Your Questions About Mortgage Rates Colorado

Lisa asks…

Real Estate prices?

I will be seeing this house today from a realtor who actually owns the house. She says she is selling this unit b/c she needs to live with her elderly parents. Other than that she is telling me how great the house is. How far can I bargain with the price without offending her? It is out for $358,000. How low do you think I can get it for in a buyers market in Colorado. And how much is mortgage rates? I have a credit score of low 700’s… Any advice is appreciated, I am a first time buyer.

admin answers:

Who cares if you offend her. Offer her the market price. You don’t need to pay more than that.

George asks…

Bait and Switch – I am trying to find legal precedence on mortgage loan bait and switch.?

Purchased a home w/ Richmond Homebuilder’s w/ the stipulation to use their loan company, American Home Mortgage. On 9/06 the loan officer qualified us as our credit score is up on the 800. 3 wks before closing she asked for more documentations w/c were faxed to her. Ten days before closing, she claimed she did not received the documents. Was sent again to her, w/ copies to her processor located in Colorado. As business travel was in schedule, I emailed her that for the duration of my trip I will not be able to correspond or provide anymore documents if she needs them. The night before my travel her email came in w/ a rate of 6.25% for the 1st and 8.5% for the second loan and asked to sign the document so that she can locked the rate. It was signed, emailed, and faxed to her the same night. Monday, day of settlement, rates were higher than what was signed. She claimed it’s ‘coz of our high debt ratio. Wasn’t this a bait and switch violation? Any federal and MD state laws applies?

admin answers:

FBI investigate cases of mortgage fraud. Bait and switch.

Carol asks…

Where is the Mortgage bailout? Did the banks forget to bail out the public? Or did the government?

The number of U.S. households on the verge of losing their homes rose 7 percent from June to July, as the escalating foreclosure crisis continued to outpace government efforts to limit the damage.

Foreclosure filings were up 32 percent from the same month last year, RealtyTrac Inc. said Thursday. More than 360,000 households, or one in every 355 homes, received a foreclosure-related notice, such as a notice of default or trustee’s sale. That’s the highest monthly level since the foreclosure-listing firm began publishing the data more than four years ago.

Banks repossessed more than 87,000 homes in July, up from about 79,000 homes a month earlier.

Nevada had the nation’s highest foreclosure rate for the 31st-straight month, followed by California, Arizona, Florida and Utah. Rounding out the top 10 were Idaho, Georgia, Illinois, Colorado and Oregon. Among cities, Las Vegas had the highest rate, followed by the California cities of Stockton and Modesto.

http://news.yahoo.com/s/ap/20090813/ap_on_bi_ge/us_foreclosure_rates

Where did the stimulus money go if not to the people to save foreclosures?
Pat, I don;t have a mortgage. I never spend more than I can afford and I don;t beleive in debt.

I do want to know where the money went since I have to repay it like every person in the USA that pays taxes.

Have you forgotten the debt is now in the trillions? I haven’t.

admin answers:

Foreclosures mostly happen to people who spend liberally or are not willing to work. No bailout should be given because many hardworking Americans pay their bills on time and get shafted when government gives money to unreliable and irresponsible individuals.

Linda asks…

Can any Mortgage Broker help us?

Two years ago we were closing on a house, but we backed out at closing when we noticed that the interest rate we were being charged was much higher than the rate we locked in. We never moved into the house, and it was subsequently sold to someone else.

We never signed the note or the deed of trust. Nevertheless, this mortgage appears on my credit report as unpaid for the last two years. I’ve attempted to remove it with no luck (I’m still working on it but it will take a while).

We’re in Colorado. The house we want to currently buy is $340,000, and we can put 20% down. Yet the lenders we’ve spoken to have said they cannot get us a mortgage until the previous “unpaid” mortgage is off my credit report.

Is there anyone who knows how we can get a mortgage under these conditions? We’re scheduled to close at the end of this month.

Thanks!

admin answers:

Yeah, something is fishy. I am a real estate pro. It makes no sense. I got a friend that lends in Colorado, and deals with hard cases. Feel free to e-mail me at sst_vandy_2000@yahoo.com with your contact info, to hook you guys up.

Jenny asks…

Please help me figure out how much mortgage I can afford for a first time buyer?

I currently pay $800 rent. I am living fairly comfortable, and put about $700 in savings every month.
(I make 32K, and I’m single). I don’t want to be house poor so if I could keep my mortgage payments about the same as my current rent payment, that would be desirable. I don’t understand the variables such as property tax and property hazard insurance, and how much that might add
to my monthly bill. I live in Denver, Colorado. What is a typical property tax bill for Denver?
What is a typical hazard insurance bill? How much mortgage would a $800 montly payment get me? For simplicity, please assume zero down payment. My interest rate should be prime rate,
or very good in other words. Thanks much.

admin answers:

I used $600 as the P & I portion of the payment in order to leave about $200 per month to cover taxes, insurance, and PMI.

On a 15 yr fixed @ 6% you can finance about $71K. On a 30 yr fixed @ 6%, you can finance about $100K.

Using 5% interest rate (fixed), the 15 yr amount is $76K and 30 yr is $112K.

Good luck finding that in Denver!

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