By Andrew March 15, 2010
Very knowledgeable on all the loan programs. Andy is an expert mortgage broker. He listened to what I needed and found a number of different out-of-the-box options that fit my needs.” ...read more
By shauna April 02, 2009
First time I've sort of understood how a non-subprime ARM loan works. Thanks for the great article. ...read more
This is a program that helps home owners who's property values have declined causing the Loan to Values ratio to go above what lending limits would allow for to be able to refinance. This program was created for those home owners who had obtained what is considered a conforming loan or the non Sub Prime Loans. These are loans that are owned by Fannie Mae or Freddie Mac the two main Home Lenders in the market GSE's); this program does not apply to FHA Loans. If your not sure what type of loan you have or who owns your loan there are several ways to find out; first if you would like, you can always contact me Andrew Hahn president of Capital Advantage LLC. mortgage lending and I'll be glad to help you and that applies to any questions you may have regarding any mortgage issue. If you would rather work on this yourself the easiest way to find out is to call your loan servicer or the company you send your payment to. You can also go to Fannie Mae's website CLICK HERE or Freddie Mac's website CLICK HERE and input your information to check online. I have found that online you need to get the information exactly as it is on your payment coupon or it might not be accurate, that's why I would suggest calling your servicer. Now the HARP Program well allow a refinance up to 105% of the current value of your home. Now here is one of the really good benefits of this program, if your first mortgage at the time you obtained it was at 80% or below you were not required to pay MI (mortgage insurance) so with the new loan even at the higher loan to values your are NOT required to get mortgage insurance THIS IS BIG and for those who do have MI you only pay at the current rate that you pay now. Mortgage Insurance premiums are/were based on loan to value; so if your loan was 85% Loan to Value your premium was charged at a lower rate and the premiums adjust in 5% increments, but with that said if you pay MI now, then your used to it in your payment and your saving based on an interest rate reduction would still be a savings because the MI part of the payment would not go up. For those people that obtained a first and a second mortgage you can still qualify for this program; the first mortgage can go to a Loan to Value of 105% so were good there now what we need to do is contact the company that has the second mortgage and ask them to subordinate to the new first mortgage (to allow the new first mortgage) what we need to do is call the second mortgage and ask if they well allow this. In the beginning second mortgage companies were not to keen on this idea but as time has gone on they are becoming more receptive to allowing the new first as it saves you money making your payment more affordable. As it goes the second mortgage company usually charges a fee to subordinate they're loan; I know USAA does not charge and some companies charge up to $350.00 up front. Again that's why we need to call to find out if they allow the subordination and what are there terms and another factor what is there time frame. Some lenders can do it in a couple of weeks where some are taking up to 6 to 8 weeks. It's a bit of a workout but if you can reduce your interest rate to today's low rate it is well worth the effort. Now the amount of savings is a bit more complicated than just saying if you can lower your rate by 1% it's worth doing. On lower loan amounts say $100,000 or less you might need to reduce your rate by more than 1% in order to have a refinance make sense on the other hand for loan amounts over $250,000 maybe a .5% rate change well be worth it. I would just say that it costs you nothing to give me a call and have me put together a mortgage analysis to determine what options you have and to be able to know what makes the best sense for your situation. Andrew Hahn is the President of Capital Advantage LLC. a residential Mortgage lending company located in Commerce City Colorado. Andrew Hahn has over 18 years experience in residential lending. I have lived and work in Commerce City for over 6 years. My business's website has many helpful pages set up to add a convenience to the Commerce City residence such as LOCAL RESOURCE PAGE just click on the highlighted name and it well take to the page. Andrew has also established a Mortgage blog to help answer questions and to help explain changes to the mortgage process, if you click on the highlighted link it well take you to the mortgage blog Denvermortgagelending.com and if you have any question that you would like to ask please go to the comment section and leave your question and Andrew Hahn well get back with you. For those who live in Commerce City give Andrew Hahn a call. ...read more
By Capital Advantage Mortgage February 09, 2010
If you owe more than your properties value there is a program that well allow you to refinance. It's the HARP program, don't let this opportunity slip away, it's your ticket to today's low interest rates. Andrew Hahnhere President ofCapital Advantage LLC.a Colorado Mortgage Lending Company since 1991. Located inCommerce CityI want to urge all those who obtained aconventional mortgage 18 months ago or older that you may qualify for for the Government HARP Program which stands for HOME AFFORDABLE REFINANCE PROGRAM. this is really one of the best programs out there that helps home owners. As I am a licensed Mortgage Broker in the state of Colorado I provide my services to home owners located in Colorado and the Denver Metro Area. The information I provide regarding HARP includes all, as this is a national program. First of all this program is aimed at those people that have conventional loans through Fannie Mae or Freddie Mac. Your loan can be an ARM or an interest only loan and you can still refinance to a fixed rate loan; it's a great deal, now is the time to roll out of that loan with the uncertainty of there futures into a loan that can get you through the next 30 years if need be. Now if your not sure if Fannie Mae or Freddie Mac owns your loan you can go to their website and input your address and it well tell you if they own your loan; this works most of the time but there are some instances where it doesn't work. The best and easiest way to find out who owns your loan is to call the loan servicer who has to tell you. Once you have found this out you now know if this program well work for you. If you want you can contact meAndrew Hahnand I'll be glad to help. The best part of this loan is it allows you to take advantage of today's low rates even if your property is worth less than what you owe ( as though as that sounds, I think we all want to keep our homes). Most lenders now when refinancing the first mortgage well go up to 105% some well go up to 125% under certain circumstances. Get ahold of me and I'll help you determine which Loan to Value you qualify for. Now we are only talking about the first mortgage, remember up to 105%, now if you also have a second mortgage you still qualify for the refinance but if you have a second mortgage they well need to step behind the new mortgage this is called a subordination. At first second mortgage companies were not helping out here but after some time most have come to their senses and are allowing the new first (since it is lowering your total payments what took so long for them to figure this out). Usually the second mortgage is going to want a copy of your loan application, an appraisal and a few other documents so they can make a decision if they well subordinate or not and as the way it goes the generally want some money upfront to process the request. USAA is free and subordinates most of the time. I have seen the fee anywhere from $50.00 to $300.00 (it depends on your lender). And again this is something I can help you with. If you are considering refinancing and live in the Denver Metro area please give me a call and we can set up an appointment so I can go over your options and give you an interest rate quote. FromAndrew HahnatCapital Advantagehave a great day and don't miss this opportunity to take advantage of a good government program that allows you to take advantage of these low rates. Don't wait to long the consensus is is that rates are on the way up. CLICK HEREto go to my secure online application ...read more
By Capital Advantage Mortgage January 15, 2010
I'm Andrew Hahn President ofCapital Advantage Mortgage; I specialize in refinancing and purchasing real estate in Colorado as well as Denver refinancing and in Commerce City and the entire Front Range. I am a licensed, bonded and Insured Mortgage Broker in the State of Colorado. Although my primary Business in Colorado the information I provide can help all. The program I talk about is designed to help those who owe more on their home than it is worth. If you have a current loan on your homes that is 105% of the value or with some lenders you can go up to 125% of loan to value and want take advantage of today's low rates and have HighLoanToValues (LTV). This program allows you to qualify for the lower rates and does not punish you for credit score as do other loan programs. One of the many benefits of this loan program is that if you do not currently have mortgage insurance you well not need to get mortgage insurance if you go over 80% LTV. DON'T Miss out on today's low rates and don't wait as rates are starting to go up. If you are considering a refinance now is the Time. In order to qualify for this loan it must be a Fannie Mae or Freddie Mac loan. Other loan guidelines apply as well. Call me or email me and I'll help you find out if you qualify for this program. When considering a refinance in Denver or anywhere in Colorado for a free mortgage analysis contact me Andrew Hahn for personalized and professional service. I'll be able to go over all your options to obtaining the best mortgage program with the most competitive rates the market has to offer. PleaseCLICK HEREto fill out a secure online application or if you would prefer call me and we can discuss your loan 303-331-8040 Andrew Hahnhas over 18 years in the mortgage industry specializing in Mortgage Refinance in Denver and the State of Colorado a Colorado Mortgage Company ...read more
By Capital Advantage Mortgage December 18, 2009
A reverse mortgage is a way for senior citizens to earn monthly income against the value of their home that is paid off in full. If the applicant then wants to resolve the reverse mortgage, they will need to pay off the total amount of payments, or take out a traditional mortgage in order to stop the ... ...read more
We pay interest on real estate loans for the same reason we pay interest on other loans: because borrowing someone else's money is a convenience. And we pay interest on borrowed money because someone took a risk in lending it to us and allowing us to pay it back over time. To avoid this, you must buil... ...read more