MORTGAGE UPDATE

This is a page and the blogs under this category that are dedicated to keeping you informed as to the direction of interest rates and what might be influencing the market at any given time. Mortgage interest rates are based on many factors, when you hear the local news quote interest rates they are not always current and generally don’t reflect the interest rate you well qualify for. Before we start considering what your interest rate is going to be there are interest rate adjustments for the region that you live in, such as the interest rate in California is going to be different then the interest rate in Colorado or the interest rate in New York. There can be anywhere from 4 to 8 different zones depending on the lender you use. So you can’t bank on the rate that you hear is the rate your going to get. This is why you should always obtain an interest rate quote specific to your situation. You can CLICK HERE to go to my companies website to get an interest rate quote. It is not a responsible practice to quote an interest rate until  several questions answered. Interest rates are affected by Loan To Value or LTV , the LTV is one of the main determinants of interest rate and can determine your eligibility for various loan programs. In this Mortgage market one of the more difficult loans to obtain is a cash out refinance. Cash out refinances have very conservative guidelines such as unless you have a credit score over 720 you cannot receive cash out over 80% LTV and in this time when property values are dropping it is more difficult for a good portion of people that fall within these guidelines. There can be exceptions  to loan programs as well as with the continuing changing market place guidlines can be changed. Although at this time the guidelines seem to be changing in the conservative direction. That is why I always suggest getting a current quote regarding your specific situation. I’ll add to this page as time permitts and please if your in the market to refinance anywhere in Colorado please look me up and stop by my personal blog and say hello. ANDREW HAHN