If your looking to purchase or refinance and want an interest rate quote please CLICK HERE

Andrew Hahn

Federal Open Market Committee Policy Statement
(Italics/highlight indicate material changes in wording from last statement)
Release Date: March 16, 2010
For immediate release
Information received since the Federal Open Market Committee met in January suggests that economic activity has continued to strengthen and that the labor market is stabilizing. Household spending is expanding at a moderate rate, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software has risen significantly. However, investment in nonresidential structures is declining, housing starts have been flat at a depressed level, and employers remain reluctant to add to payrolls. While bank lending continues to contract, financial market conditions remain supportive of economic growth. Although the pace of economic recovery is likely to be moderate for a time, the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability.
With substantial resource slack continuing to restrain cost pressures and with longer-term inflation expectations stable, inflation is likely to be subdued for some time.
The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period. To provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve has been purchasing $1.25 trillion of agency mortgage-backed securities, and about $175 billion of agency debt; those purchases are nearing completion, and the remaining transactions will be executed by the end of this month. The Committee will continue to monitor the economic outlook and financial developments and will employ its policy tools as necessary to promote economic recovery and price stability.
In light of improved functioning of financial markets, the Federal Reserve has been closing the special liquidity facilities that it created to support markets during the crisis. The only remaining such program, the Term Asset-Backed Securities Loan Facility, is scheduled to close on June 30 for loans backed by new-issue commercial mortgage-backed securities and March 31 for loans backed by all other types of collateral.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; James Bullard; Elizabeth A. Duke; Donald L. Kohn; Sandra Pianalto; Eric S Rosengren; Daniel K. Tarullo; Kevin M. Warsh. Voting against the policy action was Thomas M Hoenig, who believed that continuing to express the expectation of exceptionally low levels of the federal funds rate for an extended period was no longer warranted because it could lead to the buildup of financial imbalances and increase risks to longer-run macroeconomic and financial stability.

The Home Affordable Program helps those who have a Fannie Mae or Freddie Mac owned loan. This program will help those who owe more than their home well appraise for refinance at todays low rates. If your not sure if your loan is owned by Fannie Mae or Freddie Mac, it’s time to give me a call or CLICK HERE and I’ll help you.

This program actually helps a lot of people, even if you have a second mortgage you still could qualify, you need to check it out. If your current rate is at 6% or above you could potentially save a pretty good amount of money. The higher the loan amount the more you can save; the reason being that certain costs are fixed and on the lower loan amount the longer it is going to take to repay that cost vs. when your loan amount is greater than the savings is more that intern shortens the pay back time of the closing cost insuring value when you consider a refinance. The best way to calculate your savings is to get a Good Faith Estimate and find out what your monthly savings could be and what the time span would be to payoff the closing costs. CLICK HERE to obtain your free interest rate quote and free evaluation to determine if refinancing is right for you. Right now rates are remaining pretty low so nows still a good time to consider a refinance. Another factor to consider when refinancing is what is your time frame in which you plan on living in your property.  If you are considering at some point in turning your primary residence into a rental again something to consider is it is a great idea to refinance locking in a long term low rate; now with that though in mind when you refinance your primary residence your really cannot turn that property into a rental property for 12 months.  If you where to buy a new property they are going to want to cross reference information to determine this fact, so keep this in mind for future planning. Please leave any comments or questions you may have I’d be glad to address them. If your a Colorado residence and our considering a refinance please give me a call or email me I’d be glad to give you a free mortgage consultation to determine if refinancing makes sense for your situation. Andrew Hahn your Denver refinance professional; located in Commerce City Colorado serving Denver and the Metro area.

Andrew Hahn Mortgage professional for over 18 years, helping refinance in Denver and the Front Range; licensed in the State of Colorado.

Is it possible to get a mortgage without any down payment?

Nowadays, you can get a mortgage without making a down payment. These mortgages are also commonly known as 100% mortgages or 100% loans. No or low down payment loans need small or no cash from the borrowers at the time of closing.
About 20 years back, the average down payment for a home loan was 20%. At present, people can qualify for mortgages even by making a down payment of as low as 4%. To be precise, a 0% or no down payment mortgage is a loan for which you don’t need to make any down payment at the time of buying a home. In today’s mortgage market, getting a no down payment home loan might be quite hard unless you have an excellent credit score. If you’re a veteran, you can qualify for a VA (Veterans Administration) loan with a somewhat lower credit score.  Mortgage rates for these loans are usually higher than other types of conventional loans.
No down payment loans for veterans are always a secure option for both borrowers and lenders.
Should you go for a 0% down loan only since you can?
Not essentially. Given below are reasons that should be taken into consideration prior to taking out a 0% down loan:
    You’re more probable to lose your home.
    No down payment signifies a smaller home.
    You need to make higher monthly payments.
    It’s difficult to qualify for these loans.
    Very few lenders offer these loans.
    No money down loans require you to buy private mortgage insurance (PMI).

Underwriting prerequisites for 0% down loans

Usually, the underwriting prerequisites for these loans include the following:

    All borrowers should live in the property
    A minimum credit score of 660 with no late payments mentioned in the past 12 months.
    Maximum amount of loan is $417,000, though many lenders are providing 0% down jumbo mortgage products
    Only 1-2 unit primary residence. Includes sanctioned PUDs (Planned Unit Developments) and condominiums. Investment property is not allowed for 0% down payment loans.
    No foreclosure or bankruptcy within 7 years of closing.
    Your debt to income ratios must not surpass 45% of your income.
    You don’t have to be a first-time home buyer.

You should go for a 0% down loan only if you have good credit and you’re confident about repaying the loan on time.

I would like to thank Sandy for her contribution to my blog Keep up the good work

For everyone who has investment properties you need to know; The making home affordable program works for you too. Even if your underwater and your property value is less than what you owe you can still refinance up to 105% and in some cases up to 125%. Please visit my business website CapitalAdvantageMortgage.com or leave me Andrew Hahn a comment so we can determine what you qualify for. This is a great opportunity to take advantage of these low interest rates. I’m Andrew Hahn and My company is Capital Advantage LLC. a Mortgage Lending Company. I have over 18 years experience in the mortgage industry. When looking to Refinance your properties located in Denver and the front range Give me a call 303-331-8040 or you can go to my business website and fill out a secure loan application. This program for investment properties is very similar to the program for primary residences, although there are a bit more hoops to go through and the documentation is more cumbersome it well worth it in looking to lock up long term money at these interest rates on income property. A must look at for all those with rental properties.

From Andrew Hahn its free to ask and could save you 100′s call me

Denver refinancing expert Andrew Hahn helping people take advantage of the government programs that can help people save money and take advantage of today’s low rates.

THIS IS A PROGRAM EVERYONE NEEDS TO CHECK INTO

As I pointed out in my earlier Blog about the Home Affordable Refinance program. There is another major positive aspect about this program that make it one of the few programs the government has put out there for people to take advantage of.  As I stated before this program allows you to refinance even if your loan is up to 105% of the value of you property and when you refinance with this program your Mortgage Insurance remains at the same level it was before the refinance. This means that if your current loan doesn’t have mortgage insurance that if you go over 80% you do not need to obtain mortgage insurance on the new loan. This is huge because the mortgage insurance always adds so much to the payment in some cases when you add mortgage insurance it negates the savings. If you have mortgage insurance now you would be required to obtain the same level of mortgage insurance that you currently have, so if your MI premium was at 85% your premium would be the same, its like your paying it now so your used to paying it but could refinance at the lower rate and still realize the saving created from the new refinance (they were thinking right when they made this program) real help and real savings. You all need to check into to this program, there are many who don’t understand or think that there is actually  a program that can help them out.  If your not sure; you need to ask.  You can always call and ask.  Andrew Hahn: president Capital Advantage LLC. Mortgage lending. Or visit my business website at Capitaladvantagemortgage.com.

I never hurts to ask and that’s free. If you are eligible for the program you could realize 30 years or so of savings

APPLY HERE

As a Residential Mortgage Lender Andrew Hahn works with first time home buyers as well as investors looking to take advantage of today’s current real estate market. Helping to educate today’s borrowers as to all the new changes that are continually taking place in today’s challenging market place. Whether looking to purchase or refinance Andrew Hahn Provides superior Customer serve combined with the lowest rates the market has to offer. If you live in the Denver metro area and are considering Refinancing Capital Advantage mortgage will provide fast and reliable service.  Consider Andrew Hahn your best source for all your Real Estate Financing needs  and now providing both Residential and Commercial Financing. Colorado’s  Best choice for Real Estate Finance.

Capital Advantage LLC. a mortgage lending Company Capitaladvantagemortgage.com

Andrew Hahn with over 18 years experience in residential mortgage finance

I’m Andrew Hahn President of Capital Advantage Mortgage; I specialize in Refinancing in Colorado as well as Denver Refinancing and the entire Front Range.  I am Licensed, Bonded and Insured in the State of Colorado. Although my primary Business in Colorado the information I provide can help all.

The special program I talk about is designed to help those who owe more on their home than it is worth, ALSO those who have current loans on their homes that just want to take advantage of today’s low rates and have High Loan To Values (LTV). This program allows you to qualify for the lower rates and does not punish you for credit score as do other loan programs. One of the many benefits of this loan program is that if you do not currently have mortgage insurance you well not need to get mortgage insurance if you go over 80% LTV. DON’T Miss out on today’s low rates and don’t wait as rates are starting to go up. If you are considering a refinance now is the Time. In order to qualify for this loan it must be a Fannie Mae or Freddie Mac loan. Call me or email me and I’ll help you find out if you qualify for this program. When considering a refinance in Denver or anywhere in Colorado for a free mortgage analysis contact me Andrew Hahn for personalized and professional service. I’ll be able to go over all your options to obtaining the best mortgage program with the most competitive rates the market has to offer. Please CLICK HERE to fill out a secure online application or if you would prefer call me and we can discuss your loan Andrew Hahn 303-331-8040

Andrew Hahn has over 18 years in the mortgage industry specializing in Mortgage Refinance in Denver and the State of Colorado.

Andrew Hahn Specializing in superior customer service.