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interest rate: HARP program for underwater homeowners: Will the sequel be better than the original? - 11/17/11 06:57 AM
Most of the time, the sequel to a movie is never as good as the original. Recently the federal government announced that it was reviving the Home Ownership Refinancing Program (HARP) allowing homeowners who owe more their home is worth to refinance. Always the optimist, I feel that this program will be better than the original, if only because the original was such a dismal failure.  Not to harp (no pun intended) about how bad the original program was, but I have read from a variety of different sources the success rate was around twenty percent. Based upon what I have witnessed firsthand, from speaking to many disillusioned homeowners, I wonder … (2 comments)

interest rate: Fixing and Renting. By Dan Polimino. - 11/08/11 08:07 AM
If you read my column from last week, you would know that I was talking about how hard it is right now to find a good fix and flip home. Inventory is so low that contractors cannot find enough good homes to buy to sustain their fix and flip market. I have resorted to knocking on doors of duplexes that are not even listed for sale. If you want to re-read that column, go to coloradodreamhouse.com/news.
This week, I want to talk about whether or not you should fix and flip the house or fix and rent. Fix and flip has … (0 comments)

interest rate: Real Estate Agents and Lenders: Love Story or War of the Roses? - 08/25/11 07:38 AM
Most of the time the symbiotic relationship between real estate agents and lenders is more like the movie Love Story than War of the Roses, with a kumbaya moment at the closing that often turns into a mutual admiration society for all involved. Nothing is better than a borrower thanking you for a good job and saying the process was easier than they expected. Communication, coordination, and realistic expectations are essential to insure a smooth closing on time. While mortgage underwriters have the ability to read minds and see the future, loan officers do not.  Everyone needs to be on the same page. One guiding principal I have noticed … (4 comments)

interest rate: Is a loan with no fees or origination charge the best deal? - 07/21/11 08:02 AM
Is a loan with no fees or origination charge the best deal? Maybe. Never forget that interest rate is only half of the equation. Rate AND fees are the whole equation upon which you should make a decision. When talking to borrowers who have been shopping rates, I always ask the same questions. What is the term of the mortgage, are both mortgages fixed rate, and what costs are associated with the mortgage. Sometimes a borrower is comparing a 10 year fixed rate mortgage to a 30 year fixed rate mortgage. We need to make sure we are comparing apples to apples. The longer the term of a fixed rate mortgage, the … (18 comments)

interest rate: How long after a short sale before I can purchase? - 01/17/11 01:43 AM
HUD has issued the following guidelines (ML 09-52) for a homeowner who wants to obtain a FHA mortgage after a short sale or short payoff:
*  Borrowers who were current on their mortgage and all installment debts at the time of the short sale ARE eligible for a new FHA mortgage, if the short sale served as payment in full on the mortgage in place.
*  FHA will insure a first mortgage where the existing note holder(s) write off the amount of the indebtedness that cannot be refinanced into the new mortgage due to a decline in property values and/or reduction … (6 comments)

interest rate: Rates Keep Dropping - 10/12/10 06:43 AM
Freddie Mac reported last week that the current interest rate for a thirty year fixed rate was at a historic low of 4.27%. How low will it go? My crystal ball clouded up several years ago, and I do not how much lower rates will go. I do know that the smart money realizes it is impossible to time the market and the best plan is to take the money and run. Check your mortgage statement carefully. I am working on a refi where the client initially did not think it made sense to do anything until they noticed what the mortgage insurance was costing them. When … (1 comments)

interest rate: New GFE, nothing to hide-time for transparency - 02/17/10 10:17 AM
For those of you new to the home buying process, a new change happened January 1st, 2010 that will make you life allot simpler in terms of shopping for a home loan. The new Good Faith Estimate (GFE) requirements have made lenders HIGHLY accountable for the interest rate and closing costs quotes on a home loan. In the past, mortgage lenders and brokers could play “fast and loose” with their Good Faith Estimates often quoting terms that were not available just to get the client “in the door”. Once you invested a few weeks with them and gotten the loan approved, … (0 comments)