Eagle Home Mortgage is a Mortgage Banker who underwriters & services a majority of our loans and has control over the process from start to close. One of the post-closing features for most of our conventional loans is a Principal Reduction & Re-cast option. This is very powerful Tool for a well-qualified borrower looking to purchase before they sell.
Here’s how it works:
With today’s competitive market, a well-qualified borrower will purchase a new home and still retain their current home, carrying both mortgages and then sell the existing home after moving….They can then apply the proceeds of their old home into their new home’s mortgage. In the past many borrowers would have to refinance to apply there proceeds and obtain a lower payment.
With our Recast option we will re-amortize the loan with a minimum of 10K principal payment. The original loan terms will stay the same, and just the Principal & Interest will be reset. Click here for an overview. What a great feature to save clients hassle, time and money!
Here’s links to some great articles and stats:
Useful facts about 1st time home buyers
Useful facts about Renters
3 Reasons Why Restoring 3% Down Loans Makes Sense
Comparing FHA’s New Premiums and Private Mortgage Insurance
4 Myths of Social Media You Need to Rethink
Lenders Adjust Strategies to New Realities
Non-Qualified Mortgage Lending: Lots of Hype and Investor Interest
*provided by MGIC, a leader in private mortgage insurance
Denver is a fierce market and I have the experience and company resources to close your clients loans on time, as promised! Especially with the anticipated TILA-RESPA integrated Disclosure rule (TRID) effective August 1st!
Let me know how I can help you close more business!
*Formerly Pinnacle Mortgage Group, name change 2/1/2015
Chad Bergman – Sr. Mortgage Banker
Universal American Mortgage Company, LLC
dba Eagle Home Mortgage – NMLS # 1058
Direct 303-996-4899
Cell 303-875-2240
www.MyDenverMortgage.com
