Reverse Mortgages now being offered

Academy National Mortgage is now offering Reverse Mortgages as part of our financial services. For the criteria and guidelines on Reverse Mortgages, please see our Blog posted on October 3, 2007.
If you, or anyone you know can benefit from a Reverse Mortgage, please contact me at 303-987-0622.


Denise Wing, C.E.O.
Academy National Mortgage Corporation
Certified Mortgage Lender
dwing@academynational.net
303-987-0622

FHASecure Mortgages

A brief overview of the guidelines set down by FHA to qualify for the FHASecure Mortgage is as follows:

1. Your present mortgage is a non-FHA adjustable rate product that has reset to a higher interest rate.
2. Due to the resetting of the rate, you are not financially able to make your mortgage payment.
3. You have been current on your mortgage payment, for a minimum of 6 months, prior to the resetting of your mortgage rate.
4. Verification you have sufficient income to make the new mortgage payment after the refinance.

Expect to pay a slightly higher interest rate on this type of loan as opposed to a straight forward refinance with FHA; approximately 1/2% to ¾% higher in rate.
I am stressing the guidelines for this type of refinance due to my concern that unsuspecting borrowers will be told they need to apply for an FHASecure mortgage just so brokers can make more money on the transaction. Investors charge a higher rate to mortgage brokers for this type of FHA program, which justifies the slightly higher interest rate being offered.
If you find you are being quoted an interest rate above the average going rate at this time for FHA loans, please call me immediately and set up an appointment so we can discuss an alternative for your financial needs.

Denise Wing, C.E.O.
Academy National Mortgage Corporation
Certified Mortgage Lender
303-987-0622
dwing@academynational.net

The time to refinance could be now!

Even if your adjustable rate mortgage won’t reset until months from now, this could be the best time for you to refinance. Home values are sinking and eating up the equity in your home, so the longer you wait the harder it could be to refinance.
If your loan-to-value (LTV) is 80% or lower you will typically have the most options for a loan and best rates, depending upon your credit rating. Once you reach 85%, 90% or 95% LTV, the loan options become less and the interest rate rises. If it ends up you owe more on your house than what it is worth, your options are virtually gone. The lenders who were eager to give loans with 100% LTV are either out of business or have turned away from these types of high risk loans.
The foreclosure rate is predicted to rise in 2008 and most of 2009. Banks, not wanting to hold on to these homes will more than likely sell them far below their actual value. This will drag down the values of homes in many areas even further. To top it off, lenders are scrutinizing appraisals closely and appraisers have become more conservative on their reports.
If you are fortunate enough to live in one of the areas in Denver where home prices are either stable or rising, you can afford to wait before refinancing your loan. But, if you aren’t in one of these areas, you need to consider refinancing before you lose more of the equity in your home.
A review of recent home sales in your neighborhood will help you get a sense of values and price trends. Ask a realtor if he or she would give you an estimate of value for your homes in your area. Once you have an idea of what your home is worth divide what you owe by the value and it will give you your loan–to-value percentage. If values are falling like a rock, it is definitely time to refinance.
If your decision is to refinance your mortgage, please do not hesitate to call so that I can help you find a loan that fits your financial situation.



Academy National Mortgage Corporation
Denise Wing C.E.O.
Certified Mortgage Lender
303-987-0622

Suze Orman on Acceleration Mortgages

A recent article, written by Suze Orman in The Costco Connection, reiterates what we stated in our Blog on October 9, 2007. The new fangled mortgages such as, The Acceleration Mortgage, The Asset Manager and The Macquarie Mortgage are not your best choice if you are looking to pay off your mortgage early.
Within her article she states, “I am all for accelerating paying off your mortgage, but not with a deal like this.”
For a copy of the article in its entirety, please call 303-987-0622, and we will fax one to you. You can reach Suze at suze@costco.com.


Academy National Mortgage Corporation
Denise Wing, C.E.O.
Certified Mortgage Lender
303-987-0622
dwing@academynational.net