I recently sent out fliers about the Home Affordable Refinance Program; HARP. 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.

For you Property owners in Commerce City, Denver and the Metro Area there is a government program that lets you take advantage of today’s low interest rates. The Home affordable Refinance Program HARP also lets you refinance your investment properties even if the amount of your current loan is 105% of the value of the property.  With this refinance program if your current does not have Mortgage Insurance you well not be required to obtain mortgage insurance and if you do have mortgage insurance you would only need to maintain the same level of MI. In order to qualify for this program your loan needs to be owned by Fannie Mae or Freddie Mac. If your interested or have more questions visit my business website CapitalAdvantageMortgage.com A few minutes could save you hundreds, don’t miss this opportunity to lock up a low interest rate as this is a government program it might not last.

Andrew Hahn is a Mortgage Professional licensed in the state of Colorado with over 18 years in the mortgage industry.

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Refinancing in Commerce City? Its going to be a little different in 2010. But first Happy New Year, I don’t know about you but I was ready for the old one to be over, although there are many changes to the loan process (some good some not so good) the loan process has changed the way you borrow money. For 2010 there are still some government programs that help those who are underwater on the value of your property and now is the time to find out if you qualify, Don’t wait the government giveth and the government is going to taketh away. Its starting now, the mortgage interest rates are on the move and the direction is up although they are still low its not going to be that way for much longer. If you live in Commerce City and are considering refinancing give me a call or you can go to my business website and leave me your information and I’ll get back with you CapitalAdvantageMortgage.com I live and work in Commerce City and I am active in our community. I have provided for your convenience several web pages that can be a short cut to

Local Resources or

Recommended Professionals

I wish you all a wonderful New Year and look forward to hearing from you.

Best wishes Andrew Hahn

When considering Financing Real Estate in Commerce City contact Andrew Hahn. Mortgage Professional located in Commerce City Colorado.

In order to make mortgage lending more transparent and easier to understand the Government and HUD Simplifies Good Faith Estimate; so the people who are obtaining a new loan can more easily understand the fees and costs associated with refinancing or purchasing a home.  I am a Mortgage Broker located in Commerce City Colorado, I provide mortgage financing threw out  the State of Colorado.DENVER REFINANCE, ANDREW HAHN

Although I,m in Colorado this affects everyone who is obtaining mortgage financing.  The original Good Faith Estimate was a 1 page document that the mortgage professional would use to explain the costs and fees involved with mortgage financing. The old Good Faith Estimate would actually show the borrower what his payment would be (Principal, Interest, Taxes and Insurance) as well as give you an estimate of what you would need to bring to closing (always good to know) has now become a 3 page piece of paper that is given to the borrower, no signature required, in fact cannot not be signed. To show you how this document has changed HUD has provided a 29 page power point presentation to explain this new 3 page form  CLICK HERE TO SEE go down to RESPA  Plain English (go figure) and you can download this 29 page presentation that explains the new easy to understand 3 page Good Faith Estimate that replaces the old 1 page document.  Now once you have gone through this you now need to go to the New RESPA rule FAQ’s this is  51 pages and I understand the updated version is 80 plus pages in addition to the 29 page power point presentation to help find answers to the many unanswered questions that helps define the meanings and clarifications on how to complete this form. Here is an example of one of the FAQ’s; 9. Q: The definition of ―Origination service does not explicitly include all of the services provided by mortgage brokers in the definition of ―Settlement services. Are all ―Settlement services considered ―Origination services?
A: No, all ―Settlement services are not considered ―Origination services. However, all ―Origination services are ―Settlement services. This is just one example AND THIS is to help everyone more clearly understand the new easier to understand good faith estimate.  I have been to  several seminars in order to be able to answer any and all questions regarding the new good faith estimate.   I could very thoroughly go over the old good faith estimate and explain all the fees involved with your loan request in about 2 to 5 minutes depending on the questions you might have had. Unfortunately with the new 3 page form its going to take a bit longer and I feel still well not be as clear by the use of just this form.  It does not show anywhere on the form what your estimated total payment would be; it only shows you what your Principal, Interest and *Mortgage Insurance would be  *( if any) nowhere does it reflect what your Principal, Interest, Taxes and Insurance would be. Another equally if not confusing aspect of this form is, is that for purchasers it includes all the fees whether paid by seller or buyer and does not show who pays for what, giving the appearance that the borrower would need to bring all the costs to closing. Because of the confusion and unclear breakdown of the fees and the lack of a breakdown of who is to pay those fees, this new 3 page document has really created the need to create several new forms that can more adequately reflect what the estimated payment would be and to also show to the borrower what they could expect to bring to closing on a purchase. For those of you purchasing home both borrowers and Realtors make sure you talk with your mortgage professional to get a thorough explanation about the new Lending process. This is only a brief explanation on a few points about the NEW GFE there are also time lines that affect this form as well as what to do when there is a fundamental change to the loan request but also how changes to the GFE   in turn affects the Truth in Lending Document that has its own guidelines and disclosure time lines as well.

Please give me a call or an email to help further explain the new process

Andrew Hahn 303-331-8040 or ask your question via the comments section or Visit my Business website Capital Advantage LLC.

Welcome to the new world of mortgage finance Let me help with your mortgage refinancing in DENVER REFINANCE COMMERCE CITY REFINANCE COLORADO REFINANCE DENVER HOME PURCHASE