CNC Mortgage Blog

January 14, 2008

WHY SHOULD I OBTAIN A MORTGAGE WITH CNC MORTGAGE,LLC

The last year has been turbulent for the mortgage industry. Nationally the defaults on mortgage payments has put many mortgage lenders out of business and caused enormous losses for others. In Minnesota the legislature adopted new laws effective in August and October of 2007 that are designed to protect the consumer by providing more transparency and requiring more controls and education by mortgage brokers. Individuals can no longer obtain “Mortgage Loan Originator” licenses in Minnesota. Only companies and corporations are now allowed to have mortgage broker licenses in the state. These numbers are not official but the quantity of mortgage licenses in the state dropped from over 4,200 to around 1,200 in 2007.

CNC Mortgage, LLC is dedicated to finding the most appropriate mortgage product for its customers. This can be a first mortgage, second mortgage, home equity lines of credit, commercial loans or even sometimes straight forward advice to not get a new or additional mortgage.

The great advantage of using a mortgage broker is that a broker can explore and offer multiple loan products from many lenders. CNC can offer loans through Washington Mutual, U.S. Bank, CITI Mortgage, Wells Fargo, Chase, Aurora, Popular, Citizens Home Loan, Conficasa, the Minnesota Housing Finance Agency and others.

Call us at CNC Mortgage, LLC

Carlos Gutiérrez    612 859 2145

Todd Fierst          612 964 3069

Carlos Granados    651 274 9924

Pablo Silva           952 457 4056

Enjoy these new rates, 15 year loans are near 4.75% and 30 year loan rates are near 5.375%!!

Ken Harney in his nationally syndicated column that appeared in the Minneapolis Star Tribune on Saturday, January 19, 2008 said that “now is a good time to refinance.” The rule of thumb has been that if you are going to drop the rate 1% it makes sense to refinance. That decision depends in great part on how long you plan to stay in your house, dividing your closing costs by your projected savings gives you an idea of how long it will take you to recover your investment. If you plan to stay in the house longer then it makes sense to refinance.

As the new loan amount gets smaller, you would need a bigger rate difference. In other words if your loan is $100,000 you might need a rate drop of 1.25% but if your loan is $400,000 a drop of .75% probably justifies de process.

Enjoy these new rates, 15 year loans are near 4.75% and 30 year loan rates are near 5.375%!!