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By Angela Lanfranco
Denver Reverse Mortgages
Denver Reverse Mortgages can assist homeowners with converting a portion of their equity into useable cash. The Federal Housing Administration has created something called The Home Equity Conversion Mortgage (HECM). There are some stipulations and qualifications, but this program could be the answer to so many struggling Americans financial problems. The greatest part of this Golden Lenders sponsored program is that you wont have to pay back a penny of the loan unless you move and call another home your primary residence. Of course there are 2nd mortgages and refinancing options where you can draw out cash on your equity, but with a Denver Reverse Mortgage, you pay nothing as long as you reside in the home. And the qualifications are a lot simpler than refinancing or pulling out a 2nd mortgage.
Denver Reverse Mortgages for Retirement
More and more retired Americans especially in Denver are using reverse mortgages to supplement their social security income. It could be that your house is a little older and in need of repairs, a reverse mortgage option could help you financially support this. Golden Lenders in Denver, has been offering quick approvals that could literally get you cash in days through reverse mortgages. This option is very attractive to seniors because they are normally living on a fixed income.
Rules of the Denver Reverse Mortgage
To be eligible for a FHA HECM: the Federal Housing Authority requires that you be:
Homeowner
62 years of age or older
Own your home outright, or have a low mortgage balance that can be paid off at closing with the reverse loan
You must live in the home
How you will receive your payments?
• Tenure – equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
• Term – equal monthly payments for a fixed period of months selected.
• Line of Credit – unscheduled payments or installments, at times and in amounts of your choosing until the line of credit is exhausted.
• Modified Tenure – combination of line of credit with monthly payments for as long as you remain in the home.
• Modified Term – combination of line of credit plus monthly payments for a fixed period of months selected by the borrower
Goldenlenders is happy to sit down with you and discuss your options regarding a Reverse Mortgage in Denver. Give us a call today or send us an email to get started today!
303-482-2361 or Contact Us through our Online Form by clicking HERE
By Angela Lanfranco
Great refinancing rates in Denver and other Colorado areas is slowly starting to dry up according to a nationwide report last week. Some rates by lenders across the U.S. went up almost one percent. This could be because of the Feds recent comments on the economic stabilization looking a little brighter. With the growing number of folks refinancing, this has to play a role in a boost in the U.S. economy. Most analysts agree this small rise in rates won’t necessarily hurt the economy. While some home owners who were pondering on recent offerings of 4 % rates, are now wishing they had acted faster.
The average rate for a 30-year fixed mortgage is back at 4.91 percent this week, up from 4.82 percent last week, Freddie Mac said Thursday. Here at Golden Lenders, we are constantly watching these trends because we have had so many homeowners inquire about refinancing. ” I would say now is the time, it can’t get much better than now” said Golden Lenders Owners D.J. Robbins. D.J. and his team have been processing multiple refinancing packets per day. D.J. when on to say “These homeowners are getting the best possible rates we can offer.”
Most of the fuel behind the recent spike was because of new loan applications rising for the last 5 weeks according to the Mortgage Bankers Association. On top of that, sales of new homes are appearing to bounce back. Here in Colorado, home sales are actually positive from April through May.
We can still lock you in a great refinancing rate, just come in and sit down and talk with us. We will sit and consult with you and figure out the best possible options that suit your needs. Whether your looking to cash in some equity, get a lower rate, or lower your monthly payments, there is something right now that fits your situation. Denver Colorado home refinancing options have still never been better. Don’t wait to long before the time is up. Contact Golden Lenders today!
By Angela Lanfranco
Colorado FHA Mortgages
Trouble Ahead for HUD
As Colorado homebuyers examine their options for home loans and apply for financing in Denver and throughout the state, they may look into federal loans as an alternative to private lenders. Indeed, following the meltdown of the subprime mortgage market, the Federal Housing Administration has increased its market share from 3% in 2006 to 30%. But can its resources and dated systems sustain this explosive growth? Policymakers both inside and outside of the FHA have expressed concern that the FHA’s programs are overtaxed and vulnerable.
The FHA is self-funding, using mortgage insurance premiums to generate its operational budget and to settle defaulted home loans. A slight tip in the balance caused by an unexpected increase in defaults could easily drain all reserves, a contingency which could be especially troublesome since the FHA’s market share is so large.
In a dismal economic climate where unemployment is relatively high, it is no surprise that the FHA has stated that default-related losses and foreclosures are indeed exceeding projections. The rapid increase in volume of loans granted also may correspond to a higher likelihood of fraud, as some critics have pointed out.
The FHA does not sufficiently investigate the backgrounds of the lenders whom it licenses. Therefore, those who misused the system by selling the illegitimate subprime loans may be able to misuse FHA licensing even further. Between 2004 and 2006 alone, over 6,000 FHA home loans were foreclosed in Colorado, well before the subprime market fell through. The problems were exacerbated by a number of HUD programs specifically created to skew the true feasibility of the home sale.
It is no wonder that the FHA would struggle to keep pace in doing due diligence in investigating recipients of licenses: the number of licensed lenders increased from 16,000 to 36,000 between the summer of 2007 and the fall of 2008. Leading up to and during this growth spurt, the size of the FHA staff has stayed approximately constant.
Admittedly, the requisites for FHA loans have always been less stringent than for private lender loans. However, its leniency is likely to become increasingly burdensome. And the FHA is no private lender: if its costs exceed the revenues generated, its expenses will become the burden of taxpayers.
At Golden Lenders, we beleive in helping you secure government options for home lending! Contact us today for a free consultation about what we can assist you with for your next Colorado Home Loan.
By Angela Lanfranco
AMAZING CO HOME LOAN RATES
People in Colorado are refinancing their homes loans all over the state. While the rest of United States struggles with the economy, employment, and financial crisis, Colorado is standing firm throughout it all. Golden Lenders has seen a huge increase in the applications for refinancing in the last three months. If you haven’t looked at your options, you need to act quick. Time could be running out for great rates and this would be an oppotunity that you don’t want to miss.
You can consult with one of our Loan Specialists to weigh out your options. What hurt can that do? You’ll find that our lenders are offering you the most competive Colorado home loan rates in the market today. Staying competitive means informing home owners with not only good information, but ensuring they get the most out of their loan based on their future goals in their lives.
Most people on average that purchased their homes in 2003-2007 came in at 30 yr fixed loans with an APR of anywhere between 5.75% – 6.50%. If you haven’t looked into refinancing, you need to see how much money you’ll save by going with a Golden Lenders refinance loan that could save you tens of thousands of dollars.
As it stands: Based on Approved Credit and also rates subject to changing
Our rates (based on qualifications) for this month alone are as followed:
15 yr fixed 4.25%/4.59% APR
30 yr fixed 4.5%/4.67% APR
Could you imagine how much less your monthly payments would be? How much money you would save based on the duration of paying off your home? Why not give Golden Lenders a call or an email today? Colorado home loan rates couldn’t be better, we are here to assist all home owners in refinancing to clear a path to financial stability.
By Angela Lanfranco
The State of Colorado Home Sales in Early 2009
Are you in the process of obtaining Colorado home financing? If so, you may be walking in better shoes than those trying to get financed elsewhere in the country. According to information released on the last day of March, the average home price fell at an alarming, record pace throughout January. On the surface, this scares off potential home buyers from getting a home loan in Colorado. However, Denver was much better off than other metro areas.
The Standard & Poor’s/Case-Shiller home-price index, which started in 2000, showed the largest drop ever in 20 major cities. Colorado home financing was faring well along with the home prices in the Denver area. Denver seen a mere 5.1 percent decrease, while the average home price across the others decreased 19 percent. Colorado online mortgage lenders will be able to clearly help you understand what is going on with area real estate before you make any decision.
There’s a lot of activity going on with short sales, so much of the Colorado home financing has been helping home buyers get their hands on homes for less than what is owed on them. Jon Terry, a real estate broker from Realty Professional of America, says that’s one of the reasons we seen the small decline that we did.
Real estate broker Jon Terry of Realty Professionals of America Inc. points to a large number of short sales, in which homes are sold for less than the outstanding balance on the mortgage, and foreclosures as driving the decline. Many current home buyers are getting a home loan in Colorado for short sales, while regular home listings are taking longer to sell.
Another reason Colorado homes and Colorado home financing aren’t suffering as badly as in other areas is that there wasn’t an enormous appreciation of home values here. Those who were able to get Colorado home financing and buy a home here didn’t see the quick-rising appreciation as other areas did, such as Las Vegas. So, there wasn’t as much equity to be lost when the troubling times began. So if you’ve been considering a home loan in Colorado for that perfect, new home, hopefully this sheds some positive light on the situation. You can begin to see that this area has a more stable real estate market than in many other places.
If you’re still hesitant about entering into a Colorado home financing contract, look a little deeper than what the news tells you. For instance, it may not be as bad as the Case Shiller index indicates. The Federal Housing Financing Agency is actually more reliable. That’s because they consider appraisals for refinancing, and not solely home sales. The FHFA index only includes homes that are valued $450,000 and less. However, they cover a much larger area. Their numbers indicate nationwide housing sales only dropped 6.3 percent from the last year (with mountain states at 9.2 percent).The FHFA first quarter numbers for 2009 are not available yet, though. They release data quarterly for state-specific areas.
Whether you need Colorado home financing because you want to buy a new home off the regular market or try to get a deal through a short-sale, using Colorado online mortgage lender like Golden Lenders could speed up the process
