Latest from the Mortgage Blog
Inflation Heats Up!
Inflation was reported higher today, which is great news for the economy, as it means it is strengthening, after the deflationary environment we saw in the last years. This is however not good news for low rates, as we are seeing the bond market sell off a bit this morning.
Denver Homes Average Only 11 Days On the Market
According to this morning’s Denver Post, Denver homes are on the market an average of 11 days before selling — which is the fastest turnover in the country!
If you are selling, please call me to make sure your pre-approval is lined up and ready to go – before you put your home on the market. Things will likely move fast once your home is on the market, so you want to make sure your financing is in place!
Hallmark Mortgage "Trauma Center" Helps Get Denver Mortgage Home Loans
DENVER (CBS4) – Before buying a home, many people want to make sure their finances are in order, so they ask their lender for pre-approval. Sometimes that pre-approval does not turn into a closed loan, leaving the home buyer in a lurch. CBS4 Consumer Investigator Jodi Brooks found one Denver mortgage company that’s started a so-called “Trauma Center” in an effort to save these loans. Hallmark Mortgage lenders say they hear from frantic realtors all the time, sometimes just days from a closing date, with a mortgage in jeopardy. The problem is that the lender that pre-approved the loan now can’t get it approved. Erin and Mark Willer were just such clients. They were moving to Denver and had pre-approval to buy a home. “We were the ideal borrowers for any investor or any mortgage company,” Mark Willer told CBS4. They had good credit and low debt. They were set to sign on to a FHA, 30-year, fixed interest rate mortgage for the home of their dreams. “We got a call kinda at the 11th hour from our lender saying she wasn’t going to be able to make it happen, so that kind of threw us into shock,” Mark explained. “It was really upsetting. It was probably one of the most stressful things I’ve had to go through,” Erin Willer added. “It’s 100-percent wrong that the consumer and the real estate community thinks sometimes you get pre-approved but you don’t get the loan… then I don’t think you were ever approved,” said Dave Gallegoes, owner of Hallmark Mortgage. Gallegoes sees it time and again. Lenders offering pre-approvalwithout taking a thorough look at the buyers financial picture. His company has become expert at closing loans that other companies deny. “We have to do a thorough analysis of the profile, so it’s we thoroughly analyze income, assets, employment and credit…tax returns, we see is tehre a way to do this. Did they miss something?” Gallegoes added. In the Willer’s case, Hallmark Mortgage broadened out the financial picture to include assets like 401k’s and other investments. The couple was approved for their original loan program, the FHA, 30-year, fixed interest rate. Gallegoes advises that home buyers need to make sure their lenders are doing a thorough check on their financial picture before pre-approving them for a mortgage. The lender should be asking for: – pay stubs – W-2 forms – bank statments – tax returns The lender should also be able to tell you your credit score and what you qualify for. If a lender doesn’t do any of that, you should not consider yourself approved for a loan.
– Written for the Web by CBS4 Special Projects Producer Libby Smith