Mortgage News/Denver Mortgage Company Category: Lending September 9th, 2009

Mortgage interest rates dropped this week putting the national average at about 5.08%.   They have been floating between 5%-5.5% for the last 6 months so this marks a recent low.  Most people have heard about the $8,000 tax credit, as a reminder the program is still offered for purchases up through Monday November 30th, 2009.  Although there is some chatter about that program being extended as of yet there is nothing concrete.  If you want to take advantage of the tax credit I recommend getting in touch with a Loan Officer and a Real Estate Agent soon.   With rates remaining low and housing prices still depreciated in most areas I’m sure everyone can see the benefits of purchasing a primary residence in the next few months.  INVESTORS:  Now could be a great time to either refinance your Investment properties or buy a new one.  Current interest rates and programs offered by Denver Mortgage on Investment properties are unlike any other banks in Colorado.  We have the ability to sell loans directly to Fannie Mae which has less strict guidelines pertaining to seasoning and Cash Out on these types of loans.  These loans are looked at on a case by case basis so please contact me so we can see if you can get qualified.  I strongly suggest using a Mortgage Banker vs. a Mortgage Broker in today’s market.  A Mortgage Banker has the ability to underwrite and fund loans in house.  Mortgage Bankers have faster turn times and better pricing.  I spent 8 years as a Mortgage Broker and during the last 12 months it was extremely difficult to get deals closed through the major National Banks.  Layoffs and bad debt have bogged down the process of closing new business with these types of institutions. National Average 9-3-09 Program                                                                                                                                                               Rate                                                                                                              % Change 30 Yr FRM 5.08% -0.06% 15 Yr FRM 4.54% -0.04% 1 Yr ARM 4.62% -0.07% 5/1 Yr ARM 4.59% -0.08% 30 YR Tres 4.16% 0.07% Fed Prime 3.25% 0.00% Please feel free to contact me with any questions you may have.  I look forward to providing you and your families with the best possible financing available.  Brian Neufuss LMB # 100011674 Denver Mortgage Company Private Market Real Estate (0ff) 303-446-2800 (cell) 303-250-1841 (fax) 303-963-2306 Briann@denvermortgagecompany.com Apply Online at www.denvermortgagecompany.com