Sorry I haven’t blog for the past several weeks took a break. But getting back at it. Over the past month we seem to be in a pretty narrow range as far as interest rates are concerned. One day it looks as though they are going to start that trek upwards then something happens and they work their way back down. This month should show us how this spring might shape up. This is the month that the treasury is supposed to stop buying mortgage backed securities. There has been predictions that when this happens that interest rate could rise, those predictions range anywhere from up .40 basis points to up a full 1%. While there is still talk that the fed well have a difficult time withdrawing from purchasing mortgage securities at this time given the still very fragile housing industry.  Mortgage foreclosure are expected to get even worse than they are now. In 2009  as it was stated 2.8 million people came under the cloud of foreclosure and they are predicting that could rise  to 3 to 3.5 million in 2010 not good.  CLICK HERE to read further regarding the foreclosure rates.  All this while processing foreclosures has slowed down as banks try to deal with the continued flood of foreclosures.  SOME GOOD NEWS the program that i have been telling you all about the HARP Home Affordable Refinance Program has been extended for another year; it was slated to end June 15th 2010 but now has been extended until June 30 2011.  CLICK HERE to go to my website to see if you qualify.  We know the programs extended for another year but are the rates going to stay low?  Of coarse this won’t mean much If they don’t keep the rates down and if rates rise I feel it is going to really hurt those hoped home buying season as well; especially with the home buyers credit set to expire at the end of April (as it stands for now).  Now keep in mind with the tax credit  you have until the end of April to have a property under contract but have until the end of June to close on the property.  I’m sure that is going to be an interesting time for sellers who have buyers wanting concessions to execute those contracts; I’ll bet home inspections are going to get a lot more attention as far as getting the sellers to get the little stuff fixed or else.  Please visit my website www.capitaladvantagemortgage.com it’s complete with mortgage calculators comparisons and you can even shop through Real Estate listings. I just added a new listing by Pat Knapp CHECK IT OUT and here is a link to a video tour as well CLICK HERE . Please feel free to ask me any questions you may have, I’ll be bloggin at you again soon.

Remember to get pre-qualified visit my website or give me a call

Andrew Hahn

Here we go the Government and HUD Simplifies Good Faith Estimate so the people who are obtaining a new loan can more easily understand the fees and costs associated with refinancing or purchasing a home. Although I am a Mortgage Broker located in Commerce City Colorado and does Business in the state of Colorado this affects everyone who is obtaining mortgage financing.  What once was a 1 page document that the mortgage professional would use to explain the costs and the breakdown of the transaction the would actually show the borrower what his payment would be (Principal, Interest, Taxes and Insurance) and an estimate of what they would need to bring to closing (pretty nice to know) has now become a 3 page piece of paper that is given to the borrower. To sum this up the new 3 page form it takes a 29 page power point presentation to explain CLICK HERE TO SEE go down to RESPA  Plain English (you gotta love it)and you can download this 29 page presentation that explains the new easy to understand 3 page document that replaces the old 1 page document. This is the description of the form and its inputs. Now once you have gone through this you now need to go to the New RESPA rule FAQ’s (51 pages and i understand the updated version is 80 plus pages) to find answers to the many unanswered questions that helps define the meanings and clarifications on how to complete this form. Here is an example of one of the FAQ’s; 9. Q: The definition of ―Origination service does not explicitly include all of the services provided by mortgage brokers in the definition of ―Settlement services. Are all ―Settlement services considered ―Origination services?
A: No, all ―Settlement services are not considered ―Origination services. However, all ―Origination services are ―Settlement services. AND THIS is to help everyone more clearly understand the new good faith.  I have taken several classes on the required new forms so that I can be able to explain this new good faith estimate, Which I know a can do, the major difference is that with the old document I could very thoroughly go over this document and explain all the fees involved with your loan request in about 2 to 5 minutes depending on the questions you might have had. Unfortunately with the new 3 page form its going to take a bit longer and I feel still well not be as clear by the use of just this form.  It does not show anywhere on the form what your estimated total payment would be; it only shows you what your Principal, Interest and *Mortgage Insurance would be  *( if any) nowhere does it reflect what your Principal, Interest, Taxes and Insurance would be. Another equally if not confusing aspect of this form is, is that for purchasers it includes all the fees whether paid by seller or buyer and does not show who pays for what, giving the appearance that the borrower would need to bring all the costs to closing. Because of the confusion and unclear breakdown of the fees and the lack of a breakdown of who is to pay those fees, this new 3 page document has really created the need to create several new forms that can more adequately reflect what the estimated payment would be and to also show to the borrower what they could expect to bring to closing on a purchase. For those of you purchasing home both borrowers and Realtors make sure you talk with your mortgage professional to get a thorough explanation about the new Lending process. This is only a brief explanation on a few points about the NEW GFE there are also time lines that affect this form as well as what to do when there is a fundamental change to the loan request but also how changes to the GFE   in turn affects the Truth in Lending Document that has its own guidelines and disclosure time lines as well.

Please give me a call or an email to help further explain the new process

Andrew Hahn 303-331-8040 or ask your question via the comments section or Visit my Business website Capital Advantage LLC.

Welcome to the new world of mortgage finance

Take this in to mind when your looking to refinance. For the most part the greater majority of mortgage advertising has gone away. For those that are still around advertising and promoting their business’s with their website promotions; it amazes me the that they are still using those old get a free appraisal or apply online line and get the online discount. The way I have always run my business at Capital Advantage LLC. is to be honest with my clients and offer the best rate and the lowest actual fees the market has to offer. I am an independent mortgage mortgage broker located in Commerce City Colorado that specializes in Real Estate Finance in the State of Colorado. I provide mortgage loans for refinance and for purchase. I’m dedicated to providing you the best service combined with the honesty and integrity you deserve. Let my 18 years of experience help you achieve your real estate financing goals.

Andrew Hahn President of Capital Advantage LLC a residential and commercial mortgage lender.

Click here to go to my business website Capitaladvantagemortgagelending.com

It is reported Mortgage Interest Rate are near all time lows, well as that news comes out Dec. 3 & 4th coincidentally these past few days the interest rates have actually have been going up. This morning the unemployment report that came out this morning was quite a surprising which in turn caused mortgage interest rates to deteriorate. With a continued flow of positive news in the market like this, could mean the end low mortgage rates. With the government purchasing Mortgage Backed Securities program ending come March /April the chances are good that, that is going to be the beginning of the end of these extremely low rates, but with this type of positive flow of information that end could start sooner than that. This might be the time for those who have been sitting on the fence to take this as a bottom of the lowest rates and make your move. Barring any other shoes to fall scenarios that could drag the economy back down; such as the woes in Commercial Real Estate or maybe unemployment isn’t really as it seems to be and further job loss and the negative impact on housing too could drag the economy backyards again, this would be the signal of the end of the really low rates. So if you have been sitting on the fence you might want to ask yourself if you want to take the chance that there is going to be another leg down; also something else to keep in mind that as time passes since the mortgage meltdown the trend for more conservative lending standards is continuing to tighten making it more and more difficult to refinance or purchase. There is a continued movement to reduce Loan To Values requiring either more money down or more equity in your property in order to qualify for a mortgage. Other changes that are continuing to make it more difficult to qualify is the reduction of qualifying ratios or debt to income ratios.If you would like an interest quote and are considering a refinance CLICK HERE to visit my website and fill out a secure application.

Andrew Hahn Specializing in superior customer service.