom, allowing you to save money, which can then be put into retirement, kids’ college funds, travel, and more. It could also give you the chance to work fewer hours, or even work a job you always wanted but previously couldn’t afford the pay cut.

THE CONS

Lose the tax break. Mortgage interest paid throughout a year can be listed as a deduction on your taxes if you itemize. Taxes are complicated, so it’s important to talk to an accountant or tax specialist while figuring out if the tax deduction is worth keeping the longer loan.

Lost diversification.
From Todd Tresidder, a financial mentor, “this one is ‘the biggie’ so pay close attention… Most investor portfolios are denominated in their domestic currency and thus carry the risk that inflationary government policies will depreciate their investment purchasing power over time. A residential real estate mortgage is the only practical way for most people to short their domestic currency and hedge against inflationary economic policy.”

Life happens.
There are times when extra income could be better spent on investments, retirement, a more comprehensive healthcare plan, college funds, and more. For many Americans, medical bills are the primary cause of bankruptcy and investing in a better healthcare plan could be a wiser financial decision over paying off a mortgage faster. In some cases, insurance could be a more financially secure option than a paid-off mortgage.

Investments. Many hold the opinion that it is better, from a long-term perspective, to put extra income into investments rather than higher mortgage payments. Saving for retirement, investing in stocks, and having a diverse investment portfolio are things that can, over time, bring you even greater financial freedom and stability.

Paying off your mortgage infographic_Kat