mortgage: Where Will I Move To? By Marc Bayes
- 08/13/14 05:37 AM
I have a few clients that have agreed to let us sell their home however it’s based upon the condition of finding them their next home first. It’s the age old question, “where will I move to?” and it’s not an easy question to answer. There are some solutions however.
Conventional wisdom says that in order to find where you will move to next you need to put your current home under contract and then find your next home. This goes out the window when you either A) have not a strong enough incentive to sell or B) you have the money to … (3 comments)
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mortgage: Can You Really Afford This Home? By Marc Bayes
- 07/31/14 07:00 AM
Can you really afford this home? Here’s a question we, as Realtors, don’t ask our clients. It comes across pushy, demeaning, snotty, and rude. It’s a fair question though isn’t it? Can you really afford this home? It’s even open ended because it’s not just addressing the monthly payment it’s addressing the cost of home ownership.
In today’s market with interest rates at an all-time low the mindset is to buy and buy now. Don’t wait for interest rates to slide a point because you may be priced out of the market. Don’t wait because the price of homes will go up. The … (1 comments)
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mortgage: A Good Lender Makes All The Difference By Dan Polimino
- 07/11/14 05:16 AM
The lending landscape is tighter than ever even though banks are showing record profits once again. I can understand why lending institutions are being cautious not wanting to fall into the same trap again, but someone has to tell them that they have swung the pendulum too far in the other direction. It’s time to come back to center.
That’s why I am writing this week’s column on how important it is to have the right lender. This guy or gal can and will make all the difference in a successful transaction that closes smoothly. Here are a few tips:
1) Find someone … (0 comments)
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mortgage: Assumable Loans Are Back. By Dan Polimino.
- 12/16/13 07:57 PM
I am amazed that I have a mortgage with less of an interest rate than what my parents paid for our home in 1968. What really blew me away was when my lender told me that my loan was assumable. I thought assumable loans were a thing of the past, but FHA loans are assumable, and now some conventional loans are as well.
The assumable loan was almost a must for homebuyers in the late 70’s and early 80’s when interest rates climbed to 16% and higher. When a seller had an assumable loan, they definitely had an advantage over a seller that did not. For those … (0 comments)
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mortgage: Denver Metro Mortgage Assistance Plus Program. By Marc Bayes.
- 09/24/13 09:17 PM
The hottest loan package in 2013 is the Denver Metro Mortgage Assistance Plus Program. This is loan program has evolved since last year and this year it comes with all the bells and whistles. When this program was originally introduced there were limitations on areas it would work and it was designed for first time home buyers only. Let’s talk about what exactly the Denver Metro Mortgage Assistance Plus Program can do for you.
The Denver Metro Mortgage Assistance Plus Program gives the buyer 4% of the loan amount as a grant towards their down payment and or closing costs. Since … (0 comments)
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mortgage: It May Be Getting Easier to Get a Loan. By Dan Polimino.
- 08/12/13 10:38 PM
In 2006, your dog could have qualified for a home loan. The pendulum had swung too far left. In 2009, very few people could qualify for a loan with all the new regulations and restriction. The pendulum had swung too far right. In 2013, I am pleased to report that it appears that the pendulum is moving more towards the middle, and getting a home loan may be a bit easier for the majority of Americans. Here is what we are beginning to see in Colorado and around the rest of the US.
1) Lenders are a little more flexible with credit … (0 comments)
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mortgage: The State of Real Estate. By Dan Polimino.
- 04/22/13 11:15 PM
I always think it fun to play the “did you know game” every once in a while. It’s even more fun to do it with the real estate business of which I am so passionate about. I was at Keller Williams Annual Conference in February, listening to Gary Keller talk about the state of the real estate business. Here’s a few “did you knows” to kick around when you are thinking about making a move.
1) Since 2006, mortgage rates are down by 50%. The affordability of a home always boils down to the monthly payment. Nothing affects monthly payment … (1 comments)
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mortgage: Could This Be The End of Foreclosures? By Dan Polimino.
- 02/25/13 06:22 PM
On January 17 of this year, the Consumer Protection Bureau (CPB) released the new rules that apply to mortgage servicers in an effort to protect homeowners from foreclosures.
A mortgage servicer is a company that collects loan payments on behalf of the bank, provides customer service, processes loan modifications, and handles foreclosures. Beginning January 1st of 2014, the CPB will restrict some of the practices of mortgage servicers to give homeowners in trouble more of an opportunity to get help. Here is a summary of a few of the new rules:
1) When a homeowner has missed two consecutive … (1 comments)
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mortgage: The Year End Numbers Are Out. By Dan Polimino.
- 02/11/13 05:07 PM
In the second week of January, Metrolist released the year-end numbers for Denver Real Estate in 2012. It looks as though it was a fantastic year for buyers, sellers and, yes agents. Here are a few quick stats:
1) There were 6,366 single-family homes for sale at the end of the year. That's down by almost 30% from 2011. It's hard to express how few homes are for sale. The 6,000 figure represents a historic low.
2) There were 45,410 homes that went under contract in 2012 of which 37,164 were sold. That's up by 18% from 2011. The average … (5 comments)
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mortgage: The Top 5 Reasons To Buy A Home. By Dan Polimino.
- 01/21/13 06:04 PM
No question that there are some distinct advantages to home ownership. Some presidents like Former President Clinton made it a major initiative to make sure that all people had a chance for home ownership. Over the years, the reasons for buying a home haven’t changed, but these days it seems that it’s more important than ever to today’s consumers. Here are the top five reasons why we believe one should buy a home.
1) Building Equity. You have heard that renting is throwing money down the drain and that wouldn’t be wrong. Rent is money you are never going to … (0 comments)
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mortgage: Maybe You Should Consider A New Build? By Dan Polimino.
- 12/03/12 04:55 PM
Ok, so you’ve been out looking at homes for a few months and you still can’t find anything you want to buy. It’s hard to believe that we are having this discussion today after the last four years of record high inventory. Since a greater selection of choice homes is not likely to hit the market soon, maybe it’s time to consider building. Before you do, there are some things you need to know.
Not every homebuilder is created equal. In the construction business, it really is “You get what you pay for!” Buyers beware: do you home work on … (4 comments)
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mortgage: Assumable Loans Are Back. By Dan.
- 09/10/12 10:21 PM
Just last month, I was able to refinance my home to an even lower rate than what I had in 2008. I am just amazed that I have a mortgage with less of an interest rate than what my parents paid for our home in 1968. What really blew me away was when my lender told me that my loan was assumable. I thought assumable loans were a thing of the past, but FHA loans are assumable, and now some conventional loans are as well.
The assumable loan was almost a must for homebuyers in the late 70’s and early 80’s … (3 comments)
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mortgage: Is mortgage rate envy a sin?
- 08/01/12 11:41 PM
Is mortgage rate envy a sin? I have no idea, because I am a mortgage banker and not part of the clergy. But I do know that mortgage rate envy is usually based upon misinformation, and prevents mortgage borrowers from thinking clearly. They are so focused on rate that they do not see the whole picture. Focusing solely on the note rate can cause people to make imprudent financial decisions. The annual percentage rate (APR) is the number borrowers should be looking at. APR is defined as the total of all costs imposed on a borrower as a result of granting … (0 comments)
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mortgage: Investor Overlays. By Dan Polimino.
- 07/30/12 09:56 PM
Let’s face the fact that it’s not easy getting a home loan these days. While the real estate market has turned around here in Denver and in other parts of the country, the lending environment is still lagging behind. The restrictions and guidelines have not gotten any better. In fact, in some cases, they have gotten worse with fewer people becoming eligible to get a home loan.
Not all lenders are created equal and for that reason, we try to counsel our clients to seek out lenders who hold their loans and do not sell them in the secondary market. … (0 comments)
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mortgage: Too good to be true: Mortgage offers in the mail
- 07/04/12 06:58 PM
Every residential property owner is familiar with the too good to be true offers that are always coming in the mail, especially when rates have fallen. Most of these solicitations are based on county records that show the owner of the property and other information that a predatory lender can utilize for the magic mortgage offer. Whenever I need a laugh, I look at these offers, which always turn out to be either bogus or not applicable for the borrower. What the mail offer mortgage brokers are doing is trying to get the phone to ring so they may bait and … (0 comments)
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mortgage: Fees DROPPING for eligible FHA streamline refinances!
- 05/30/12 05:06 PM
It has been some time since we have heard about a government agency dropping fees, but FHA is doing that for FHA mortgages that were insured prior to June 1, 2009. Remember that it may take up to 90 days after the note date for the loan to be insured. If your FHA mortgage closed prior to March 1, 2009, you should be eligible. After March 1, 2009 you should have your mortgage professional check your FHA case number to see if you qualify.
The Up Front Mortgage Insurance Premium (UFMIP) is a one time fee collected by FHA and … (0 comments)
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mortgage: FHA refinancing fees dropping!
- 03/15/12 12:38 AM
While FHA fees for purchase mortgages will be going up sharply on April 1st, it appears that fees for FHA "streamline" mortgages will be going down soon. A streamline refinance is for borrowers who have an existing FHA mortgage and wish to reduce the rate, or change from an Adjustable Rate Mortgage (ARM), with a minimum of paperwork and WITHOUT an appraisal. Many borrowers have not been able to take advantage of this because of the increase in the monthly mortgage insurance premiums offset any of the gains produced by refinancing.
The proposed changes for FHA refinances is to reduce … (3 comments)
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mortgage: FHA fees increasing on April 1, 2012
- 03/07/12 09:48 PM
FHA will increase the upfront mortgage insurance premium by 75% on April 1, 2012. The current upfront fee is 1% and will be increasing to 1.75%. This means that the upfront mortgage insurance on a $300,000 FHA mortgage will increase from $3,000 to $5,250. Additionally, the monthly mortgage insurance, which is currently 1.15% for a mortgage with a loan to value over 95%, will be increasing by 0.1% to 1.25% annually.
At a Senate Hearing last week on the state of the housing market, Secretary Donovan indicated that FHA would be reducing premiums for FHA loans that were endorsed on … (1 comments)
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mortgage: Refinancing a condo that has a conventional mortgage
- 02/29/12 06:06 PM
Refinancing an existing mortgage that is either a Federal Housing Administration (FHA) or Veterans Administration (VA) loan it is far simpler than a property that currently has a conventional mortgage. The main reason is that in most cases it will not require a project approval of the Homeowners Owners Association. But the situation may not be hopeless, even if you have a "condotel".
Non agency portfolio products are a great option for someone who has a condo with a mortgage that is not FHA or VA. A portfolio product is a mortgage that a company will hold and service, giving … (0 comments)
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mortgage: Refinancing a condo could be easier than you think!
- 02/22/12 07:09 PM
While obtaining a mortgage to purchase a condominium may present an interesting challenge because of the required project approval on the Home Owners Association (HOA), refinancing a condo could be easier than you would think.
If you have an existing government loan, either FHA or VA, project approval is not required for either a Federal Housing Administration (FHA) "streamline" refinance or VA Internal Rate Reduction Refinancing Loan (IRRRL). Both loans are designed to help people refinance to either a lower interest rate or change from an Adjustable Rate Mortgage (ARM) to a fixed rate mortgage. These loans do not … (0 comments)
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I have a few clients that have agreed to let us sell their home however it’s based upon the condition of finding them their next home first. It’s the age old question, “where will I move to?” and it’s not an easy question to answer. There are some solutions however.
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