Just to let you know we haven't forgot about the lower loan amounts. Now through 2/5/2023 you can get an additional 37.5bps closing cost credit on all loan amounts of $200,000 or below on a conventional, primary occupancy, home purchase loan. This may fit in well if you are looking to purchase a manufactured or modular home as well. Call us for the details and a free quote at (303) 650-9400!
Fannie Mae and Freddie Mac Conventional Loans will be increasing the expense for "Cash Out" loans as of 12/08/2022. If you have been thinking about leveraging the equity in your home for debt consolidation, home improvements, etc. it would be better to do it now rather than later. Give us a call today and we can discuss the details of your particular transaction at (303) 650-9400.
High priced homes have been a barrier to homeownership. Manufactured Housing is a more affordable option with prices that are one-third to even two-thirds lower than a traditional home. Updated financing now almost mirror those that are available with a standard home including refinancing options. If you are a renter this could give you a chance to control your monthly housing expense and have a property that is appreciating in value. If you would like to learn more simply give us a call now at (303) 650-9400!
First time homebuyers and homebuyers can benefit from a new program referred to as a 2-1 Buydown fixed rate program. This means that the first year of the loan your rate will be 2% below the current effective rate and then the second year it will be 1% below the current effective rate. The lower rates result in lower payments for the first 2 years which can amount to a significant amount of savings. The 2-1 Buydown is funded by the seller, realtor, or a combination of both, so it is not coming out of your pocket. If you have a scenario you would like me to analyze or if you would like to know more about the 2-1 Buydown fixed rate program simply give me a call at (303) 650-9400.
With home loans the middle credit score of the 3 major credit bureaus is "King". This number has been referred to as "FICO" score, middle score, or simply your credit score. It will help determine the programs available, the interest rate you pay, and even the amount of monthly mortgage insurance you pay on a conventional loan if purchasing a home with less than 20% down. As you probably already know the higher your score the more favorable terms you'll be offered. This is where the savings can amount to thousands of dollars over the life of your loan. Can you improve your credit score? Yes you can in most cases, by utilizing our FREE Credit Upgrade Program for home loans! Rather than waiting 3 months or longer for your "FICO" to improve we have seen results in as little as 3 business days but each persons situation is different so the time to completion and results may vary. We have had great success so I would encourage anyone with a "FICO" score below 740 to inquire as the savings may be substantial. Simply give me a call at (303) 650-9400! This is a limited time offer.
So you have just purchased a property for cash and now you would like to get money back out of the property rather than have it tied up in the home. There is a little known program called "Delayed Financing" set up specifically for this case. The property must be purchased for cash and the source of funds for the purchase must be documented. If you would like to learn more about the Delayed Financing option simply give us a call at (303) 650-9400.
Discussions around the adjustable rate mortgage (ARM) are now beginning to surface again due to higher fixed rates. Here are a few important features of the ARM to keep in mind. The starting rate, typically lower than a fixed rate, is temporary and will only last for a specified amount of time. For example a 5/1 ARM will have the lower (starting) rate for 5 years and then the rate will adjust annually every year based on a margin plus the index. ARM loans do have caps which limit the amount the rate can adjust each year and then a lifetime cap which is the highest the rate could ever go. ARMs also have a "floor" or bottom rate which is the lowest the loan will allow. Adjustments in the rate will result in adjustments to your monthly payment. Although thoughts are that rates will come back down in the future, there is no guarantee so this adds an element of risk to an ARM loan. An ARM loan also may work to your advantage if you are only planning to stay in your home short-term before the first adjustments occur. To learn more about ARM loans and whether they will work out well for you simply give us a call at (303) 650-9400 or click on our "Apply Now" button on the home page. Hope this have been helpful!
Looking to purchase a new home? I thought I would share with you a limited time pilot program offered by Freddie Mac entitled "BorrowerSmart". Purchase clients with income at or under 80% of the area median Income (AMI) for the county they wish to purchase in receive a $1,250 credit and those under 50% of the AMI receive $2,500 credit off down payment & closing costs! For example, in the Denver-Metro counties 80% of the AMI is $83,840 and 50% of the AMI would be $52,400. Again the AMI is determined by the county where you wish to buy and the program is available for a primary residence only. This would help you to save even more of your hard earned money. It is subject to credit and property approval. On a first come, first served basis this pilot program is scheduled to end once Freddie Mac has 2,000 loans that are expected to close. Give us a call today at (303) 650-9400 to see if you qualify.
Many people now feel that the rising interest rates have made buying a home just that much more difficult. I suggest doing your research by getting a quote from at least three different companies and comparing each quote. Besides the rate the other factor you want to consider is the Annual Percentage Rate or APR. You should see both the rate and APR on any advertisement. The rate will be used to determine your monthly principle and interest payment. The APR amortizes the cost of your loan over the term selected. The further the spread between the rate and APR the higher your cost will be. The rate you see will on any advertisement will catch your attention (that's what it is designed to do) but the APR will give you an idea of how much it costs to obtain that rate. The APR calculation can vary a little from lender to lender so it's best to get a breakdown of the actual costs for each so you can make a good comparison. A mortgage broker such as A Home's Best Mortgage has access to a number of different lenders, rates, and programs. These lenders compete for your business each day by offering better rates, more options, and innovative products. This gives you more purchasing power and/or saves you more of your hard earned money. Our focus is to give you our lowest rate with the least amount of costs. Put us up against any offer you have and I think you will be pleasantly surprised. Check us out by filling out our "Quick Quote" on our website or giving us a call at (303) 650-9400! There is no cost or obligation.
Conventional Loan Limits have increased to $625,000 and we are honoring these higher limits right now. The lower rates and easier qualification make this a better option than a Jumbo Loan. Please give us a call for the details at (303) 650-9400 today!