mortgage: Our TRID Transactions - 11/25/15 05:39 AM
If you pay attention to mortgage news, you've probably heard about TRID* and concerns over delays it could pose in the industry. We’ve closed a handful of TRID transactions, and are actually excited about the process. Our entire staff has placed focus on each file timeline to ensure we’re hitting the proper milestones to issue the required documents on time.  The best part is the focus is placed three days prior to closing opposed to the day before. All have happened in about 30 days, start to finish. Overall, the process has been a big improvement for customer service! Below is an example … (1 comments)

mortgage: Mortgage Outlook for 2015 - 01/06/15 03:24 AM

 
2015 is shaping up to be a busy year for home buying in the U.S. - and Denver is certainly in the top destinations in demand!
Branch Manager and Loan Officer Michael Shotnik shares his thoughts on what we can expect from the Colorado Mortgage Market in 2015:
"I anticipate 2015 will be similar to 2014. Inventory will remain low, and I expect interest rates to rise, however slowly. Jobs, in addition to real estate buzz will keep activity high. It will be a year of competitive transactions, and buyers will need a sharp team to land a property."
We are still … (1 comments)

mortgage: The Jumbo Advantage - 04/02/14 04:59 AM
New - 10% down Jumbo loan!
As Conforming products continue to tighten, Jumbo programs are making a comeback!   We now offer a Jumbo loan that only requires a down payment of 10%... No more first and second mortgage combos. The Jumbo is one loan that we process, underwrite and fund in-house with our staff for excellent efficiency.
This program is only available to a select few branches in Colorado.   And, pricing is great!   The basics:
1 loan to 90% of the purchase price Purchase / Refinance Minimum credit score of 680 SFR / Town home / Condo Terms: 30 yr, … (0 comments)

mortgage: 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)

mortgage: Breaking News - Employment Report and Mortgage Rates - 11/08/13 05:38 AM
The anticipated U.S. Employment Situation Report for October released today revealed:"Total nonfarm payroll employment rose by 204,000 in October, and the unemployment rate was little changed at 7.3 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in leisure and hospitality, retail trade, professional and technical services, manufacturing, and health care."The bottom line:Jobs numbers were better than anticipated, helping the stock market, and hurting mortgage rates.In general the rates increased .125-.25 percent higher than yesterday's.
For the full Employment Situation Report for October, visit:
http://www.bloomberg.com/news/2013-11-08/u-s-employment-situation-report-for-october-text-.html
To read an analysis of how this affects mortgage rates, read:
http://www.mortgagenewsdaily.com/consumer_rates/331058.aspx 
… (0 comments)

mortgage: Mortgage Rates Falling - 10/24/13 07:36 AM
Did you know mortgage rates hit new 4-month lows yesterday?
According to Mortgage News Daily, mortgage rates continue to fall. This makes it an ideal time to lock in a loan before rates rise. Our team checks the news daily to keep up with the economic trends to bring you the most accurate data. You can also check this information on our home page in real time.
As you probably realize, the economy is unpredictable currently, and you never know when rates will take a turn upward. If you're considering a new home or refinancing, you might regret not seizing the moment.
We can help and … (0 comments)

mortgage: Checking in on the Mortgage Market - 10/14/13 02:20 AM
Those in the Real Estate, Broker and Lender business check the news each day; wondering how the Government shutdown is affecting the ability and confidence of people to refinance and purchase a new home.According to the Wall Street Journal, the mortgage market is still functional and home-buyers are able to proceed with most loans normally.This article explains lender and processing issues related to the shutdown and we will continue to update the public as more information is available.http://blogs.wsj.com/developments/2013/10/10/mortgage-market-surviving-government-shutdown-for-now/
… (2 comments)

mortgage: Effect of Govt Shutdown on Mortgage Rates - 10/10/13 04:47 AM
As long as the shutdown doesn't last much longer, the effect on the mortgage and housing market will be minimal.   However, the Federal Reserve's decisions on stimulus spending efforts depend on unemployment reports which are being held up by the Bureau of Labor Statistics. BLS cannot collect data during the shutdown and the delay of their report could affect actions by the Federal Reserve.
Luckily, mortgage rates have remained mostly consistent and rates will remain low until the Federal Reserve makes a decision on bond purchasing.
VA Home loans and loan refinance will not be affected.   The FHA and HUD assert they … (0 comments)

mortgage: 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)

mortgage: Local Market Update - FHA Changes - 04/10/13 02:42 AM
What's new?
FHA's decided that it's time to hike up mortgage insurance rates, again...
The FHA commissioner has stated that this is a required measure to "protect FHA's single-family insurance programs". In other words, there are capital concerns, and this appears to be an easy solution. 
Over the past 5-10 yrs FHA's market share has significantly increased due to lack of private financing, however, we're starting to see a trend in the opposite direction. Conventional financing is making a comeback, and we're hearing hints of coming private label products.
 
Good or bad for local market?
The Denver Metro demographic is very highly educated, which generally results in … (0 comments)

mortgage: Colorado a seller’s market in early 2013 - 02/21/13 12:37 AM
Statewide, prices rising as inventory levels drop to lowest level in decades
Colorado home buyers hunting for homes on Zillow.com or Redfin.com may be finding a lot fewer properties up for sale recently. That’s because the number of homes on the market in the Denver metro area are at the lowest levels in 23 years, according to Metrolist, Inc. and other media companies across the state are reporting similar findings.
 
A busy January, along with fewer new homes on the market due to the recession and fewer short sales and foreclosures, has caused a shortage of inventory in Colorado, which … (0 comments)

mortgage: House hunting: Avoid the red flags - 01/29/13 03:25 AM
 
House hunting: Avoid the red flags
 
Don’t commit to a new home before considering these potential pitfalls
 
When searching for the “perfect house,” buyers often put their hearts before their heads. Before you fall head over heels for a home, make sure it is worth the enormous investment by thinking about these important factors that not only will make sure you get the most enjoyment out of your home, but that you don’t find yourself regretting your decision:
 
Neighborhood
 
It’s all about location, location, location. When it comes to buying a house, you aren’t just buying … (0 comments)

mortgage: 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)

mortgage: The buyer’s market is back in Denver, Colorado!! - 12/17/10 04:04 AM
Day by day the market is becoming more of a buyer's market. As interest rates rise the pool of buyers is diminishing and the longer homes sit on the market. For those of us on the buying side this is a good thing!
If you can approach the purchase process with patience and a critical eye there has never been a better time to get a great home at a great price. "Low ball" offers are at least an offer and sellers are becoming less likely to disregard aggressive offers.
How to get a good deal:
•1.       Work with a experienced … (1 comments)

mortgage: Treasury - 4.5% Mortgage Rates?? - 12/09/08 01:19 AM
On December 4th details of a Treasury intervention to bring mortgage rates down to 4.5% was leaked.  This news was not supposed to be released as the plans are still under discussion.  I have not commented on this topic because I wanted to see if more concrete news was going to be released but at this point nothing new has come out and I feel it's my job to give my opinion on the topic.
First, at this point the plan is just speculation, so I'm remaining central on the issue. 
From what we're hearing the plan will only be eligible … (0 comments)

mortgage: 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)

mortgage: 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)