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montrose colorado mortgage: Should I refinance my mortgage? - 09/17/09 10:24 PM
 
I get this question to many times a day, but the honest answer isn't so easy.  A lot of Realtors and others will tell you if you can save 1% off our rate then it is a "no brainer".  I will respectfully disagree. 
We need to take a hard look at other factors.
How long are you planning to stay in your home? 
What type of loan do you have now?
Are you paying MI or PMI?
What is your loan to value?
 
So let us play 20 answers or so (you get the idea, plus this make you … (10 comments)

montrose colorado mortgage: FICO 08, an update on Credit Scores - 03/19/09 08:33 AM
Just when you thought you had the credit scoring system all figured out along comes FICO 08.  Now we all know with all the changes in the lending world that credit socres are so overly important and we are all looking for ways to help our clients maximize their scores and actually FICO 08 just might help some.
 
  Transunion started using it end of January and Equifax is planning a fall launch and Experian, well it is anyones guess when they might roll it out. (Experian and FICO are not very friendly these days)
 
Some of the changes are
… (2 comments)

montrose colorado mortgage: Are we really going to get sub 5% mortgages???????? - 12/04/08 11:25 AM
There are many stories out there this week that we will be at 4.5% soon..... according to an article in the WSJ yesterday.  The article goes on about how this will be for "new home loans".  Will it happen?  No one is really sure and I bet you are getting that question from your buyers......  5% to 4.5% on a 30 year will equal 30 bucks a month.....  but I want to share with you what is actually happening in the market TODAY.....  
 #1)  I have a client looking to pull cash out to consolidate some bills on a manufactured … (1 comments)

montrose colorado mortgage: I AM A MORTGAGE BANKER/BROKER, PLEASE SAVE YOUR PITY FOR SOMEONE THAT NEEDS IT! - 10/08/08 06:08 PM
 I will be honest, well because it is a lot easier than anything else.  I am sick and tried and just plain fed up with the pity looks on peoples faces when I meet them and the find out what I do for a living. 
 They look at you with this sad face and say something like..... "and how is that going for you"........  And I can not tell you HOW SHOCKED THEY ARE TO HEAR THAT MY BUSINESS IS UP OVER LAST YEAR!!  Here it is October 8 and we still have 2 months left in our company's fiscal year … (4 comments)

montrose colorado mortgage: When did this profession become so LAZY?????? - 10/07/08 04:20 PM
  I mean honest, when did this profession become so complacent and just sitting back and waiting for clients to walk in the door?  When did we get so reliant on computers and Automated Underwriting that we forgot how to work a deal?  I got 2 different calls from loan officers that work in one of our offices last week about the "new USDA Rural" program (ok it is not new, just new to them) and they both were moaning about these loans being "manual" underwrites. They are not, but this office has not been trained yet, so we will let … (15 comments)

montrose colorado mortgage: What an "E" Ticket Ride in the Mortgage World - 09/09/08 05:03 PM
  For those that are not "seasoned enough" to  
remember "E" Tickets at Disneyland/World it was the ticket to get you on the best and most exciting rides.  I have fielded numerous calls today about what is going on with rates. 
What will they do next?is the biggest question and to be honest,
I really wish I had that flying Delorean  so I could give you all the answer we crave.  But, lets look at the past 2 years for some sense of guidance.  The last 2 falls and winters saw rates drop to the lowest levels of the year.  With the … (2 comments)

montrose colorado mortgage: Rate versus affordability - 06/20/08 10:58 AM
Mr. Belonger  has written another wonderful post about payment versus rate and that got me to thinking about a client of mine or 2.
  About a year ago this young couple came to be and they wanted to get start the process of looking to buy their first home.  So we pull their credit and lets just say that a year later we are ready to go. 
So I ask the question what payment range will you be comfortable in..... 
the response well we are paying $1100 in rent right now and the home we are renting is in foreclosure and we … (5 comments)

montrose colorado mortgage: Tomorrows Lunch and Learn: A review of AUS (Automated Underwrting System) - 06/10/08 10:37 AM
Thats right it is that time again.  Have a little lunch and learn a little about the dark side of the business, otherwise known as the Mortgage Profession.  And to be honest, this is a timely topic today; after all I have read and heard about Mortgage Professionals not pre qualifing your buyer correctly
 First let us clear up "pre qualify" and "pre approve".  The first is a simple matter of asking a few questions and taking the buyer/borrower at their word and saying ok the numbers work up to $$$,$$$.  The second is when we actually see the credit and … (3 comments)

montrose colorado mortgage: What does our profession and golf have in common - 05/15/08 07:42 PM
Well, for starters how about honesty?
I was visiting with a Realtor last week that was crying the blues that Sellers don't want to hear the truth and Buyers wont listen...... and I thought
DUH!!!!!  The Media is telling them the exact opposite that you are!!!! So, maybe a slightly different approach might get them to listen.
Then, I had the privilege of doing Open Water Scuba Diving certification class last weekend and on the drive to the training facility. it felt like all my bride and I talked about was Politics, the "mortgage crisis" and being a RESPONSIBILE AND HONESTY HUMAN BEING.
… (5 comments)

montrose colorado mortgage: Did you miss the bottom???? - 02/19/08 09:15 AM

Where you still sitting on the fence 2 or 3 weeks ago thinking that rates would go even lower?
Man I really hate to hear that, I mean rates are still awesome BUT they have gone up.  Still 6% is not bad.  Ok it isn't 5.625% like it was a few weeks ago. BUT lets compare what your payment difference is
On a $150,000 loan your payment 3 weeks ago would have been $863.48 (PI) and now it is $899.33 (PI).
On $175,000 loan your payment would have been $1007.40 and today it will be $1049.21.
On $200,000, your payments went from $1151.31 to $1199.10.
  … (4 comments)

 

Joe Adams

Montrose, CO

More about me…

Major Mortgage USA/Branch Manager

Address: 1521 Oxbow Dr #125, Montrose, co, 81401

Office Phone: (970) 252-1700

Cell Phone: (970) 209-9802

Email Me

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