conventional: Conventional Financing - UPDATE - 11/15/13 12:20 AM
11/15/13
*UPDATE*
Today is the last day for 3% down with conventional financing. 
… (0 comments)

conventional: The buyer's edge - 04/17/13 02:30 AM
 
In this fierce market you need every tool possible to assist your buyers. That’s where we come!
The Mortgage Credit Certificate program is the perfect tool to maximize your buyer’s purchasing power. The program will allow them to qualify for 10%-20% more.
How it works:
The MCC must be applied at the time of purchase. This will allow your buyer to receive a tax credit equal to 20%-50% of their mortgage interest payment. On a $200,000 purchase this is $1,500 - $3,750 in extra annual income. On the lending side we can use this extra income to help your buyer … (0 comments)

conventional: Financial planning for home buyers - 01/29/13 03:21 AM
 
Financial planning for home buyers
 
Be smart with your money, and prepare to make your loan app easier
 
In preparing to buy a home, it is important to get your financial house in order before initiating your loan application. Getting organized and simplifying your account history will help alleviate headaches and make the loan application process go much more smoothly.
 
 
 
Step 1: Get Organized
 
 
 
As part of your loan application, expect that underwriters will require copies of the past two years of W-2 forms and tax returns, 1099 forms and K-1 … (0 comments)

conventional: Secret: How to Get a Smokin’ Deal on a Home - 12/08/10 07:47 AM
Purchase price: 285,000
Loan amount: 300,000
Appraised value 6 months later: 359,000!!
59,000 in gained equity in only 6 months!!
 
The buyer was a gentleman interested in purchasing a nice home for his family. He wasn't an investor and his primary motivation was not to make a quick buck. But, he was able to develop a tremendous amount of equity very very quickly. He did this by using an FHA 203k loan. This loan allowed him to roll upgrades into the loan, including: flooring, appliances, heating repair and window repair. About 15,000 in funds for upgrades/repairs.
The property was unable … (1 comments)

conventional: Entertainment, Lies and Homeownership - 11/10/08 04:00 AM
If you are one of the many Americans that routinely watches the local news than you mostly likely think no one is able to buy or sell real estate in the current market.  The media is in the business of entertaining whether it be true or false and in the case of the local Denver Real Estate market is way off.  The term that is regularly used like "credit freeze" and all the publicity given to failing banks greatly discourages first time and seasoned buyers from buying a home.  Any investor will tell you to buy low and sell high, now … (0 comments)

conventional: Refinance Your Mortgage: 4 Great Reasons – Denver, CO - 10/12/08 03:58 PM
Michael Shotnik
Refinance Specialist
Link:  refinance-denver.com
Most people go through their day to day routine and don't consider how their mortgage could be improved to reduce stress, put more money in the bank, get rid of those high interest credit cards or create financial security.  If it's in your financial plan to do all of the above you are half way there by owning your own home. 
ARM to Fixed Rate.  Adjustable Rate Mortgages are generally available at lower rates which is very attractive in the beginning.  When the ARM starts to adjust is when it's definitely time to consider a … (0 comments)

conventional: FHA Down Payment 3% or 3.5% - Neither - 10/10/08 03:32 AM
Michael Shotnik
Mortgage Banker
Denver, CO
 
Link:     denver1stmortgage.com
FHA Down Payment Confusion
With new FHA changes (HR 3221) taking affect on October 1st there has been a lot of confusion regarding the down payment required for FHA loans.  A lot of realtors were informed that starting October first the minimum down payment would be 3.5%.  THIS IS NOT TRUE!  The 3.5% minimum down payment will not take effect until January 1st 2009. 
Given that Colorado is a low closing cost state the minimum down payment until Jan. 1st 2009 is as follows:
 
As you can see above the minimum … (1 comments)

conventional: First Home? Gotta read! - 10/09/08 09:31 AM
Michael ShotnikFirst Home -  Loan Specialistmshotnik@summit-mortgage.com
denver1stmortgage.com               Mortgage Broker vs. Mortgage Banker
Mortgage Broker

A Mortgage Broker is an intermediary between the borrower and the lender. Most mortgage brokers represent multiple lenders and will work to find the client the lender that is most likely to approve your application. Mortgage brokers can generally offer a broad range of programs. It is important to understand that although a mortgage broker is in place to find you the correct product it is not always in their best interest to give you the best rate. Mortgage brokers earn a fee/commission for their work on your particular loan. The … (0 comments)

conventional: Fed Rate Cut & Colorado Housing Trends - 10/08/08 05:35 AM
Michael Shotnik, Direct Mortgage Banker
Denver1stmortgage.com
Fed rate cut
The Fed cut its key lending rate by .5% before the market opened this morning.  The market reacted positively for about an hour and then sold off as a result of higher expectations for the Fed cut.  Wall Street is remaining hesitant until there is more certainty in the market.  I've heard a couple analysts say we'll soon see a 1000 point jump in the market on any given day.  This makes sense; a lot of investors have pulled large sums of money out of the market and are waiting for a … (0 comments)

conventional: LOCAL MORTGAGE COMPANY GROWING IN WORST HOUSING CRISIS IN 20 YEARS - 10/07/08 08:58 AM
PRESS RELEASE
For Immediate Release
Contact: Michael Shotnik
Tel. 303-800-4595
Email: mshotnik@summit-mortgage.com
 
LOCAL MORTGAGE COMPANY GROWING IN WORST HOUSING CRISIS IN 20 YEARS
Summit Home Mortgage, Denver Mortgage Company
If you're not growing you're withering.  This is the philosophy Summit Home Mortgage employees follow.  From the ownership down Summit is focused on growing the company with strong relationships with clients, realtors, builders and other industry professionals.  Summit has continued to grow and make strides even through this volatile market.
From day one Summit's ownership was very conservative in their lending practices.  Being a bank they take on additional responsibility for … (0 comments)

conventional: Refinance - Denver - 10/06/08 01:49 PM
Michael ShotnikDenver Refinance SpecialistVisit our websiteApply Onlinemshotnik@summit-mortgage.com
Refinance with Confidence.
With all the market volatility and the downward trend in the stock market mortgage rates have been about the only bright spot. If the fed decides to cut short term rates which it sounds like they will then mortgage rates will increase. If you are considering refinancing out or an ARM or trying to capture a lower rate now is the time.
Visit our website to inquire about up to the minute rates.
Regardless of what the local and national media is saying we are still funding loans! My clients … (0 comments)