Colorado Mortgage Bank

There has been much debate about how the current $8000 tax credit can continue in its current state.  Proponents for keeping the tax credit going have lobbied hard and their efforts have paid off.  The current extended tax credit has been passed continuing the $8000 tax incentive to first time home buyers.

Week ending October 31, 2009

While daily volatility was high this week, mortgage rates ended just slightly lower than last week. The primary factors influencing mortgage rates were offsetting. The economic growth data released this week was stronger than expected, but inflation remained low. While the first two Treasury auctions produced impressive results, the final one was relatively weak.

Some people can find it a bit taxing to understand what the differences are between a mortgage broker and a mortgage banker.  Normally, consumers are drawn to the provider they are most accustomed to working with.  One might think that the decision should be based on the mortgage provider or providers that offer the best rate or the lowest fees, but more often than not it really just comes down to the fact that people are genuinely more comfortable working with either their family broker or their local bank.  Regardless of which type of mortgage provider you ultimately elect as the one to arrange your residential mortgage, by understanding their differences, you can determine which type of provider will work best for you.

What is Credit?

This is the fist of three major qualifying components for a home loan: Credit, Income/employment/, Previous residency

Lender will review your credit report to determine credit worthiness.

Three major reporting agencies are: Experian, Transunion, and Equifax. We use Credit Plus to order credit there are many vendors, but primarily the scores will be similar, but not always exactly the same.

What’s on the credit report: Identifying information, Public information such as judgments or BK’s, Account history for every account you have ever opened.