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Rates are very very low.
This is a terrific time to change your
30 year loan to a 15 year loan
and pay off that house before retirement.
February 2010
Boulder voted the happiest place to live in the USA!
I totally agree!
December 2009
WOW!! Rates are so low!
Call for a quote and lock in a low rate forever!
Whoopee! Boulder is #1 in the United States Housing Market- WOW
October 2009- BusinessWeek has placed Boulder at the top of the 30 strongest US housing markets.
And we are Number # 1.
What a great place to buy and live!
Choose Boulder Mortgage Company for your purchase or refinance loan
Over 9 Years of Successful Lending and 0% Bad Loans. Never a default!
The average credit score of our clients is 801.
Call today for a competitive quote.
We will tell you honestly if a refi is in your best interests.
Not everyone should or can refi with all the new rules.
Note: We do not do Construction or Commercial Loans.
We are members of the Upfront Mortgage Brokers group.
Check out the website at www.upfrontmortgagebrokers.org
Attention:
My domain name, boulder-mortgage.com, has been used for spam. Please be assured that these messages did not come from Boulder Mortgage Company.
Do not send any information to these slimy people. I am doing all I can to stop these thieves.
Another Good Reason to Buy In Boulder County!
After checking through my favorite bank's newest memos about the mortgage crisis, I found that Boulder County is not on the Declining Values List. This means that lenders are confident of the value of homes in Boulder County.
Whoopee! Very good news for new buyers and comforting to our owners here in Boulder. Your biggest purchase is safe.
Another comforting fact is that Boulder Mortgage Company has never done subprime loans and always works with prime borrowers. We plan to be here in Boulder for a long time. Your loan is safe with us.
We are an "Up Front Mortgage Broker" company.
Are you looking for a Mortgage broker who will:
News!! March 2007
We are happy to announce that Boulder Mortgage Company has joined the Up Front Mortgage Brokers Organization.
www.mtgprofessor.com
www.UpFrontMortgageBrokers.org
This nonprofit organization was started by Jack Guttentag, a retired Wharton School professor who was tired of consumers being taken advantage of by mortgage companies. We agree with his opinion and are very happy to be accepted as a member.
Please note: We have decided to stop our affliation with Tom Martino's Troubleshooter Network as of May, 2007 to save advertising costs. Tom charges each of his referral members $2400 - $5000 a year each to be on his website.
The Up Front Mortgage Brokers Association reflects our values clearly. And remember all advertising costs money. We want to keep our costs low so we can offer our customers great rates and low fees.
These are the 8 principles we must abide by to maintain our membership as an Up Front Mortgage Broker.
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July 26, 2000, Revised July 16, 2004, November 10, 2004, January 23, 2006, and July 24, 2006
1. The broker will endeavor to act in the best interests of the customer.
2. The broker will establish a price for services upfront, in writing, based on information provided by the customer. The price may be a fixed dollar amount, a percent of the loan, an hourly charge for the broker's time, or a combination of these.
The price or prices will cover all the services provided by the broker. If the broker charges a loan processing fee, the amount will be disclosed to the customer, regardless of whether it is paid directly to the broker or to a third party.
On third party services, such as an appraisal, ordered by the broker but paid for by the customer, the broker will provide the invoice from the third party service provider at the customer’s request. Alternatively, the broker may have the payment made directly by the customer to the third party service provider.
3. Any payments the broker receives from third parties involved in the transaction will be credited to the customer, unless such payments are included in the broker's fee.
*If the broker's fee is 1 point, for example, and the broker collects 1 point from the lender as a “ yield spread premium”, the broker either charges the customer 1 point and credits the customer with the yield spread premium, or charges the customer nothing and retains the yield spread premium.
4. The broker will use his best efforts to determine the loan type, features, and lender services that best meet the customer's needs, and to find the best wholesale price (rate and points) for that loan from the lenders with which the broker is approved.
5. After the terms have been locked, if requested by the customer, the broker will provide a copy of the applicable lender's rate sheet that discloses the wholesale price.
6. When directed by a customer who has met lender lock requirements, the broker will lock the terms (rate, points, and other major features) of the loan, and will provide a copy of the written confirmation of the rate lock as soon as it has been received from the lender. <?xml:namespace prefix = o /><?xml:namespace prefix = o /><?xml:namespace prefix = o /><?xml:namespace prefix = o /><?xml:namespace prefix = o /><?xml:namespace prefix = o /><?xml:namespace prefix = o />At the same time, the broker will guarantee all fees charged by the lender who locks the rate.
7. If a customer elects to float the rate/points, the broker will provide the customer the best wholesale price available from the lenders with which the broker is approved on the day the loan is finally locked.
8. The broker will maintain a web site on which its commitment to its customers is prominently displayed, along with any other information the broker wishes to convey. If the web site displays mortgage prices, the broker will indicate whether the prices are retail or wholesale. If prices are retail, the markup will be shown. If prices are wholesale, a prominent note will indicate that the broker's fee will be an added charge.
Copyright Jack Guttentag 2006, The Mortgage Professor
Jack M. Guttentag is a Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania, and founder of GHR Systems, Inc., a mortgage technology company.
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More About Mortgage Company Advertising
Another "interesting" ad. A local company is advertising heavily on the radio ($5,000 to $10,000 a month for radio ads) that they will pay all those closing costs for you.
Their come-on is "Why should you have to pay $2000 or more to refinance?"
Why? Because that's what it costs to refinance! Folks, they will just charge you a much higher interest rate if they "pay" your fees for you. There's no magic and no one works for free. And they need to cover the cost of those radio ads too.
Additional info- - the company that was advertising the ad above just got fined several millions of dollars for defrauding their customers. !!! Apparently the guy who started this company was caught before with his previous mortgage company doing the same thing. Folks-he's going to jail. Cover story in the Denver Post.
May 16, 2006- Figuring out what those mortgage rates really mean.
Today I was reading the newspaper and saw 30 year fixed rates advertised at 5.875% with an APR of 6.183% for several mortgage companies in our area. The rate we are quoting today for a 30 year fixed is 6.375% and APR of 6.42% with 0 points and no origination fee.
Why the big difference? The 5.875% rate includes an origination fee of 3% to get that rate. On a loan of $175,000 for a purchase that means a fee of $5,250 for a total of about $8,000 in closing costs that YOU will have to pay to get this rate. The closing costs at Boulder Mortgage Company would be $2,000 or less.
The rate is 6.375% folks. You can buy the rate down if you want but that is REALLY expensive. The low low rate is just a way to get you to call them.
The ad they are running showing these low rates costs $5,000 a month. I know it costs that much because I can't afford an ad like that and still give my customers a fair interest rate. They will have to add in more fees or raise the rate to stay in business and pay their bills.
Deceptive advertising continues. Don't be fooled.
New Survey
I compared rates on January 6, 2006 at 10:30 am.
These rates are for the purchase of a $300,000 house with 20 % down and a credit score of 789.
These rates are for this example only! Rates may be different now!
Lender Rate Points Extra Fees
DiTech.com 6.0%* 1.375 points $1225 DiTech fee + closing costs
DiTech.com 6.75%* 0 points $395 for all closing costs
Lending Tree #1 6.0% * 0 points $295 non fundable fee + $365 processing fee + closing costs
Lending Tree #2 5.375%* 0 points No information about fees. (This lender will have to pay $5700 to get you this rate. Think this is a valid rate?)
Boulder Mortgage Company 6.0% * 0 points $299 processing + closing costs
*Rates subject to change- these rates are for this example only
What is the deal with Lending Tree? Lending Tree charges each mortgage company a fee of $10,000 to become part of their system. For each loan that is closed using a customer that came from the Lending Tree web site, the mortgage company is charged an additional $600 per loan.
Being part of Lending Tree is very expensive. I believe it is a system that encourages mortgage companies to pretend they can get you a rate when they actually cannot.
Since we do not use schemes like this, we can quote real rates and can be truthful about our fee. We do not try to trap you with a "teaser" rate or non-refundable application fees.
We will always give you a great rate and low fees!
Boulder Mortgage Company
No "application fee" or "administrative fee" either. By the way, in the mortgage industry, those fees are called "extra profit".
*You will still have to pay title charges and their courier fees and escrows for real estate taxes and homeowners insurance but we never mark these fees up. You just pay the true cost. We will go over every cost with you.
We pledge to tell you the truth about points and fees.
We do not send spam or call you without invitation. We like our customers too much to harrass them.
Boulder Mortgage Company is committed to helping you find the right mortgage product for your needs. We understand that every borrower is different, and we offer a variety of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
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