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.......