DENVER REFINANCE, COMMERCE CITY REFINANCE

It’s the day after Thanksgiving and today was a shortened session  in the market rates pretty much remained unchanged.  Credit standards starting to become more strict making it more difficult to purchase or refinance.

Fannie Mae plans to raise minimum credit score requirements next month and limit the amount of overall debt that borrowers can carry relative to their incomes, The Washington Post reported on Thursday.

Starting December 12, the automated system that the government-controlled mortgage finance company uses to approve loans will reject borrowers who have at least a 20 percent down payment but whose credit scores fall below 620 out of 850, the newspaper reported. Previously, the cut-off was 580.  COMMERCE CITY REFINANCE

They just keep making it more difficult. If your thinking about refinancing now is the time. Appy now CLICK HERE

Happy Thanksgiving, and the countdown to Christmas begins. Are you ready for black Friday? I’m Andrew Hahn and I specialize in Denver Refinance as well as Colorado refinancing. I’m pretty darn good at your Mortgage purchases too. I have over 18 years experience and I am licensed and fully insured. This time of year it’s always tempting to use those credit cards for those holiday purchases and if you do, do yourself a favor and create a budget and stick with it. Sorry don’t mean to sound like a stick in the mud but as we all know getting credit isn’t as easy as it used to be. In those past years it was easier to to get that HELOC (Home Equity Line Of Credit) or a closed end Second Mortgage.These day’s it’s a bit more difficult to refinance because of the reduced property values, the elimination of many Second  Mortgage loan programs  and with tightened credit standards. I do have Second Mortgage loan programs available and depending on your loan to value and your current interest rate sometimes it still might make sense to consider refinancing your first mortgage. If you get a few extra minutes give me a call or drop me an email so we can take a look at your unique situation to see how we can improve your current mortgage.

When considering you Denver Refinance make sure to explore all your mortgage loan options to insure you get the best loan possible. Please visit my business website CapitalAdvantageMortgage.com get rates quotes, fill out a secure loan application or utilize my recommended professionals.

Have a great Thanksgiving Andrew Hahn

And be careful Black Friday can be ruthless

When you’re looking for help you’ve come to the right place. When considering Refinancing in Denver or more over I specialize in Refinancing in Colorado, dont’ go to a webiste that just collects your information to sell as a potential lead to multipul companies go direct to my website CLICK HERE. I’m a licensed and fully insured Mortgage Broker located in Commerce City Colorado and have been in the mortage business for over 18 years. On the lighter side if you would like to meet me and learn more about me visit my personal website. Andrew Hahn

YOU MIGHT BE SURPRISED:

I’m Andrew Hahn a Colorado mortgage broker located in Commerce City Colorado on the north edge of Denver who specializes in Colorado refinancing.

Even in this market there are a couple loan programs that could to help you.  First these programs are either Fannie Mae or Freddie Mac loan programs that are designed to replace an existing loan that is already owned by them.  So the first and most important bit of information you need to know is who owns your loan.  The company you make your loan payment to is a servicer not necessarily the entity that owns your loan. The easiest way to find out who owns your loan is to call me and I’ll help or call the servicer and ask them if your loan is owned by Fannie Mae or Freddie Mac, if your loan IS owned by one of these agencies your one step closer to being able to take advantage of today’s low rates.  If your loan isn’t then at this time there is no loan program that allows you to refinance at the Loan to Values that the programs I’m going to talk about do. These programs take into consideration the declines in property Value and let you refinance at up to 125% Loan to value. This means that if your loan is $312,500.00 and NOW because of the declining market you property only well appraise at $250,000.00 you can still refinance your loan at today’s rates.  There are interest rate adjustments but rates are still pretty darn good. The best way to figure out if this loan program can save you money is to email me or give me a call and we can run some comparisons to see if this works for you.  This loan program can extremely helpful if you want to change from an ARM type loan or from an interest only loan and replace it with a new 30 fixed rate loan.  This program allows for up to 125% loan to value on the first mortgage. Even if you have a second mortgage you can still refinance with the condition the second mortgage subordinates to the new first mortgage. If you want help to see if you can qualify for these loan programs, contact me and I’ll help you. I’ll help you find out if your loan is eligible for this program and run loan comparisons to evaluate the benefit’s. If you would like you can CLICK HERE and go to my website and fill out a secure loan application and I can start working on it right away.

This is a great program don’t miss out.

Have a great day

Andrew Hahn

Take a closer look at you Adjustable Rate Mortgage; it might not be as bad as they make it sound

I think with all the rush/push to refinance out of that Adjustable Rate Mortgage in some cases, are alarmist and for people that have ARM loans with either Fannie Mae or Freddie Mac (not subprime) you need to step back and take a closer look at your loan and consider what your payment is going to do and understand how it works. With these ARM’s it’s more likely that your payment is going to go down. The key here is to know how your ARM works; you need to understand how to figure out what your interest rate is going to be. The interest rate is figured by adding an Index this is the variable component of your interest rate and a Margin this is the fixed component of your rate. You need to know what your index is, the two most popular indexes are either the 1-Year LIBOR (London InterBank Offer Rate) or the 1 YEAR TREASURY (1yrCMT); this is extremely important because this is the basis of your interest rate.  The index is what’s going to determine what your rate is going to be. Today 02/24/2009 the 1 year LIBOR is 2.08 and the 1 yr CMT is 0.64. Here is a great link to use to keep track of your index for the 1 yr LIBOR http://www.bankrate.com/brm/ratewatch/other-indices.asp and here is the link for the 1 yr CMT http://www.bankrate.com/brm/ratewatch/1yr-cmt.asp . Now you need to know your Margin this is the amount you add to the index to get what your interest rate will be. Most of margins tend to be between 2.25 and 2.75; again this is for non subprime loans. (The problem with subprime loans is that the margins are extremely high).  To find out what your index and your margin are, look in your closing folder and look for the Adjustable Rate Mortgage loan Rider. Now for examples sake we are going to use a margin of 2.75, now if you have the LIBOR as your index you add 2.08 ( YOU NEED TO ROUND TO THE NEAREST .125 ) this would make your interest rate if it adjusted today 4.75% this is not a bad interest by today’s standards at all. Now if your index is the 1 yr CMT at .64 (ROUND TO NEAREST .125) your rate today is 3.5% can’t touch this in today’s market. This presents a compelling argument that ARM loan aren’t that bad at this time. The question here is how long the indices will stay low. For those of you under water in your property this is the good news. All the talk from the new administration about allowing people who owe more than their property is worth is still just that HAPPY CHATTER; we will have to wait to see if they can make it happen.  Now for those few who can still qualify for a new loan you need to form a strategy of when to refinance into a fixed rate. You’ll also need to know how often your interest rate can adjust; it’s generally either every 6 or 12 months. What you want to do is enjoy your new rate but watch and lock in a new fixed rate loan when those indices start moving up to a point where your adjusted rate will be higher than what you can fix a rate at. Easier said than done; this is where you have to determine what works best for you. Also ask yourself all those important questions, like how long do you intend to stay in the property, how much are the closing cost going to be, ect… Loan to value and credit score are still extremely important and well affect your interest rate. The sweet spot is still 80% or less, whenever you go over 80% you run into mortgage insurance and this just adds to your payment. There are many factors that affect your interest rate and even your ability to refinance. If I can be of any help in determining what works in your best interest please contact me.

Please visit my web site; Capital Advantage Mortgage

Thank you and I hope this helps Andrew Hahn