So by now you all have heard that mortgage rates have dipped to new all time lows. As you can see it has been 29 days since I last blogged. A little because of the holidays, but lately because I have been busy taking calls from my family of clients and referrals on new clients.
Quickly, the reason rates have dipped is because the government started buying Mortgage backed securities (MBS), the first business day of this year. These are mortgages in short. They have been doing this to ease the liquidity problems of the banks. By purchasing the MBS off the banks hands , they assume it will free up the banks to lend more money and help businesses, and consumers.
Right now, if you have an FHA mortgage that you have been paying on time for the last 12 months (or if you bought or refinanced less then 12 months ago, on-time since you took out the new loan), then you are eligible for an FHA streamline refinance. This is a non-requalifying refinance offered by HUD and means no credit check, no income or employment verification , and no asset statements. So even if like one of my recent clients you are upside down on your home (but have an FHA or VA loan) you can do the streamline refinance to lower your rate! HOW? because we don’t get your home appraised for the FHA or VA (version) of the streamline refinance. This is an awesome feature FHA and VA offer for their clients.
Why would you do the refinance? If you have 5.75% or higher I can show you how to save about $100,000 in interest in your loan. Even if you have had the loan for 5 years, it still makes sense to do it.
Another recent client of mine who is single had a bit of debt (You can’t take out equity to pay off debt on a streamline refinance), as it is non-requalifiyng and there is no appraisal to reference. Anyway, we spent about 30-45 minutes over coffee to discuss her financial picture and how the refinance could propel her financially. Given a few variables of the refinance are a skipped payment and an escrow refund, I was able to show her how to become debt free (minus home) in 12 months.
I was digging around online for FHA rates and even on bankrate.com you only find 1 lender in Denver advertising for FHA loans. Although I don’t know who they are or their FHA experience levels. That is because lenders have gone out of business left and right. Others frankly don’t have extensive FHA experience.
Even with what I found online I can safely say we offer the lowest FHA rates in Denver. Being as I also run my branch I can assure you that you will get great service, care for your loan, honest advice, and low rates and competitive fees.
If you would like a few references let me know , I am sure many of my past clients would field a call to let you know how well we took care of them. Not too mention I actively monitor their loans to make sure that as I mentioned above, when I can save them $100,000 in interest I make the call and we go forward. But only when it benefits them. In this time that you are making potentially the last decision on your home to refinance at these rates, invest 30 minutes with me so I can educate you on many aspects and angles of the process and help you understand how to maximize your refinance for your overall financial picture.
It can definitely be overwhelming but let me guide you through the maze. Feel free to email with questions or call to apply.
Your mortgage guy~
Ray
[email protected], 303-779-0591 ext 101 and mention my blog, and don’t forget to ask what the NO CLOSING COST OPTION really means.
