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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."

For More Visit:

Http://www.metrodenver.org/DataCenter/DenverEconomy/MonthlyEconomicSummary_March07.icm

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 http://www.privatemortgagebanking.net/ or by calling me toll free at 888-850-6100 or email at mailto:james@privatemortgagebankinking.net

Understand Your Credit Scores and Win the Game

I cannot over stress the importance of monitoring your credit scores annually to ensure that you pay the lowest rates on home mortgages, auto loans, credit card debts, and safeguard yourself against identity theft. In times past credit scores where used most often to develop your risk profile in consideration for a loan and to set interest rates. Today, property insurance carriers and life insurance carriers consider credit scores when setting premiums and this trend is evolving into a variety of industries.

A consumer’s credit history is archived by three service providers; Equifax, Experian, and Trans Union and their databases are often consolidated into a single report by third party credit agencies. The report is generally referred to as a credit report and it includes a credit score issued by each service provider. The scores range from 350-850 and are graded based on a set of criteria which includes payment history, account balances as compared to credit limits, amount of recently accumulated credit and inquires, among others factors.

The following generally outlines how a variety of traits within your profile may affect your credit scores and risk profile: Length of Credit History 15%, Payment History 35%, Credit Balances Owed 30%, and Recently Obtained Credit 10%. According to Colorado based Advantaged Credit of Colorado an example of a consumer’s favorable profile would include two installment loans, three revolving accounts with balances, balances on revolving debt below 30% of the high credit limit, no collections, no public records (judgments or liens), no foreclosures, no late payments.

My advice would be to obtain a copy of your credit report annually. This can be done by contacting each of the three credit service providers directly, or by accessing free online resources such as http://www.annualcreditreport.com/ . Once you have obtained your report, review it carefully for discrepancies including inquires made against your credit files. Report inaccurate information directly to the associated credit service providers; keep in mind that the information retained by the three providers may vary and the data is often 30-60 days delayed, so some information such as account balances may not be accurate. The law provides consumer protection and false information must be removed by the reporting entity.

Bottom Line: To safeguard yourself against identity theft or credit fraud review your credit report annually, immediately report any discrepancy; ask your property and casualty insurance agent if you are eligible for premium discounts for high credit scores. It is also important to make lenders aware that you understand that interest rates are a reflection of risk and that your good credit should be rewarded with the appropriate interest rates. If you have legitimate credit problems, seek the advice of a qualified credit consultant and develop a strategy to restore your credit profile. Beware of anyone who promises that they can remove negative information from your report for a fee, legitimate information cannot be removed and you will be disappointed.

Resources: Here is the contact information for the three credit service providers: Equifax 1-800-685-1111 http://www.equifax.com/, Experian 1-888-397-3742 http://www.experian.com/, and Trans Union 1-877-322-8228 http://www.transunion.com/

Green is Becoming the Color of Real Estate

The environmentally conscious are gaining allies in residential construction from the efforts of Built Green Colorado; which is administered by the Home Builders Association of Metro Denver with the support of the Governor's Office of Energy Management and Conservation, Colorado Association of Home Builders and E-Star Colorado among others. The designation "Built Green" is issued to builders who chose from a list of more that 200 building features in 22 categories; including materials, resource conservation, energy efficiency and conservation of resources. Builders must obtain a minimum number of points accumulated by the inclusion of building features in order to register their project as a Built Green Community.

There are six primary benefits derived from the Built Green program: 1. Better Energy Efficiency. 2. Improved Durability and Reduced Maintenance. 3. Healthier Indoor Air. 4. Reduced Water Usage (this is critical in Douglas County). 5. Preservation of Natural Resources. 6. Pollution Reduction.

Special financing known as "Green Mortgages," are available to finance the purchase of a new Built Green home as well as to cover the cost of improvements to an existing home. As a result of energy savings the total housing cost resulting from these mortgage products are lower than the cost without special financing. Not all lenders offer Green Mortgages, so it is important to identify a lender familiar with these programs. I have estimated that a client utilizing our Green Mortgage product can achieve a savings of $45 per month on a $250,000 purchase price. The homebuyer could purchase an additional $7,500 in home value for the same payment by using the Green Mortgage program.

One example of a Built Green Community is the Highlands at Stonegate located at the southwest corner of C-470 and Jordan Road in Parker. The community is comprised of nearly 450 contemporary designed units containing a number of environmentally friendly features and building materials. Communities like the Highlands at Stonegate represent a tremendous value and appeal to buyers who recognize the benefits to the environment.

Those old enough to remember the environmental friendly homes of the 1970's will recall seven foot tall solar panels on roof tops and walls manufactured from old car tires; this in no way is representative of the Built Green home of today. The majority of features are not noticeable to the untrained eye; engineered lumber, low-e windows, fiber-cement siding, energy efficient appliances, and xeri-scaping all contribute to a beautiful and efficient alternative to traditional construction materials.

As consumers become more conscious about greenhouse gas emissions and the effect of global warming on our environment, many industries including the automobile industry and public utilities are seeking ways to satisfy the demands of the public for responsible management of our natural resources. Built Green Colorado has taken a key leadership role within the new homebuilder community in Colorado and residential communities throughout the state are seeing green.