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About Me
After a successful Navy and banking career I decided to get into the residential mortgage industry. It has been a way for me to connect to my roots of an educator. I love working with people to discuss strategies and help them understand the power of homeownership. Whether it is discussing how to make it more affordable through tax benefits, or what strategy to take on an investment property. I have an educational background in information technology, so you can be assured I will apply the latest technologies in helping you with your mortgage.
Most importantly after 5 years, comes the knowledge to understand and stay ahead of today's rapidly evolving mortgage market. Whether it is program changes, program highlights, or understanding the mind of an underwriter. You can be assured you will be in good hands as we work through your home buying or refinancing process. At this point I have seen most everything and learned how to adapt to make sure you don't get a denied mortgage due to my lack of experience.
I am proud to affiliate my team with Summit Mortgage headquartered out of Plymouth, Minnesota. A strong mortgage bank backing has proven key to success during the last 12 months. We have in house underwriting, with a human touch. We underwrite, and fund in our name as well. You can get access to some of the most competitive interest rates offered by today's largest banks directly through us. Using F.H.A / V.A. / or conventional financing we will match your needs and explain all the available options to you. Rest assured doing $30+ million of business a year in my branch and over $350 million at Summit, you will be well taken care of and added to our family of clients for life.
For more information or to read more about what is going on in mortgages in Denver check out my blog at http://www.myonlinemortgage.net/myblog
Most importantly after 5 years, comes the knowledge to understand and stay ahead of today's rapidly evolving mortgage market. Whether it is program changes, program highlights, or understanding the mind of an underwriter. You can be assured you will be in good hands as we work through your home buying or refinancing process. At this point I have seen most everything and learned how to adapt to make sure you don't get a denied mortgage due to my lack of experience.
I am proud to affiliate my team with Summit Mortgage headquartered out of Plymouth, Minnesota. A strong mortgage bank backing has proven key to success during the last 12 months. We have in house underwriting, with a human touch. We underwrite, and fund in our name as well. You can get access to some of the most competitive interest rates offered by today's largest banks directly through us. Using F.H.A / V.A. / or conventional financing we will match your needs and explain all the available options to you. Rest assured doing $30+ million of business a year in my branch and over $350 million at Summit, you will be well taken care of and added to our family of clients for life.
For more information or to read more about what is going on in mortgages in Denver check out my blog at http://www.myonlinemortgage.net/myblog
Testimonials
"January 28, 2008
To whom it may concern:
I just wanted to let others know that may be in our situation that Ray Williams of Summit Mortgage was the only person and company that were willing to help us with our re-finance to be able to stay in our home.
We had one of those adjustable rate mortgages that adjusted by $500 more per month. We could no longer afford to pay this mortgage payment and were in a foreclosure situation. We had tried to re-finance 3 other times before this, and were always told no before anything even went to the loan processor. Ray never gave up. He never told us no, we kept trying different things until he finally got us approved. We are able to stay in our home even though things looked pretty bleak for a while.
Ray and his company were the only ones that knew anything about the new FHA secure loan. Believe me; I looked for someone before finding Ray. It was this knowledge and Ray’s perseverance that allowed us to keep our home. We are eternally grateful. We now have a fixed rate 30-year mortgage that we can afford. I highly recommend Ray and Summit Mortgage for all of your mortgage needs. He will try everything he can to get a person financed. No one before Ray had ever worked this hard for us."
Debra L. Mon Jan 28
Debra L. Mon Jan 28
"I recommend anyone who thinks refinancing or buying a house is hopeless to contact Summit Mortgage. Recently my family went through a long, hard four months due to financial situations. We refinanced three years ago into an arm (not through Summit) to take money out for our wedding. What we thought was great at the time; put us in a horrible bind down the road. We did not read the fine print. We had a penalty if we refinanced or sold our house before 2 ½ years with being in this loan. Well after getting married we were blessed to have a son.
Once he got here we realized we were outgrowing our house. We of course wanted to sell until it came to a halt. We got through that and figured we will wait it out until the penalty was up. So we did, a few months later after our loan was out of the penalty phase, we received a letter stating in three months from now our house payment would jump up 500.00 every six months up to 3000.00 per month. Our house is small and there is no way we were going to pay that. Basically we had no choice but to refinance again.
We talked to a few different lenders and because we didn’t have enough money in our house due to the market drop, we were getting turned down. This is after of course theses other companies kept running our credit and making our score go down. As you can see we were devastated and thinking we would have to walk away from our very first home in a few months when the new rate kicked in. We were looking at foreclosure. I finally gave up and faced the fact that was going to happen to us too.
Well a week later my father gave me the name of Ray Williams at Summit Mortgage. He stated he meet with Ray for his own personal mortgage options and happened to mention our situation to Ray. Ray informed my father that he could help us. I of course was skeptical, but I thought what the heck we were going to lose our house anyway so why not try one more time. I got in contact with Summit Mortgage and spoke with Ray, told him our situation regarding our debt ratio, low value in house and credit not to good. Ray said no problem I will work with you and we can help you. I was thinking “Yeah Right” that is what they all say.
Needles to say Ray came through for us! I still did not believe anything until we got to close on our new loan and gave Ray a pretty hard time during this process. He remained completely professional and extremely encouraging. He even showed up at our closing personally and it meant a lot to my husband and I. Ray and Summit Mortgage really cared and came through for us with in 3 weeks. He saved our house, credit, and relieved us from unbearable stress!
We are forever grateful Ray! When we do sell our home we will get our new loan on our next home through Summit Mortgage no questions asked. They have made a customer for life. I highly recommend Summit Mortgage to anyone in need. They really mean what they say and it was a great experience!"
A. Lopez Thu Jan 24
A. Lopez Thu Jan 24
My Q&A
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Ray's Questions (0)
Ray's Answers (6)
Ray answered:
Hi Tim,
It depends on what is your reasoning for needing a portfolio lender? Is it because you are working with what appears to be a non-warrantable situation? If that is the case , you may actually be surprised to know a few things. If it is because of seasoning issues on title then conventional will still be fine. If you are looking for hard money, I have a great contact but would have to talk to you first as he works by referral only. Tell me a slight bit more about why, and what and I can see what I can do to point you in the right direction.
Sincerely,
Ray Williams
Summit Home Mortgage
Branch Manager
FHA / VA / Conventional mortgage banking consultant
It depends on what is your reasoning for needing a portfolio lender? Is it because you are working with what appears to be a non-warrantable situation? If that is the case , you may actually be surprised to know a few things. If it is because of seasoning issues on title then conventional will still be fine. If you are looking for hard money, I have a great contact but would have to talk to you first as he works by referral only. Tell me a slight bit more about why, and what and I can see what I can do to point you in the right direction.
Sincerely,
Ray Williams
Summit Home Mortgage
Branch Manager
FHA / VA / Conventional mortgage banking consultant
Ray answered:
Hello Susan,
There are many good answers on here about what to do. I do know of an agent who specializes in that side of town and has helped many buyers recently who have bought for themselves or as investment properties, and also sold in that area as well. Area expertise will be huge for you as well.That will give you someone who knows what your competition in the neighborhood is going to be like. How long houses are sitting on the market, what concessions if any are sellers giving. (this lowers your proceeds).
Now I am a mortgage banker, so it is a different take for you, but being a native and city dweller I understand where you are coming from. If you would like any other questions answered or to be put in touch with that agent I referred to feel free to let me know.
Sincerely,
Ray Williams
Branch Manager
Colorado Home Solutions
There are many good answers on here about what to do. I do know of an agent who specializes in that side of town and has helped many buyers recently who have bought for themselves or as investment properties, and also sold in that area as well. Area expertise will be huge for you as well.That will give you someone who knows what your competition in the neighborhood is going to be like. How long houses are sitting on the market, what concessions if any are sellers giving. (this lowers your proceeds).
Now I am a mortgage banker, so it is a different take for you, but being a native and city dweller I understand where you are coming from. If you would like any other questions answered or to be put in touch with that agent I referred to feel free to let me know.
Sincerely,
Ray Williams
Branch Manager
Colorado Home Solutions
Ray answered:
Hi there,
I actually have had friends buy in the capital hill area and were able to find condos under that price point. It would always be a good rental later on if you had it for some time. Though you mightwant to talk a an agent who specializes in Capital Hill to see what is going on there. There are many condos on the market currently, but finding a single family in that neighborhood will probably not be likely. Though you could look over in the sunnyside neighborhood. I bought a HUD home over there that I have as a rental for $150 , but it did need fix up, so keep that in mind. Sunnyside is located super close to downtown and is right off Highlands but closer to I-25 and I-70 interchange. My rental is 5 minutes from downtown but I have a nice yard.
From the loan aspect, being a mortgage banker for 5 years I can give you a rundown on what has changed pretty quickly. If you have a score less then 680 you will need 5% down if you go conventional. If your score is greater then 680 you can put down 3%, and it actually can come as a gift directly from a family member (sorry Matthew). Also, Matthew is correct about not all of the buildings being FHA approved, not all of them are. That is not to say you can't get FHA financing in those buildings. We do what is called a spot approval, actually not that uncommon. If the building is listed as approved by HUD then you don't need a spot approval. You can do thge 3% down with FHA and actually given the number of condos on the market up ther you might be able to get the seller to particiapate in a down payment assistance program that could grant you the 3% required for down payment. From there on either conventional or FHA the seller can contribute 3% towards your closing costs. Structuring the loan right, this could eliminate you from bringing any additional monies to closing aside from that initial earnest money deposit you made when you wrote your real estate contract. However, you would also be eligible to potentially receive up to what you put into the transaction (earnest money) back on an FHA loan. On a conventional loan you may find they would want you to have at least $500 of your own money into the transaction. Bear in mind with all the changes FHA is going to have more competitive rates and lower mortgage insurance then a conventional loan. I hope this helps.
Sincerely
Ray Williams
Branch Manager
Summit Mortgage Denver
I actually have had friends buy in the capital hill area and were able to find condos under that price point. It would always be a good rental later on if you had it for some time. Though you mightwant to talk a an agent who specializes in Capital Hill to see what is going on there. There are many condos on the market currently, but finding a single family in that neighborhood will probably not be likely. Though you could look over in the sunnyside neighborhood. I bought a HUD home over there that I have as a rental for $150 , but it did need fix up, so keep that in mind. Sunnyside is located super close to downtown and is right off Highlands but closer to I-25 and I-70 interchange. My rental is 5 minutes from downtown but I have a nice yard.
From the loan aspect, being a mortgage banker for 5 years I can give you a rundown on what has changed pretty quickly. If you have a score less then 680 you will need 5% down if you go conventional. If your score is greater then 680 you can put down 3%, and it actually can come as a gift directly from a family member (sorry Matthew). Also, Matthew is correct about not all of the buildings being FHA approved, not all of them are. That is not to say you can't get FHA financing in those buildings. We do what is called a spot approval, actually not that uncommon. If the building is listed as approved by HUD then you don't need a spot approval. You can do thge 3% down with FHA and actually given the number of condos on the market up ther you might be able to get the seller to particiapate in a down payment assistance program that could grant you the 3% required for down payment. From there on either conventional or FHA the seller can contribute 3% towards your closing costs. Structuring the loan right, this could eliminate you from bringing any additional monies to closing aside from that initial earnest money deposit you made when you wrote your real estate contract. However, you would also be eligible to potentially receive up to what you put into the transaction (earnest money) back on an FHA loan. On a conventional loan you may find they would want you to have at least $500 of your own money into the transaction. Bear in mind with all the changes FHA is going to have more competitive rates and lower mortgage insurance then a conventional loan. I hope this helps.
Sincerely
Ray Williams
Branch Manager
Summit Mortgage Denver
Ray answered:
I can tell you from owning a home in the DU neighborhood and having friends in the Wash Park area, you will love it. There is great food, close shopping, light rail, freeway access, Dave and Busters, movie Theatres.... Along with Denver's most popular park ("Wash Park" washington park). The market in Wash Park is bustling and continually appreciating as it is kind of safe from foreclosures due to its demand for urban dwellers. DU neighborhood consists of mainly a mix of scrapes (houses that have been rebuilt into larger homes or duplexes) and 60 year old homes as well. You might also look into Bonnie Brae, Observatory Park as well. These are great neighborhoods too. Check them out a bit more online , maybe on google those neighborhoods to get a better idea. The thing to look at is what you are looking for in a home. If coming from Boston you would prefer to remain closer to the city then one of these neighborhoods will do that for you. If you would prefer more of a suburban setting then you might look at a neighborhood south that allows for your husband to utilize the lightrailhttp:// www.rtd-denver.com which will drop him off steps from campus.
One thing to look at depending on where you will be coming from is the new mortgage (if needed). Conforming loans in Denver are still at $417K. So you will want to weigh that into how you structure your mortgage here to make sure you get yourselves positioned properly. With all the recent changes in lending laws in Colorado you will have to work with a mortgage professional who is licensed in Colorado. If you have any questions about that aspect feel free to let me know. We are a fully licensed mortgage banker with over 20 years of experience, and will make sure you feel comfortable with your move here. We also have agent relationships with folks who specialize in the city dwelling is that is what you are after.
Sincerely,
Ray Williams
Branch Manager
Summit Mortgage
One thing to look at depending on where you will be coming from is the new mortgage (if needed). Conforming loans in Denver are still at $417K. So you will want to weigh that into how you structure your mortgage here to make sure you get yourselves positioned properly. With all the recent changes in lending laws in Colorado you will have to work with a mortgage professional who is licensed in Colorado. If you have any questions about that aspect feel free to let me know. We are a fully licensed mortgage banker with over 20 years of experience, and will make sure you feel comfortable with your move here. We also have agent relationships with folks who specialize in the city dwelling is that is what you are after.
Sincerely,
Ray Williams
Branch Manager
Summit Mortgage
Ray answered:
Brian,
I would look at all options of the mortgages available to you. Just because you have good credit doesn't mean you shgouldn't do FHA. I would maybe ask your lender if they are FHA approved? That could give you an idea why they say not to do it. FHA has more competitive rates and lower mortgage insurance then other first time buyer type of loans with minimal money down. They also allow for down payment assistance that isn't income restricted or restricted by the program running out of money. Where the conventional programs for first time buyers can be income restricted and strained for funds right now. I have had many clients recently when shown all loans out there for folks, decide to use FHA and one actually had 760 FICO scores , another of which was putting 10% down and still FHA a better option because of rates and mortgage insurance premiums.
Second, depending on where you are looking there can be a nice starter home for you to buy that has been updated and move in ready. Some private investors sell these and they don't appear on the MLS as available. My CPA lends his own money and actually has a couple that are completely remodeled and ready to go, just turns out the investor he leant money to has defaulted on his payments. But it definitely depends on where you are looking and what is important to you as well.
Since it is your first home you should do your homework and definitely find the right relationship and that would be someone who makes you feel comfortable, you can relate too, and enjoy the process.
I would look at all options of the mortgages available to you. Just because you have good credit doesn't mean you shgouldn't do FHA. I would maybe ask your lender if they are FHA approved? That could give you an idea why they say not to do it. FHA has more competitive rates and lower mortgage insurance then other first time buyer type of loans with minimal money down. They also allow for down payment assistance that isn't income restricted or restricted by the program running out of money. Where the conventional programs for first time buyers can be income restricted and strained for funds right now. I have had many clients recently when shown all loans out there for folks, decide to use FHA and one actually had 760 FICO scores , another of which was putting 10% down and still FHA a better option because of rates and mortgage insurance premiums.
Second, depending on where you are looking there can be a nice starter home for you to buy that has been updated and move in ready. Some private investors sell these and they don't appear on the MLS as available. My CPA lends his own money and actually has a couple that are completely remodeled and ready to go, just turns out the investor he leant money to has defaulted on his payments. But it definitely depends on where you are looking and what is important to you as well.
Since it is your first home you should do your homework and definitely find the right relationship and that would be someone who makes you feel comfortable, you can relate too, and enjoy the process.
Specialties
F.H.A and even F.H.A secure. We have had success using F.H.A Secure to help save people's homes. You can visit our other website athttp:// www.coloradofhasecure.com for more information.
We also specialize in helping put together your strategy for investment property purchases and linking you with someone who will find you a great value. Owning investment properties in Denver myself, you can bet I will understand your needs.
We also specialize in helping put together your strategy for investment property purchases and linking you with someone who will find you a great value. Owning investment properties in Denver myself, you can bet I will understand your needs.
Interests
Snowboarding, Traveling, Food & Wine, real estate investing, and staying active just to name a few~
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