Bankers Vs. Brokers - What are the Differences? - 10/30/11 12:12 PM
Ever wonder what the difference is between a mortgage banker and a mortgage broker? Today's winning question by Steve Jacobson of Metro Brokers addresses that issue. Steve receives a $25 Starbucks card and gets his contact information sent to the 6,600 people on our contact list. We also list his contact info on our blog (10,199 visits for the first 6 months of 2011) and on our blog at Active Rain, a real estate blog with more than 210,000 members. Steve's contact info follows:Steve Jacobson CRSSteve Jacobson Group - Metro Brokers303-898-9000steve.sjgroup@gmail.comSteve's question is: What are the differences between Mortgage Brokers and … (2 comments)

$100 Down HUD Homes are BACK! - 10/26/11 07:34 AM
$100 down HUD homes are back! From now until October 20, 2012, The $100 HUD home sales incentive is back in Colorado. Here's how it works:
The offer price must be the full listing price. The down payment requirement is only $100. The financing must be an FHA mortgage. The maximum loan amount cannot be more than 100% of the appraised value. FHA loans have a 1% up-front mortgage insurance premium (UFMIP), which is typically included in the loan amount. However, since the maximum loan amount cannot be more than 100% of the appraised value, it seems like there will be … (3 comments)

Debt-to-Income Ratios (DTI) - 10/18/11 10:11 AM
People are always asking us about debt-to-income ratios. Here's what you need to know.Each type of loan has a maximum allowable Debt-to-Income (DTI) ratio. However, if the loan is run through the automated underwriting software that is available from Fannie Mae, Freddie Mac, FHA, and VA, the maximum DTI ratios may be exceeded. The DTI is calculated like this: Add all the monthly payments that show on the borrower’s credit report to the total monthly housing payment (principal, interest, taxes, insurance, mortgage insurance, and HOA fees). Then divide that number by the borrower’s gross monthly income (income before taxes).The following table … (2 comments)

Down Payment Requirements - 10/14/11 02:55 PM
Ever had a question about down payments? Check out this table - it shows all the current down payment requirements.

Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!Make sure you check out our web site:www.mtgsupportservices.comAnd check out all our great tips on our blog:
http://TheMortgageExperts.blogspot.com
By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.
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VA Funding Fees Stay the Same - 10/11/11 09:52 AM
A couple of weeks ago, we announced that VA funding fees were going down beginning October 1. However, Congress has since passed a bill that does not allow for the VA funding fees to be lowered. So the bottom line is that VA funding fees remain unchanged. If they change in the future, we will be sure to let everyone know! The VA funding fee is a fee that is charged to the borrower on VA loans. It is typically included in the loan amount.If a borrower is receiving military disability payments, they are usually exempt from the funding fee completely.Remember, … (0 comments)

Why Investors Can't Make an Offer for 15 Days - 10/07/11 10:05 AM
Why do investors have to wait 15 days before making an offer on a HomePath home? Today's winning question by Mike Bradley of Metro Brokers Eagleview Properties addresses that issue. Mike receives a $25 Starbucks card and gets his contact information sent to the 6,600 people on our contact list. We also list his contact info on our blog (10,199 visits for the first 6 months of 2011) and on our blog at Active Rain, a real estate blog with more than 210,000 members. Mike's contact info follows:Mike BradleyBroker-Owner, Realtor, MBAMetro Brokers Eagleview Properties, LLC385 Inverness Parkway #140Englewood, CO 80112Phone: 303-887-4275Email: … (4 comments)

When You Should Lock the Interest Rate - 10/04/11 10:24 AM
When should you lock the interest rate? Today's winning question by Becky Gregory of Keller Williams Realty DTC addresses that issue. Becky receives a $25 Starbucks card and gets her contact information sent to the 6,600 people on our contact list. We also list her contact info on our blog (10,199 visits for the first 6 months of 2011) and on our blog at Active Rain, a real estate blog with more than 210,000 members. Becky's contact info follows:Becky GregoryBroker Associate/REALTOR® Keller Williams Realty DTCPhone: 303-475-2007beckygregory@kw.comwww.realestate-denverco.comBecky's question is: I often get questions regarding locking in a rate, especially when working with … (1 comments)

 
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Chris Thomas

Denver, CO

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The Mortgage Experts at America's Mortgage

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