Mortgage Re-Cast Option and Stats-Chad Bergman Eagle Home Mortgage

February 27th, 2015

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