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Ray's Blog

By Ray | Mortgage Broker
or Lender in Denver, CO
  • Energy incentives when you buy a home in Denver

    Posted Under: Home Buying in Denver, Financing in Denver, Military Movers in Denver  |  October 3, 2014 10:34 AM  |  115 views  |  No comments
    Did you know that there are energy incentives available to you when you buy a home in Denver right now? Yes there are the standard incentives for tax rebates and such. But what I am referring to is straight cash! What I mean is up to $6,000 on existing homes, and $8,000 if you are buying new construction. 

    How? There is an energy incentive mortgage program being offered by the State of Colorado currently. Check out more information here, and if your lender tells you that they aren't available or the State has to issue them, or doesn't know, find a lender that does!

    Where does the money come from? Simple, it is based on the energy efficiency of the home you are buying, or refinancing. This is measured through a HERS (energy audit). The lower the score the more efficient your home is. The more efficient it is, the more money you can get. 

    When do you get the money? You get the money when you close on the loan (house) by way of a credit on your settlement statement. This can apply towards paying your closing costs, or buying down your interest rate!

    Who do I work with to obtain this? The lender you work with on your mortgage has to be an approved lender for the program to offer this to you. If they don't know, they don't participate. We are an approved lender, and I actually am contracted by the State of Colorado to teach Real Estate agents a class on this topic for continuing education. 

    Why? Who wouldn't want up to $6,000 on an existing home, and $8,000 on a new home given to them when they close on their house. 

    What is the drawback? You have to get an energy audit during the process, and there is a nominal fee. But the trade-off is a huge return. It can't be done after closing on the purchase or refinance of your home, so you  have to do it upfront. 

    If you want more information let me know~ @MtgMaestro

    Ray Williams
    Branch Manager
    The Mortgage Maestro Group
    @ Summit Mortgage 
  • More than just a rehab loan

    Posted Under: Home Buying in Denver, Financing in Denver, Remodel & Renovate in Denver  |  August 29, 2014 10:27 AM  |  50 views  |  1 comment
    When you are searching for a home to purchase and start getting fustrated because you just can't seem to find the right property, don't get discourgaged, how about taking another approach and change your perspective. 

    If you were to look at homes in a little lower price range, then open your eyes to the potential in a house that has good bones but just needs a little TLC then consider doing a rehab loan.  There is so much more potential and you create more opportunities twhen doing a rehab loan.  Find out more.....

  • Accurate mortgage calculator

    Posted Under: Home Buying in Denver, Financing in Denver, Agent2Agent in Denver  |  August 27, 2014 3:17 PM  |  45 views  |  No comments
    If you are like most buyers you would like to be able to know with strong certainty what your total monthly payment will be on your new home when looking to buy a house. We have installed a mortgage calculator that allows you to include taxes, insurance, and PMI (mortgage insurance) as well. That way you can know your total payment with great accuracy. The best part is it is responsive, so it will work on your smartphone on the fly!  Online Mortgage Calculator, and with my clients they are educated to know what factors to put in for PMI to get to the penny on their payments!

    Check it out~

    Ray Williams

  • What you need to get pre-approved for your mortgage

    Posted Under: Home Buying in Denver, Financing in Denver, Credit Score in Denver  |  August 20, 2014 7:47 PM  |  126 views  |  No comments
    I find this an interesting question from clients. Especially those who have been "fiercely-approved" by their bank before they call me. Why? you ask. Because today I was talking to someone who was "pre-approved" by their bank, and was going to be writing an offer. Because of their agents request, they called in to get a second opinion. A smart move by their agent. Why? you ask. Because within 30 seconds I learned that they had not given their bank one financial document for pre-approval. Everything was verbal. Why is this a major slip up you ask, by the bank? Because we are in a fiercely competitive market. If the listing agent does their job they will call the lender on the pre-approval letter before presenting the offer to their seller. That  way the seller decides on whose offer to accept. That may not mean the higher priced offer, if that comes with lending, and there isn't a reputable lender on the other end of the phone for the buyer.

    So what you need to get pre-approved for your mortgage. Anything your lender asks. But seriously you will need to be organized. Here is the short list; then anything your  lender asks after they review the following:

    • 2 Years W2s (All jobs)
    • 2 Years Federal Tax Returns (All schedules, statements)
    • 2 most recent pay-stubs (Covering 1 full month earnings, so in some cases that is 1 or 4 checks)
    • 2 months bank statements (All pages)
    • Valid ID
    ** From there, if you have rentals, are self-employed, will be getting gift funds for down payments, had a bankruptcy, foreclosure, short sale, support/alimony orders; then anything your lender asks for in follow up.

    Why you ask? Because a good lender knows what their underwriter needs in order to approve your mortgage, and they will get you 90% of the way there before you are in a car. They will ask as many questions as needed so you are protected when your intention is to close on the house of your dreams. That will lead to a less stressful homebuying process, and no calls a week before closing about your loan not being approved. 

    Happy House Hunting!

    Ray Williams
    Branch Manager
    The Mortgage Maestro Group
    Summit Mortgage
  • Why it still makes sense to do a renvoation loan , in Denver's current Real Estate market

    Posted Under: Home Buying in Denver, Home Selling in Denver, Financing in Denver  |  August 6, 2014 10:32 AM  |  125 views  |  No comments
    So, I have been contracted by the State of Colorado to teach a new class I created for Real Estate professionals in Denver this summer. One aspect of what I am teaching is renovation loans. I was asked an interesting question with respect to kick back the selling side may have if a buyer wants to do a renovation loan, and as a result the closing may take up to 60 days. Valid point right? I mean if the seller is getting all these offers why even think of a renovation loan buyer?

    Food for thought? Are you a seller or a real estate agent whose client hasn't started looking because your house is not under contract? Do you need time to find your next home, and need a new mortgage on that house using proceeds from the sale of this home as down payment? Does your house need to be renovated and the feedback you are getting is the house is great only if it was remodeled, and so there are no viable offers? Are there pending inspection items a buyer will ask for and could be a source of a contract falling through when the buyer walks two weeks into the deal? What if your house doesn't appraise when the buyer's lender orders an appraisal, and the buyer walks three weeks in? These are just a few reasons to entertain a buyer who is looking to use a renovation loan when they buy!

    And keep this in mind, renovation lending is not limited to an FHA 203K loan, so that buyer may likely be putting down 5,10,15 20% or more and wanting to use the renovation loan to finance cost of improvements. Who wouldn't want that leverage. After paying cash to renovate my Victorian house in Cap. Hill I sure would love to have that money working for me, not against me in an investment account rather than tied up in my home!

    Food for thought!

    Ray Williams
    Branch Manager
    The Mortgage Maestro Group
    Summit Mortgage

  • Throw caution to the wind; Repairs in Escrow when closing on your home

    Posted Under: Home Buying in Denver, Financing in Denver, Agent2Agent in Denver  |  February 5, 2014 3:24 PM  |  290 views  |  No comments

    Calling all Realtors & Buyers.... There are times when in a purchase contract, after the home inspection, some repair issues could arise. This is when the buyer is wanting specific repairs to be done to the home in order for them to feel comfortable buying the property.  In most cases the seller is more than willing to do the repairs and/or give a seller credit to help with the cost of repairs after closing.  In some cases, the option is discussed by the parties to put the cost of repairs into an escrow account at closing with the title company, in which the funds are set aside from the seller for the buyer to make the repairs after closing.

    Word of caution... any health or safety issues that are needed done should be addressed with the lender prior to assuming this is acceptable. Why? Because depending on the loan program, many investors will not allow a property to close if the repairs have anything to do with a health or safety issue.  So it is best to ask your lender if the repair would be allowed.  Last thing you want is to delay and/or jeopardize a closing when the settlement statement comes out and there is an escrow holdback that the lender's closing team questions and learns is a major deal.  Also, if the seller is going to give concessions to offset repairs, make sure with the lender those concessions don't, in turn, cause the total seller concessions to exceed the allowable loan program concessions.

    If you have any questions please give us a call we would be more than happy to help.

    Ray Williams
    Branch Manager- Mortgage Maestro Group with Summit Mortgage

  • FHA reduces waiting period to buy home after short sale, foreclosure, bankruptcy

    Posted Under: Home Buying in Denver, Financing in Denver, Foreclosure in Denver  |  August 18, 2013 4:01 PM  |  418 views  |  No comments

    Check out my FHA blog about the new FHA policy change relating to Back to Work, and the reduction in waiting to buy another home after a short sale, foreclosure, and bankruptcy.

    To Your Success~

    Ray Williams
    Branch Manager
    Summit Mortgage Denver
    Denvers 203K Lender 
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