Top 10 Denver Colorado Real Estate Home Buyer Tips For Mortgage Borrowers

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Mortgage and Lending with NMLS #384936 NMLS #384936

Top 10 tips for Denver Colorado Mortgage Borrowers in Fall 2014

 
 
The clock is ticking for buyers and Denver Colorado Real Estate home buyers -  owners who want to grab a low mortgage rate in 2014. But if you stay on top of your game, keep your finances in order and act quickly, you can still grab attractive mortgage deals.
 
 
These 10 mortgage tips can help you with your mortgage decisions in the later part of 2014

1. Document your finances.

As your Colorado Real Estate Home Loan Lenders I am diligent when underwriting home loans in 2014, as new mortgage regulations went into effect in January. The rules put pressure on Denver home lenders to verify that borrowers have the ability to repay their loans.
Keep good records of your finances, including bank statements, tax returns, W-2s, investment accounts and any other assets you own. Be ready to explain any unusual deposits to your accounts. Yes, the $500 that Grandma deposited in your account for Christmas could delay your loan closing if you can't prove where the money came from.
 
 

2. Lock a rate as soon as you can.

Colorado Denver Mortgage Rates will likely climb a bit in the rest of 2014 as the Federal Reserve is expected to reduce the pace of the economic stimulus program that has long helped keep rates low. If you are planning to get a mortgage, lock in a rate as soon as you are comfortable with the numbers.

3. Denver Home Owners Refinance now -- if you still can.

Many homeowners lost the opportunity to refinance at a lower rate when rates jumped in 2013. But those who are still paying more than 5 percent interest on their home loans might still have an opportunity.
If you think you may be able to save with a refinance, but you are not sure, it doesn't hurt to try. Speak to a loan officer and take a look at the numbers to see if refinancing still makes financial sense for you after you consider how long it will take to break even with the closing costs.

4. Denver Home Buyers, use your bargaining power.

As mortgage rates climbed, lenders lost a big chunk of their refinance business. In 2014, they will turn their attention to homebuyers and will fiercely compete for their business. Buyers should take advantage of bargaining power they gain with that increased competition. Shop around for the best deal and look beyond the interest rate on the loan.

5. Learn your rights as a borrower.

Colorado Homes Mortgage borrowers will get many new rights as consumers this year when new mortgage rules created by the Consumer Financial Protection Bureau go into effect in 2014. If you run into issues with your mortgage servicer in 2014 or fall behind on your payments, make sure you are aware of your rights and put them to use.

6. Take good care of your credit.

It's nearly impossible to get a mortgage without decent credit these days. That will continue to be the case in 2014. If you are planning to get a denver Colorado real estate home mortgage, monitor your credit history and score until your loan closes. The best mortgage rates usually go to borrowers with credit scores of 720 or higher. You may still get a mortgage with a score of 680, but lower scores will mean higher rates or higher closing costs.

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Kevin Guttman

Top Colorado Home Loan Originator

Sr Mortgage Banker

www.ColoradoHomeLoanTeam.com

877-251-9709

 

help@coloradohomeloanteam.com

 
 

 

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We help Colorado clients finance their dream and

get the best rate, program, fees, & payment they qualify for!

 

Kevin Guttman

Certified Reverse Mortgage Planner

Home Finance Advisor

Financing Your Dream

Colorado Springs, CO 80920

877.251.9709

kevin.guttman@gmail.com 

www.ReverseMortgageAdvisorsUSA.com

www.ColoradoHomeLoanTeam.com

www.HomeAndLoanExperts.com

 
 
 

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