Saturday, June 23, 2007

We Value Our Clients and Build Relationships

For the majority of people a home mortgage is the largest debt obligation incurred in their lifetime and the manner in which this debt is managed will impact their long term financial well being. The selection of a mortgage product is a significant financial decision and should be undertaken with full knowledge of your options and how your choice will affect your long term objectives.

We live in a world based on immediate gratification and often we are underserved by the advisors we depend on to provide expert advice in a variety of areas. Our approach to mortgage banking and the loan process is unique; we view our loan process as financial planning specific to the mortgage transaction. We begin every client engagement with a personal consultation, which allows us to identify your priorities and objectives for the transaction. Our goal is to determine which loan products address both your short term and long term goals while meeting your payment and equity requirements.

Successfully closing your loan is only the first phase in a long term partnership with a long term view of ensuring your financial security. Our “preferred client for life” program is designed to assist you in managing your mortgage debt and equity on an annual basis. Annually we will conduct an annual review to ensure that your mortgage continues to meet your needs. It is important for us to understand the events in your life that affect your finances and how we can help you maximize your opportunities. We have designed our website to provide you with valuable information about the loan process, product choices, and how to make the most of your real estate investment.

Thank you for providing us with an opportunity to serve you.

Stop Paying Your Landlords Mortgage Payments. Now Is The Perfect Time To Buy A Home.

I have made a strong commitment to assisting first-time homebuyers in their quest to obtain the dream of homeownership by utilizing a variety of low interest, low cost assistance programs. We partner with County, State and Federal agencies along with Quasi-Governmental agencies to provide access to the mortgage products needed to serve a broad number of first-time home buyers.

I've marvel at the prospect of an individual choosing to rent in an environment that makes homeownership so attainable. If a person rents an apartment for $550 per month over five years they will have spent $33,000 with nothing to show in return. A person renting a single family home for $1,000 per month over five years will have spent $60,000 with nothing to show in return. Now, the landlord will be pleased to have interest paid, loan principal reduced, tax benefits received and equity appreciation gained thanks to the timely receipt of the renters hard earned dollars.

According to a study by the Metro Denver Economic Development Corporation as reported on their Monthly Economic Summary for March 2007: "the apartment vacancy rate in Metro Denver increased slightly from third quarter to fourth quarter but the fourth quarter 2006 vacancy rate of 7% stands well below the 7.9% vacancy rate reported a year earlier. For the year, the average vacancy rate in the seven-county region declined from 8.2% in 2005 to 7% in 2006. The study also reported that the last time the annual vacancy rate was lower than 7% was in 2001 when the metro region posted a 6.4% rate, and in the last five years about 25,000 rental units have been added to the market. The average monthly apartment rent also decreased from third quarter to fourth quarter. On an annual basis, the average apartment rental rate was 1.2% higher in 2006 than in 2005."
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The current trend of declining vacancy rates is expected to continue; add to that an increased rental rate, which some analysts have projected to increase as much as 4% over the next twelve months and you have an unfavorable environment for renters. The bottom-line is that the sales slump in the Colorado's housing market coupled with the general tightening in loan underwriting guidelines has resulted in fewer buyers, higher demand in rental units and increased rental rates. For renters who can qualify, now is the time to take advantage of low interest rates, increased inventory, seller incentives and a variety of assistance programs by purchasing a home now.

We emphasis the benefits of equity appreciation and the monthly cash flow benefits of owning a home as a result of interest and property tax deductions. I recently assisted a client who was struggling with the idea of increasing his monthly housing expense from his present rent of $1,500 to a new mortgage payment of $2,050; once he realized that the net effect of his tax deduction would return $408 in monthly cash flow his net increase was only $142 monthly to own a home of his own.

The rent vs. buy decision is much easier to make once a renter grasp these concepts including the wealth building aspect of equity appreciation. All else being equal, I cannot think of a reason why anyone would be better served renting as opposed to buying a home of their own.

For Information on how to obtain up to $25,000 in downpayment and closing cost assistance contact James A. Holmes, Director of Private Mortgage Banking, Cherry Creek Mortgage Company - The James Holmes Lending Team at or by calling me toll free at 888-850-6100 or email at