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Ask The Expert

By Wanda Norge

Interest rates have improved from earlier highs this year, so there is still time to improve your long-term loan situation if you act quickly!

2019 Loan Limit Increases

The Federal Housing Finance Agency announced the maximum loan limits for Fannie Mae and Freddie Mac conventional loans is once again increasing effective Jan. 1, 2019.  The new conforming base loan limit in Colorado counties will be increasing to $484,350 for a one-unit property.  However, most all Denver metro counties have increased limits to $561,200.  This includes Adams, Arapahoe, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.  Boulder is $626,750.  Mountain resort counties have even higher limits.

Refinance Jumbos Or 1st/2nd Combos With Conventional Rates!

Use our specialty loan that allows up to $726,525 (higher than the limits above!) to refinance your jumbo loan or first / second combined loan amounts that now fit into this conventional loan category. It could be beneficial to combine into one loan – potentially saving you interest on the higher-rate second loan or switching into a 30-year loan now instead of that adjustable jumbo.

Cash Out Solutions!

Get cash for home improvements using a fixed-rate loan instead of a variable line of credit

Pay off credit card or student loan debt. Don’t continue to carry double-digit interest rate balances every month when you can collapse that into a low-rate mortgage, paying less interest and reducing your monthly debt.

Get a low-rate loan from the primary home to buy that investment property with cash.

Get rid of mortgage insurance

Divorce buyouts

Just Closed On New Construction?

Refinance to secure a lower interest rate than what the builder offered when you closed!

Adjustable Rate Loan Coming Due?

ARM loans started between 2008-2011 are coming due!  Let’s see if the next adjustment makes sense to keep or if refinancing is more beneficial.

This could be a great time to switch into the All-In-One Loan Interest Savings Loan that combines the mortgage and checking account into one.  It reduces principal first, by “sweeping” regular deposits against the balance, paying off the mortgage in half the time compared to traditional mortgages, and saving interest over the life of the loan.  Money normally sent to a third party to pay the mortgage stays in the account!  A line of credit is then available for 30 years without requiring a refinance.  Can now be used for investment properties!

Out-Of-The-Box Financing

Some of our new loans options include:

• Super Jumbo loans to $15 million!

• Foreign National loans

• No limits on number of properties owned

• VRBO or Air B&B income to qualify

• No waiting after a bankruptcy or foreclosure

• Use bank statement deposits or assets accounts to qualify

• Use other real estate equity calculations to qualify

Act now to take advantage of these opportunities!

Wanda Norge is a Mortgage Consultant, Certified Divorce Lending Professional (CDLP) with Equilane Lending, LLC (NMLS: 387869), 15 years experience. Contact her at 303-419-6568, loans@wandanorge.com, www.wandanorge.com. NMLS:280102, MB:100018754