Often they are told that they do not qualify because their score is not high enough.

They may have even tried talking to several banks and mortgage companies. But the answer they get is usually the same. It does not help matters when the people they talk to do not offer up any useful help.

When they have been denied time after time, it becomes discouraging to even try again. The people might start to think that there is no viable solution and that they will just have to wait until times get better.

The sad part is that there are some things a person with bad credit can do to get a mortgage in Denver or anywhere else for that matter.

There are options available. There are companies that will help increase a person’s score and there are lenders that will work with credit that is fair but not excellent.

It is amazing that many companies will not mention other businesses that help people regain their credit score. Maybe it might have to do with company policy not to recommend a third party. But if the loan officer is an independent party working for him or herself, there is nothing to stop him or her from giving out helpful advice which may include a referral.

Going this route will require some upfront costs, but if it allows the person to get the loan at these historically low interest rates, it will ultimately save a borrower thousands of dollars in lower payments.

Another possibility is to find a loan officer that knows of lenders that will manually underwrite a loan. There are still minimum credit scores required for this. But they do not have to be very high.

If a person’s financial situation has improved, it my not be reflected in the credit score and this can also be looked at.

It is possible to get a loan in this situation, but it might require just a few more steps.

The “modern term” has been with us for centuries; since about 1600 actually.

Today’s heavy use of the word “transparency” is not accidental.   It is very deliberate.   In the late 1990′s political and financial chieftains of our Nation sought out a new term that would make them look “good and positive” to the Constituents and to the Consumers…and there it was:    TRANSPARENCY.       {I know because I met with a sizable and reputable Public Relations Firm about then…and they were saying how if any Company wanted to re-engineer itself or to re-brand itself from the past one of that Company’s main courses of business would be to use the word “transparent” in its internal and external publications and the like.

The word has worked…and it is being over-worked and mis-used too!   “Transparency” is all too often a cover up of some dastardly or mildly negative “something” that has happened, that is happening, or is about to happen.   Listen in the next 24 hours and see how politicians and business persons and others are using the word.    See how they are using the term.     And question their use of this term.

For any user of the word “transparency” to be truthful, the only definition of TRANSPARENCY has to be this:    fully disclosing upfront the pros and the cons of whatever is being revealed or promoted;   giving the major ramifications of whatever is being revealed or promoted; and giving specific accountable methods that have actual clout of whatever is being revealed or promoted.

Just remember:   Transparency without full upfront Disclosure, Ramifications, and defined Accountability methods is probably a Falsehood or at best it is a partial lie.

SO the next time you are at any Meeting or a presentation of any kind and the presenter or speaker uses the term “Transparency” ask that person in private, in public or anywhere else where it is appropriate:   “what are the full disclosures [good and bad] that will be given to us and when will they be given to us; what are the main ramifications of “this or that”; and how will YOU be held accountable if what you are saying is NOT TRANSPARENT??

Honesty has not yet caught up with our information age.

Keep your leaders honest…ask them to define “Transparency”.   And change these leaders if you get today’s normal “hot-air run-around”.

BLOG #2 from B here.

Whenever you hear the term “PC” in a conversation or in a dialogue you should ask,   “What does PC mean?”.    If you hear today’s trite and tired definition, “politically correct” you should just politely say, “You’re a bit behind the times;  in 2010 PC is growing to mean Pro-Consumer and Pro-Constituent…haven’t you heard about it?”.

“You see, our great Nation was founded on putting the interests of our constituents ahead of our own selfish interests.   As commerce and finance has grown to huge proportions in our Nation’s day-to-day life, consumers have become as important in 2010 as constituents were in 1810 or in 1776.

Oh pardon my error:   since our Nation began we have also had a minority of persons/leaders/government officials who want to take us back, or in their minds “forward”, to the King and Queen Cultures – - so long as those minority of persons are the King and Queen or at least high noble-persons in the King and Queen’s Court.    Kings and Queens are not politically correct in our Nation’s leadership.    The elitist, self-centered ways that rely on sameness of color, of education, of professional interests [like "greed for oneself"], and other hideous life-styles are not what has made this Nation great.    Far from it, those characteristics in persons have only slowed down our own Nation’s growth.   Take a look at the Great Depression [1929 - c 1936] and take a look at our current 2010 Great Recession or Great Regression and you can quickly see what I mean.

But in our experimental, great, democratic republic [see The Federalist] it is we, The People – The Persons, who make the rules, who abide by the rules and who protect the rules.    Yes, we are The United States of America…the most developed Country in the World’s History.   No other Nation or City-State anywhere in time or location has developed individual freedoms like we have done in the United States.     And we, as the persons of this Nation, must remain vigilant to keep this great experiment moving forward…the way Father George Washington, Brother Abe Lincoln and Martin Luther King, Pro-Consumer Teddy Roosevelt, and Pro-Constituents in all kinds of social networks in our Nation are doing today.

So, I now hereby declare that from now on I, Barry Miller, will continue to pursue the growth of Pro-Consumerism in the FOUR LEADING INDUSTRIES of our Nation:    Real Estate, Insurance, Banking, and Securities (RIBS).

Further, that I will also pursue the growth of Pro-Constituencies in our political arenas, whether such arenas are our schools, neighborhoods, HOAs, local, state, or federal politics, or beyond these.    Yes, this even includes being Pro-Middle Class!

This is my stand and this is my declaration:     PC/PC is here to stay in 2010, as we move our great Nation forward.

Cheers…Barry Miller      Barry@BuyersOnlyAmerica.com     Skyped.   303.741.8644  or 888.552.8937.

Happy Fourth Of July 2010!

You already researched everything you could research on your own. So you know that your home’s value is enough to cover the whole loan in a refinancing transaction. Your credit score is over 700, which is excellent.

And your income to debt ratio is very good. You make more than enough for even several house payments.

Ok, so maybe that’s not the case, but that does not mean you will not quality.

Working with a good loan officer, you will be able to find a solution that will let you lock in an excellent interest rate.

So, as you are going through the paperwork, the topic of discount points comes up. Should you take the discount point?

The answer all depends on what you are planning on doing in the future. Are you planning on selling within 5 years? Or are you planning to stay for the long term?

If you are going to sell, you have to consider the real estate market. Will you be able to realistically sell and make enough money to have made it worthwhile? Right now, it is unlikely that a house will appreciate enough to make it worthwhile. You have to consider that you will be paying the realtor’s commissions which will amount to 6%.

Then you may have to pay taxes and insurance so that you will have a buyer. This all adds up and if your house has not appreciated by at least 10%, then you would be losing money and thousands at that. But if you are confident that you will be able to sell, then it would be wiser to not take a discount point as it will only add to your cost.

If anything, you might want to take a slightly higher rate just so you get the rebate upfront. If do some calculations, you can figure if the upfront savings will be more than what you would pay on the interest and when the break even point is.

This will let you know the deadline by which you would need to sell before you starting losing money.

If you are not going to sell your property, then of course, taking the discount point is the wisest course. You will be locking in at one of the terrific refinance home mortgage rates available right now.

In the long term, you will end up saving a lot in interest payments. It really is amazing how much you really do end up paying.

This is definitely true if you are in a position to do so.

But there are some things you need to consider first.

Even though your payments will be lower if you refinance at a lower rate, your income streams need to be secure enough. You will need to meet the monthly payments for the term of the loan.

The value of your home needs to be high enough for the bank to accept it. If you owe more than your house is worth because you got the home equity loan when home prices were higher, you probably will not be able to refinance the whole amount.

If you are still paying for your first mortgage and this one is 85% or less of your home’s value, then you might be able to refinance that one and get the benefits of these low rates.

Make sure your credit score is up to par. It needs to be as close to perfect as possible. The lower your score, the higher your rate will be which may be higher than what you are currently paying.

There are credit repair companies that will help raise your score if you need it. This will benefit you in more ways that refinancing your home equity loan.

If you are getting the adjustable type, keep in mind that your payments can change every month because your rate is not fixed. Seeing that rates are so low now, they are bound to go up at any time.

If they do start going up, you need to prepare yourself to pay more later on.

Pick your loan officer carefully as he or she can have a big impact on the deal you get. A good one will not be afraid to get you into the best one, even if that means there is less rebate money coming in.

Really, a good one will pass on the savings to you. If you have special circumstances, while others may decline you on the spot, a good one will work with you and try to come up with solutions.

It may take a bit longer and it may take a few more steps, but if they are looking for a long term business relationship, then it will be worth it both for you and for them.

We can bank online, talk to people across the world through video-chat, email instantly, and even get a loan through an online mortgage broker. It saves time and gas money.

It makes researching other people’s reviews much easier. Many people will post their experiences on review sites for all to see.

It is easy to shop and compare because almost everybody who has a site on the subject can be found through a search. Just by typing in a few key words, we can find local and not so local officers and brokers to do business with.

Even out of state ones are starting to get the paperwork necessary to do business in states they do not reside in. Sometimes these can give you the best service and help you get the best rate possible.

Here are some signs that you have found a trustworthy online mortgage broker.

1. They disclose ways that they make money.

They will tell you upfront how much their services cost and they will not shy away from explaining any rebates that are available. They will be able to tell you exactly how any rebate money is to be used.

2. They are knowledgeable.

As surprising as it may be, not all know as much as they should. You want one that will know exactly what documents the underwriter will need to close your loan on time.

So many have had the frustration of getting a call the day before asking them to send for the tenth time this one document that they apparently forgot about.

The lender gives them a list of what they need.

If they read and understand what is required, there should not be any hiccups. The only hiccups that should result are the unforeseen ones like a last minute change to the regulations, which does happen, but not often.

3. They keep in regular contact with you.

You want an online mortgage broker that will call you back. Too many people have had the experience of calling to find out the progress only to be sent to voicemail or totally ignored because their loan officer was busy convincing new clients to use their service.

Preferably, you want one that will take the initiative and call you on a regular basis to give you updates on your application and where things stand.

You will feel much more at ease knowing exactly what is happening.

Many have already taken advantage of it.

If your current loan has a high interest, then now is definitely the best time to refinance your property.

But, there are some things you need to consider before going ahead with it.

In order to qualify, the assessed value of your property has to exceed or be even with the loan amount you are trying to get. With the real estate market as it is right now, it would be wise for you to get an appraiser to give you an assessment to make sure your house value is high enough.

It is sad thing that many have been unable to refinance because they did not qualify due to their home being valued less than what they owe. Thus, we see all the people that are experiencing the necessity for foreclosure. And also because of this situation, it may make it harder for you to take advantage of current rates.

If what you owe is less than your property’s value, however, then you are in a good position to get a mortgage refinance in the Denver area.

Next thing would be to see how your credit score is.If it is lower than 620, then you will need to find ways to make it better, otherwise you will not quality for any type. If you wanted to do conventional, then you would need a score of 660 or better.

Remember that the higher your credit score, the lower the interest rate you will be able to lock in. If yours is lower than you would like, there are companies out there that will help you to repair it. It may take some time, but it will be worth it if you are able to save money on your mortgage refinance.

Who your loan officer is will determine how quickly and how good a rate you will be able to get. A good one will know exactly what documents are needed to close the loan on time. They will also have the experience to solve problems.

Many will just tell you that you cannot do it right now because you this or that as an issue. Someone with experience will know that there are solutions to many common problems people have. Even if you have a second mortgage, you can still refinance the first.

This point is often neglected by many.

In order to protect yourself and make sure you do not get ripped off by unscrupulous agents, you need to educate yourself on a few things.

You need to know how many loan officers work as well as how lenders work as well.

Greed is the root of so many problems and it can also be a driving factor that is preventing you from getting the rate that you really should be getting without having to pay extra.

It might seem that the whole process is complicated, but if you know the right questions to ask and some basic information on the process, then you will be well on your way to protecting yourself from people that just want your money.

To begin, each and every day loan officers will get the available mortgage rates available for that day on what is called a rate sheet. This sheet will contain the par percentage which is the number you will get without paying extra and that will not give any perks to the broker either.

The other numbers on that sheet will tell the officer what he or she will make if they give you a higher interest as well as what it would cost you to buy a lower interest. The money they get back is called a rebate from the lender and it is to encourage the selling of mortgages that are worth more to the banks.

You should be getting this rebate back, but some people will not let you know about it and just keep it themselves.

Since most lenders base their percentages on the 10 year treasury bond, if you keep an eye on this, you will have a good idea on what you should be offered on any particular day. This way if they quote you a fairly high number, you can come back at them with what you know.

Of course, if this happens, you might be better off shopping around for other brokers.

One important consideration is the fact that while pure brokers are required by law to show you the mortgage rates in Denver when you go see them, some may quickly gloss over the item hoping you will not catch it.

On the other side, if you are dealing with an agent that works directly with the people that will be giving you the loan, they are not required at all to reveal the rebate. It will not even show on the Good Faith Estimate nor on the final closing settlement.

For purchasing a home these are the things to consider: the down payment; money for closing costs, taxes and insurance; income; assets; your credit; and your debt-to-income ratio.

Depending on the type of loan you are looking to get, you will need to provide different amounts for your down payment.

For an FHA loan, you will need to provide 3.5% down; for VA loans there is no down payment; and for a conventional loan you will need to provide to provide a minimum of 5% down.

If it is an investment property, you will need to provide at least a 20% down payment. When it comes to the money for closing costs and escrows, many sellers have been paying for part or all of those costs. That will depend on what your realtor is able to negotiate with the seller.

A lender will need to be able to document that you have at least a 2 year history in the same line of work and that your job is likely to continue. Unless you are obtaining gift funds from a close relative, you will have to document where the funds for the down payment and other costs are coming from.

Two months of bank statements and the latest 401k or IRA statement will be needed for that. Your credit score needs to be at least 620 for either FHA or the VA loans.

It will need to be at least 660 for most other loan types. Finally, there’s the calculation of your monthly debt to monthly income ratio.

This takes your new mortgage payment (principal, interest, taxes, and insurance) plus your monthly debts on your credit report and other monthly debts like child support and dividing them by your monthly income. Lenders in limited cases are going to ratios into the mid 50% range.

If you are refinancing, there are three main things to consider. They are your property’s equity, your credit score, and your debt to income ratio. FHA will go to 97.75% of your home’s equity; VA will go to 100%; and conventional will go to 95% of the value.

In a refinancing, you add the payoff of the existing loan adding in the loan closing costs the escrows for taxes and insurance and add the interest cost of skipping a monthly payment to come up with the loan total. We then take that total loan amount and divide is into the total value of the home.

This gives the ratio that you then compare to the guidelines for that loan type.

For an FHA loan the borrower can’t exceed 97.75% of the equity of the home.

Your credit score for FHA and VA needs to be a minimum of 620. For conventional, it needs to be at least 660. Lenders each have their own requirements for your income to debt ratio. Some allow high debt to income ratios and others are more conservative.

Again, an experienced loan officer will help you out with whatever situation you have.

How to get a mortgage cost effectively is pretty much dependent on the quality of the person you are working with.

They will be able to point you in the right direction in terms of what type of loan is appropriate for you.

These are the people that will be processing your application. The better the relationship you have with one person, the better your experience will be. And you will experience far fewer frustrations in the process.

There are too many people out there who have experienced the headaches that can ensue.

They might have found on closing day that something was wrong and so they cannot proceed with the purchase.

This is in part due to the lack of communication on the part of many loan officers that just do not care about building a long term mutually beneficial business relationship.

For things to go smoothly for your home mortgage in Denver from beginning to end, you will want to research who you should go with. You want someone who has a good track record and who wants to build a long term beneficial business relationship with you.

You also want someone who will keep in regular contact with you in case issues come up. Make sure they also have the requisite amount of experience.

You will know if you have found a good person to work with if they have all of the above. Someone who builds working relationships will have repeat business. But others, who are there just to make a dollar, will most likely not have repeat customers.

You will want to talk to them to see what they want out of the transaction.

You want someone who will call you regularly to let you know the progress of your loan. You do not want any last minute surprises. And you want someone who will actually return your phone calls, preferably on the same day.

You will need to look for experience too. They need to know exactly what documents are needed so that when the paperwork gets sent out, there will be none of the back and forth that happens often with inexperienced people.

Getting a home mortgage loan locally in Denver does not have to take a long time. A good, experienced loan officer should be able to get you into your new property in record time. Two weeks to closing is not unheard of.

A good way to go about finding just the right person to process your Denver home mortgage is to make yourself a questionnaire form that you can use for each and then you can compare to find the best one for you.