Home Purchase in Colorado Springs, what are some possible rates?
Jeremy_881...Thanks for asking a good question. This is just an idea of what you couldexpect, this is not a quote or application.From the information you gave me, here are some possibilities:-Sales Price of property: $410,000-Amount of down payment: 20%-Amount of loan: $328,000-30 year fixed...

reverse mortgage
Yes, age is the largest factor in how much money you can access from your home. For instance, if someone is 62 and they own a home worth $200,000. They would qualify for about $123,000. If that person was 70 years old, with the same $200,000 home they would qualify for about $135,000. If they were 75, they...

5% down mortgage programs
Eric moving to Colorado. First, good idea to move here. I came here with my family in 1999, best move we ever made. I read the other replies, and they gave you some good answers. About your job, since you stayed in the same field and if you didn't have a gap longer than a month or so, you should be good. You can...

Can a reverse mortgage be taken out if there is already a mortgage on my home?
Steve, yes you can. One of the main reasons people take out a Reverse Mortgage is to convert an existing mortgage into a no payment Reverse Mortgage. It's always wise to find out your options. All I do is Reverse Mortgages. Mark Schmidt. 720-206-4539

I was told that the reverse mortgage loan amount only depends on age and property value?
Randolph, let me take a shot at your question. First we determine the value of your property, then we use your age to see how much you qualify for. Then, once we know the maximum amount you can get we subtract your current mortgage and loan costs from that (maximum) amount. Your house is worth $200,000, you...

Will the current reverse mortgage loan limits be extended into 2013?
Mr. Marsh. I would say yes, I haven't heard of any changes on the horizon. The top limit is pretty generous at $615,000 or so.I specialize in Reverse Mortgages in Colorado. If I can help please give me a call; 720-206-4539 Mark Allen Schmidt

How much do I have to reduce my interest rate for a refinance to be worth it?
I think the biggest thing to consider is; what do you want to accomplish? If you want to lower your payment to lower you monthly expense, then look at your rate and current payment. Let's say you have a 30 year loan with a rate of 5% or more, you can save some good money each month by refinancing into a 30...

How do USDA mortgage rates compare to FHA mortgage rates?
Mr Fletcher, the USDA loan has some great features like, 100% financing, low MI rates and it qualifies for the MCC (Mortgage Credit Certificate) that is a credit you get on your annual taxes, in addition to the interest deduction, you can get a cash credit equal to a portion of the interest you pay. Real...

Can I qualify for a mortgage if I have student loan deferment?
Yes. We might need to add the payment into your debt if you need to start paying in less than a year. If you have been working for two years at a job and your credit and debt are within the limits, you have a great chance of getting a mortgage.If you want to see exactly what you can qualify for, let me know. Mark...

On FHA streamline refinance can you go from 30 year fixed to a 15 year fixed
Yes, it can be a great move. And, it's usually easier than the normal paper chase involved in a Refinance. Also, if your loan was closed before June of 09 you can keep your lower MIP rate. Lots of possibilities. If I can help, let me know.Mark

Is cash out refinance higher rate?
Hi Scott, what all the other people said was correct. Have you considered a reverse mortgage for a cash out? If you are 62 or older, have enough equity and are looking for a line of credit or to get ride of your monthly payment. It is worth looking into. You might be amazed at what can be done. Just a thought, let...

Is there a way to avoid having a mortgage escrow account
Yes. You can opt out of an escrow account. Sometimes a lender will charge a little bit more to do it. I've had a few people do it, they liked to hang onto their cash and pay taxes and insurance when they were due.We'd need to look at your scenario. I"m a broker so I have a few more options than most. I"d be happy to sit...

are there any no closing cost mortgages?
Hi CaseyThe simple answer is yes. I do no closing cost loans all the time. And yes it will cost you a bit more but I can still usually give you the best because I am a broker and we have many more options than a traditional lender, or as we say "banker."A banker is a mortgage pe son who works for a mortgage company. ...