SUBORDINATION AGREEMENTS AND YOU!!!!!!

Many people come to me with a problem of having a first and second mortgage which is straining their ability to refinance.  There is a solution.  The solution is to subordinate that second mortgage if you do not fit in the 97% loan to value ratio.  Most people do not know this is possible.  Many financial institutions have specific departments called "subordination departments" which approve subordination requests.  If you are in a situation such as this, call me and I will provide all the information needed to get your bank or financial institution on board so that you can refinance your first without disturbing the second.  This could be considered your SECOND chance.!!!  To apply online go to http://www.myhomeloancolorado.com/ or call me at (719)391-9817 office (719)459-2519 cell

OBAMA's New Mortgage Plan

If you are wondering what this new mortgage assistance plan looks like, check out the proposed guidelines on http://www.cnnfn.com/ .  Basically,  if you have been current and only had one thirty day late on your  mortgage in a twelve month period (1 year) and you are over 80% loan to value (what you owe / worth ), you qualify to apply for this loan.  Now going further into the guidelines your loan would have to be a Fannie Mae or a Freddie Mac product which means a conventional loan.  The maximum loan to value ratio has been removed (was 125%) which means you can qualify to merge your first and second loans together.  The exact final guidelines on this new product should be available on or after November 15, 2011.  I will keep you posted..... in the meantime, please call with any questions you might have and lets get your loan done!!!!
Dont forget you can apply online at http://www.myhomeloancolorado.com/

INTEREST RATES HIT 50 YR LOW... AGAIN!!!!!!!

Remember last November when the Federal Reserve enacted QE2 (Quantitative Easing Program)?  The fallout from that was that we had traders of the treasuries turn into "Bond Vigilanties" and they sold off 10 year notes in protest of this aid by the federal grovernment.  Bill Gross at PIMCO in Newport Beach earlier this year divested himself of the 10 Year Treasury Notes and eluded to a more prosperous GDP.  PIMCO was the largest holder of treasury debt in the United States and possibly globally next to China.  This ran the interest rates to higher levels and was seen as the economy getting stronger.  This was a BAD bet.  8 weeks ago the yield on the 10 Year Treasury Bond was 3.10.  Today's close 1.71 was the yield on the same treasury note.  What this means is that the "cat is out of the bag" and we as a global economy are not expected to fair very well over the next year due to recessionary setbacks. This is excellent news for homeowners in that the refinancing of American homes can now begin with real results.  The large banks are not lending on their retail side but the wholesale activity is still booming.  MAC5 Mortgage, Inc. is in the wholesale side of the business and we are lending.  If you cannot qualify with one lender, always try with another as all lenders are not alike.  Call me for more information and to learn more about the economic news and how it effects you visit my "Hot of the Press" links.

HOMEPATH HOMEBUYER PROGRAM

Are you wondering if there are homebuying programs that help with downpayments?  This program allows the seller to contribute 6% of the sales price to your transaction.

Call today to see if this can help you!!!!!

Getting Your Credit Report House In Order!

Alot of times folks just get overwhelmed with the idea of monitoring their credit report.  This is not so important if your consumer years are over or you pay for everything in cash.  For those of you who utilize the credit industry such as mortgage loans, car loans, student loans, unsecurred loans and the like, you need to know what is being put on your credit report.  If you have a common name such as James Anderson, you want to make sure that only your James Anderson accounts are on your credit report.  The site that can help you with one free credit report per year is found at http://www.annualcreditreport.com/.  Check out this site and if I can help you with any of the information or ways in which to get wrong information removed, call me I am here to help and have over 20 years experience in credit repair.

Should You Refinance?

The markets have turned bullish for the homeowner looking for a refinance option.  How can you know if this choice will be a profitable one?  Well, the first thing to take into account would be the age of your current mortgage loan.  If your loan is more than 7 years old, consider going for a shorter than 30 year option.  Now that you know the term of the loan we can apply an interest rate and get a quote on a new payment.  Use a mortgage calculator to figure out the monthly payment or what your pricipal and interest would be.  Compare the new figure to your old figure and see what the savings could be.  This is your benchmark.  Now shopping a rate could be easier when you have a target margin in mind.  Call me for more information on reviewing your current mortgage situation and loan products available.

The Importance of Life Insurance When Owning a Home

So, now you are a home owner.  What are the types of mind sets that are needed to insure that you and your family enjoy your new home but have the adequate protection for your new asset.  Insurance plays an important role on many levels.  If your home is located near a water source such as a pond or river you may want to consider looking into protection on that level.  If your home is in an earthquake area there is protection for that.  The most common that is useful to you no matter where you live is life insurance.   It is not a fun topic but it is realistic.  The experts suggest that you take out a term life insurance policy that covers the balance of the mortgage on the home in the event of the death of the owner.  This is just another important step in protecting you and your family.  Contact your current Loan Servicer to see if they can recommend  an insurance company, in some cases you can get that insurance added right on to your mortgage payment by chosing this option.  It is also very wise to check with your current home owners insurance carrier to see if there might be an opportunity there as well.  Thank you for checking in and there will be more juicy tips to come.......

Payoff Your Mortgage In Half the Time!

Call me for information on how to designate your principal payments to save HUGE on the amount of interest you pay over the life of your loan!

Office (719)391-9817 cell (719)459-2519

Adjustable Mortgages and You

An adjustable mortgage is complicated but not entirely impossible to understand.  Adjustable mortgages range from 1 month to 10 years.  In the past, the adjustable mortgage product was used in ways that gave little to no benefit to the borrower and all the benefit to the mortgage companies.  This playing field does not need to remain unbalanced.  As a consumer, shopping for this type of mortgage product commands your full attention.  Below are some questions to consider BEFORE making any decision or signing any paperwork regarding an adjustable rate mortgage.

• What is the purpose of the purchase?  Primary Residence or Rental Property?

• How long do you intend to own the property?

• What are the numbers related to the adjustment if you are unable to refinance at the prescribed time necessary?

These questions are very important in order to fine tune the adjustable product to your needs.  When shopping for this product make sure you speak to a professional who YOU feel is presenting the information in a way that you understand.  Of course you can ALWAYS call me.
Jennifer Erickson (719)459-2519

Home Buyers Be Alert!

When searching for that new home there are many things to think about and consider.  The usual considerations concern schools, shops and traffic but have you considered the long term value and the situations that can affect future sales?  Let me explain.  When an appraisal is completed, the comperable sales for your home are within a mile of the subject property and your future value in that property depends on many things.  Here are a few tips to add to your bucket list when considering a purchase that I thought would be helpful.

• Open Acreage behind or around the subject property - Make an inquiry as to who owns the property and whether it is zoned residential or commercial (the seller is not obligated to openly comment on this or include this information with the listing if they do not have an interest in the property.)

• Check with your insurance company or the Realtor before making an offer to see if the subject property is in a flood zone (if you write the contract without knowing it could double your insurance costs.)

• A home inspection is very important. Shop around for a reputable company or ask your Realtor for a few referrals.  Remember the inspector guarantees nothing and if you suspect a problem call a licensed professional.

• Before looking for a home, sit down as a family and make a list of must haves such as bedrooms and sizes ie; square footage ect.  This will help your Realtor in finding properties that won't waste your time.

I hope you find these tips helpful as I think they are very important to having a great experience and not just mediocre when purchasing your home.  Thanks for visiting my blog and check back for more tips in the future.

ALWAYS CHECK LICENSING

With all the changes going on in the Mortgage World you want to be sure to ask your lender for their Mortgage Loan Originators License.  Every state complies with this standard and in addition check with the NMLS (National Mortgage Licensing System) in addition to DORA for information on your lending professional. 

How To Be A More Effective Borrower

Have you wondered lately what changes are in store for those seeking money from financial institutions.  Well, let me tell you.......

To begin with you need to provide more documentation than before.  Below is a list of documentation you would want to have ready BEFORE you apply for a loan.

• 30 days Current Paystubs
• 2 Months of Bank Statements (all accounts used on application)
• 2 Years of Tax Returns (include W-2's)
• Current Mortgage Statement
• Copies of any Bankruptcy Paperwork (all pages and discharge) if applicable
• Copy of Divorce Paperwork if applicable
• Copy of any junior liens (2nd mortgage notes and monthly statement) if applicaple
• Copy of Drivers License

By having this documentation ready you are saving time and money.  When applying for a loan, every second counts and you want to be thorough.  Less time gathering paperwork gives you more time to listen to your options and really understand the process.  Call me for more information when you are ready to begin!