Refinance Denver
According to the April 2008 issue of Kiplinger's magazine, now is a great time to convert your adjustable rate loan to a fixed rate loan. The Mortgage Bankers Association reported in mid January that refinance applications were up 92% since the beginning of November. Click here to read the entire article.
I can explain your refinance Denver options in language that anyone can understand. Mortgages are complex financial transactions, but I can present your options in a way that even a grade schooler could understand.
Wade Young | Denver Mortgage Broker | 303.800.3648
A mortgage is typically the largest transaction of a person's life. It's serious business, and it should be treated as such. Unfortunately, most Denver borrowers give less thought to their mortgage than they do to picking out their child's first car. Using the right mortgage broker can save you thousands or even tens of thousands of dollars.
There are a lot of ways that a good Denver mortgage broker can help you. For example, if you come to me with "good" credit, I might encourange you to transfer a balance, use an old credit card to put that established credit history in the present instead of the past, or even reopen a closed account. All of these maneuvers can have a positive impact on credit score.
I will also encourage you to look at terms other than the standard 30-year fixed mortgage. On a $250,000 loan at 6.5%, you will save $121,518 in interest if you go with a 20-year loan instead of a 30-year mortgage. Yes, the payment is more (in this case $283.76 per month), but you will pay off your mortgage TEN years earlier and save over six figures in interest. Does retiring and having your home paid off at 55 sound better than 65? I bet it does.
If you are looking to refinance your Denver home, pick a mortgage broker who is interested in more than just doing your loan. I am interested in your total financial picture, not just getting your loan pushed through. For instance, I just might be able to help you put your child through college. Take this example. If you have a 3 year old little girl and you come to me for a standard 30-year home loan, I'm going to encourage you to look at the 15-year alternative (which, by the way, usually carries a lower rate). If you go with a 15-year loan, the mortgage will be paid off at the same time that your daughter is leaving for college. If your mortgage payment is $2,200, for example, you can put that $2,200 per month to your daughter's tuition. You will already be used to making a $2,200 per month payment, so you will just start making that payment to your daughter's college instead of to your mortgage company. The best part of this plan is that there is no sweating over how much you have or haven't put towards your child's college fund.
I will also be the first to tell you if refinacing doesn't make good financial sense in your situation. If you need access to cash, sometimes borrowing against a vehicle, land or 401k is a better option to refinancing because the upfront costs are less. In this case, I don't make a dime, but I point you in the best direction for you, and I know you'll remember me when you need a mortgage down the road.
If you are looking to refinance your Denver home, give me a call. We won't just talk about "getting a mortgage." We'll talk about using your mortgage as a financial tool that can accomplish all sorts of goals.
Wade Young
Red Door Home Loans
650 South Cherry Street, Ste 100
Denver, CO 80246
303.800.3648