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 AND THIS PROGRAM WELL APPLY TO YOUR RENTAL PROPERTIES.  Now there are still some restrictions that are going to apply.  Such as you cannot have over 10 financed properties, Although i have found a lender that well finance people with over 10 financed properties. (This is a Commercial Real Estate Loan) 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.   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

When considering a refinance in Denver Metro area or anywhere in the state of  Colorado Consider Capital Advantage

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Andrew Hahn here President of Capital Advantage LLC. a Colorado Mortgage Lending Company since 1991. Located in Commerce City I want to urge all those who obtained a conventional mortgage  18 months ago or older that you may qualify for for the Government HARP Program which stands for HOME AFFORDABLE REFINANCE PROGRAM. this is really one of the best programs out there that helps home owners. As I am a licensed Mortgage Broker in the state of Colorado I provide my services to home owners located in Colorado and the Denver Metro Area. The information I provide regarding HARP includes all, as this is a national program.  First of all this program is aimed at those people that have conventional loans through Fannie Mae or Freddie Mac. Your loan can be an ARM or an interest only loan and you can still refinance to a fixed rate loan; it’s a great deal, now is the time to roll out of that loan with the uncertainty of there futures into a loan that can get you through the next 30 years if need be. Now if your not sure if Fannie Mae or Freddie Mac owns your loan you can go to their website and input your address and it well tell you if they own your loan; this works most of the time but there are some instances where it doesn’t work.  The best and easiest way to find out who owns your loan is to call the loan servicer who has to tell you.  Once you have found this out you now know if this program well work for you.  If you want you can contact me Andrew Hahnand I’ll be glad to help.  The best part of this loan is it allows you to take advantage of today’s low rates even if your property is worth less than what you owe ( as though as that sounds, I think we all want to keep our homes). Most lenders now when refinancing the first mortgage well go up to 105% some well go up to 125% under certain circumstances. Get ahold of me and I’ll help you determine which Loan to Value you qualify for.  Now we are only talking about the first mortgage, remember up to 105%, now if you also have a second mortgage you still qualify for the refinance but if you have a second mortgage they well need to step behind the new mortgage this is called a subordination. At first second mortgage companies were not helping out here but after some time most have come to their senses and are allowing the new first (since it is lowering your total payments what took so long for them to figure this out). Usually the second mortgage is going to want a copy of your loan application, an appraisal and a few other documents so they can make a decision if they well subordinate or not and as the way it goes the generally want some money upfront to process the request. USAA is free and subordinates most of the time. I have seen the fee anywhere from $50.00 to $300.00 (it depends on your lender). And again this is something I can help you with. If you are considering refinancing and live in the Denver Metro area please give me a call and we can set up an appointment so I can go over your options and give you an interest rate quote.

From Andrew Hahn at Capital Advantage have a great day and don’t miss this opportunity to take advantage of a good government program that allows you to take advantage of these low rates. Don’t wait to long the consensus is is that rates are on the way up.

CLICK HERE to go to my secure online application

Although I,m in Colorado this affects everyone who is obtaining mortgage financing.  The original Good Faith Estimate was a 1 page document that the mortgage professional would use to explain the costs and fees involved with mortgage financing. The old Good Faith Estimate would actually show the borrower what his payment would be (Principal, Interest, Taxes and Insurance) as well as give you an estimate of what you would need to bring to closing (always good to know) has now become a 3 page piece of paper that is given to the borrower, no signature required, in fact cannot not be signed. To show you how this document has changed HUD has provided a 29 page power point presentation to explain this new 3 page form  CLICK HERE TO SEE go down to RESPA  Plain English (go figure) and you can download this 29 page presentation that explains the new easy to understand 3 page Good Faith Estimate that replaces the old 1 page document.  Now once you have gone through this you now need to go to the New RESPA rule FAQ’s this is  51 pages and I understand the updated version is 80 plus pages in addition to the 29 page power point presentation to help 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. This is just one example AND THIS is to help everyone more clearly understand the new easier to understand good faith estimate.  I have been to  several seminars in order to be able to answer any and all questions regarding the new good faith estimate.   I could very thoroughly go over the old good faith estimate 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 Let me help with your mortgage refinancing in DENVER REFINANCE COMMERCE CITY REFINANCE COLORADO REFINANCE DENVER HOME PURCHASE