“World's Most Complete Neighborpedia”
Explore:   What's happening in your neck of the woods?

Eric Peltier, Mortgage Lender in Boulder CO

Five new listings in my neighborhood this week (Superior CO)

Five new listings just this week! I'm excited about this because my Buyers have all been lamenting the lack of (good) houses to choose from in the Superior/Rock Creek area.

1694 EGRET WAY http://www.wkre.com/property/14728631/1694-EGRET-WAY-Superior-CO-80027

900 COBALT WAY http://www.wkre.com/property/14722368/900-COBALT-WAY-Superior-CO-80027

3001 GARDENIA WAY http://www.wkre.com/property/14728541/3001-GARDENIA-WAY-Superior-CO-80027

513 N SNOWMASS CIRCLE http://www.wkre.com/property/14755864/

685 E HEARTSTRONG ST http://www.wkre.com/property/14750330/685-EAST-HEARTSTRONG-ST-Superior-CO-80027

Looks like some great properties! Have a great weekend.

Boulder of Perm-Affordable Homes Feb 26th - Open House

(For some reason I was not ablet to adjust the font size in the previous post, even though I wanted to add content, so, I'm just doing a seperate post)

RainMakers

Please see my previous post rergarding the Open House of Permanently-Affordable properties in Boulder Colorado. This is a FANTASTIC program to get into. I have done 10+ Purchase loans for Clients to buy these Permanently-Affordable homes and my Clients love living in them. There's a real sense of community! And they love owning, not renting.

Take the time to educate yourself on this program, and SHOW THESE PROPERTIES!

Open House in Boulder of Perm-Affordable Homes Feb 26th

Boulder NEWS
Wednesday, Feb. 22, 2012

Contact:
Sarah Huntley, Media Relations, 303-441-3155
Jeff Yegian, Housing and Human Services, 303-441-4363

You can own a home in Boulder! Affordable homes open house event scheduled for Feb. 26

Interested homebuyers have an opportunity to tour 18 affordable properties in the City of Boulder's Homeownership Program during open houses being held Sunday, Feb. 26, from noon to 3 p.m. To view pictures of available homes and get a list of properties participating in this event, visit www.boulderaffordablehomes.com and click on the Homeownership Program link.

Homes available for viewing include studios, condos, townhomes and single family homes starting at around $100,000 for a one-bedroom, one-bath condo and $200,000 for a three-bedroom, 3-bath row home.

The City of Boulder, through the affordable Homeownership Program, works to make homes available to a variety of people in our community. This includes those who could not otherwise purchase a home in today’s housing market.The programoffers opportunities for homeownership to those with low and moderate incomes through assistance in purchasing homes sold at affordable prices, or through down payment assistance on market rate homes. Assistance is available for a variety of income levels.

For more information on the program, homes available, income and asset requirements, or the date of the next free program orientation visit www.boulderaffordablehomes.com or call 303-441-3157, ext. 2. The Homeownership Program is administered by the City of Boulder, Department of Housing and Human Services.

Important: Find a Mortgage Broker that knows how to improve credit!

Just recently, I was referred a client that needed to do some pretty extensive debt consolidation. Usually, I shy away from these refinances, mostly because I do not like seeing people suck all the equity from their house, only to rack up the credit card debt again.

This person was a slightly different situation. He has a HUGE equity position in his house, and high interest rates on the existing loan and another small mortgage loan on an investment property. He also wanted to pay off $20k+ in credit card debt. Rolling all this together, I could feel good about this.

But his FICO score was 672. If only he had a 680......See, cash-out refinances are very sensitive to credit score. The lower the score, the bigger the interest rate increase. Couple that a cash-out refinance's sensitivity to high loan/value, a Borrower can experience an almost exponential increase in interest rate.

So, here's what I did, and it's NOT brain surgery. The credit reporting company I use, Kroll, has this fantastic little calculator called CreditXpert. It can run all sorts of scenarios. The scenario I wanted to run was just this: "How can I get a FICO score just +8 points higher?". The CreditXpert system makes these predictions by drawing upon the untold thousands of reports it has on file to reverse-engineer and predict what the FICO score will do with small changes by the borrower.

In just moments, I had my answer. It was as simple as paying $510 to one single credit card, and he'd receive a +17 increase in his FICO score. (This occurs because paying down the balance to less than 30% of the limit dramatically improves the FICO scoring of that one credit card.)

Luckily, this person does have the cash-flow to send the $510 off to the credit card. Because it will be saving him (hold onto your hat) $115 per month.

I can hear the naysayers now "Eh, that's only $115 per month. I saved $250 per month last time I refinanced." Well, just remember that $115 was on top of the $320 I was already saving him. And I could have simply just completed the refinance and moved on, at the score he had. Why not do this for the client??

(Of course, this also works with Purchase deals)

Realtors - Ask your Mortgage Broker if he/she has these tools and knows how to use them. Like I said, it's not brain surgery, and it really can make or break or IMPROVE a deal.