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News & Publications

To refinance, or not to refinance, that is the question….

December 02, 2017

While the title of the column may not be William Shakespeare’s exact words, the question is still a good one in the volatile and erratic mortgage market and interest rate environment. As I have written about and discussed with many friends, clients and colleagues, I have ceased making predictions about where mortgage rates will go. It seems impossible to know if we have seen a bottom for rates or what exactly may cause them to go higher...READ MORE

Prepaid interest covers the month (or a portion thereof) when you close on a property

November 01, 2017

When closing on the financing of either a refinance or a purchase transaction, interest on the loan will be collected from the borrower(s) and pre-paid to the lender upon funding of the loan. Easy enough right? Think of prepaid interest as the mortgage payment to the bank or the lender for the month in which you close. Prepaying interest at consummation of the transaction avoids having to make a mortgage payment to the bank or lender a few days or weeks after you close. As easy as this sounds, there are a few variables to keep in mind with prepaid interest...READ MORE

Lender Paid Mortgage Insurance

October 05, 2017

LPMI is a mortgage industry acronym for “Lender Paid Mortgage Insurance”.  While the option to use LPMI to one degree or another has been around for some time, mortgage lenders and mortgages banks are now offering more enticing and viable options for structuring loans where they pay the mortgage insurance premiums. In order to fully understand the option, it is best to start from the beginning...READ MORE

Active real estate market creates mortgage opportunities for homeowners

September 01, 2017

As the 2017 real estate market continues to remain active and strong in Eagle County, with properties going under contract and closing quickly, potential buyers must act quickly to take advantage of opportunities if they are interested in buying a home. Such circumstance often creates appreciation in property values. The Vail Valley has a wide range of property types and values, but I would say more or less across the board that values are rising due to the recent sales activity in the market. Increasing property values create opportunities for those who already own their home which should not be forgotten or overlooked...READ MORE

It’s best to pre-qualify for a mortgage

May 06, 2017

Purchases of real estate in the Vail Valley are starting to pick again this spring. Many existing homeowners are finally seeing appreciation in their homes, which is allowing them to make that transition out of their existing home. First-time homeowners are still able to obtain financing programs with little money down and low interest rates. Such programs are enabling first-time buyers to purchase a home where the total monthly overhead is often less than their current rent. Resort markets are...READ MORE

Documentation, documentation and more documentation

March 31, 2017

Once upon a time in a galaxy far, far away, there was such a thing as a "No Documentation" loan. What? That is not the makings of a good story, but it is one I will tell my children when they are old enough to understand. Unless you have been in the real estate industry or have been financing properties since the early 2000s, you may not understand what I am referring to.

By a "No Doc" loan, I am referring to a loan application for a residential mortgage that required no documentation. Yes, I mean that income and asset documentation were not required. While a social security number was technically on the loan application, a full credit report was not even in the file. A name, address and social security number were enough to get a loan...READ MORE

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