"Honesty and integrity every step of the way"

My New Blog

March 11th, 2014 7:46 PM

Have yo
ur heard of the MCC?  The Mortgage Credit Certificate. If you haven't and you are a first time home buyer you need to learn about it

This tax credit gives you the opportunity to put more money in your pocket. Literally. 

Here is an example of how:

Loan = $270,000

Rate = 4.00%

Annual Mortgage Interest = $10,800

20% MCC of annual mortgage interest ($10,800) = $2,160

So with the MCC you would get the tax credit and also tax deductible interest on the remaining interest. Without the MCC you will have $10,800 tax deductible interest. Now let's say if you were in the 18% tax bracket it would work like this;


$10,800  x .18 = $1,944 (tax benefit from mortgage interest)



20% MCC (10,800) = $2,160

$8,640 (remaining interest) @ 18% Tax Bracket = $1,555

Annual Total Tax Benefit w/MCC = $3,715

**Consult your tax adviser , we are not able to give tax advice**

Now this is just an example, of course amounts will vary depending on your loan amount and interest rate, also on the MCC rate (which can vary depending on provider and county).  This is something you need to discuss with your lender and your lender has to be approved to provide the MCC. 

There has been recent changes in the application fee for the MCC with CHFA.  Again, please discuss with your lender for all the details.

If you have any questions please do not hesitate to contact us.  We are always happy to help.

Bookmark and Share

Posted by Ray Williams on March 11th, 2014 7:46 PMPost a Comment (0)

February 27th, 2014 2:47 PM

It is a pretty exciting time to live in the Denver Metro Area.  There are many up and coming new developments, both neighborhoods and businesses. All of which will help bring stabilization to these neighborhoods, as well as, possible new employment opportunities.  With the completion of RiNo (River North), Sunnyside and BelMar areas. These areas consist of a combination of retail business, highlighted with an urban living environment that appeals to younger millennials and Gen-Xers alike.  Property values in these areas have been spiking and rental rates have increased as well.  Denver is also sparking interest as one of best cities to relocate to!  We are top on the list alongside with San Francisco and New York.  Businesses are looking to relocate or expand their business in Denver because not only is the rental cost lower but the median home price is also much lower, which increases standards of living for residents. To add to the benefits we have a great downtown city life accompanied with beautiful parks and outstanding school districts. 

Listed below are a few links to some upcoming developments, some you may already know about but some you may not have heard of yet.  

25/70- www.25-70.com

Union Station Development

Old Gates Rubber Co Building 

St. Anthony Central Hospital now known as Sloans

Great resource- http://denverurbanism.com/

Now if you are a Colorado native such as I am, then you have seen many changes and the redevelopment that has already been done.  Some I was very sad to see go and/or change.  BUT after seeing the redevelopment it is refreshing to see how much it helped these neighborhoods stabilize, grow and change, bringing in so much more value and prosperity to these areas.  Change is not always easy to accept but is necessary.

"The art of life is a constant readjustment to our surroundings." --Kakuzo Okakaura

~Cheers Denver

Posted by Ray Williams on February 27th, 2014 2:47 PMPost a Comment (0)

What should your lender be doing for you?  The obvious answer is "help me get a mortgage".  Yes, but don't you want and expect more? If not, you should be. 

It isn't just about getting you approved for a mortgage; it is about helping, guiding, educating and doing everything in their effort to make you feel comfortable and confident about the mortgage you are getting into.  Taking the time to hear and acknowledge your personal goals and situation behind the mortgage.  Are you refinancing? Why are you refinancing? What is your objective and goal?  Are you purchasing? Is this your first home? How long do you plan on living in this house? What are your future goals? Is this a second home? Investment? Many questions should be asked in figuring out what exactly you are looking for and where it fits in your future. 

This is what your lender should be doing for you:

1.    Explaining and helping you review your credit report then educating and assisting you with any areas that may need to be addressed.

2.    Discuss what loan programs are available for you.

3.    Explain the details and difference between all loans options that are best suited for your unique situation.

4.    Assist you through the whole process, beginning to end. Whether you are refinancing or purchasing a home.  Your lender should be able to help guide you through the process minimizing any confusion and/or stress.  Along with answer any questions along the way.

5.     Good communication! This is vital.  There should be an open line of communication with your lender.  You should be able to get in touch with your lender, not always leaving voicemails.  They should be quick to respond either by phone and/or email.  If purchasing a house, they should also be in good communication with your Realtor.

Now you just need to ask yourself...."Is your lender doing all of this?"

Bookmark and Share

Posted by Ray Williams on February 20th, 2014 2:32 PMPost a Comment (0)

Calling all Realtors & Buyers.... There are times when in a purchase contract, after the home inspection, some repair issues could arise. This is when the buyer is wanting specific repairs to be done to the home in order for them to feel comfortable buying the property.  In most cases the seller is more than willing to do the repairs and/or give a seller credit to help with the cost of repairs after closing.  In some cases, the option is discussed by the parties to put the cost of repairs into an escrow account at closing with the title company, in which the funds are set aside from the seller for the buyer to make the repairs after closing.

Word of caution... any health or safety issues that are needed done should be addressed with the lender prior to assuming this is acceptable. Why? Because depending on the loan program, many investors will not allow a property to close if the repairs have anything to do with a health or safety issue.  So it is best to ask your lender if the repair would be allowed.  Last thing you want is to delay and/or jeopardize a closing when the settlement statement comes out and there is an escrow holdback that the lender's closing team questions and learns is a major deal.  Also, if the seller is going to give concessions to offset repairs, make sure with the lender those concessions don't, in turn, cause the total seller concessions to exceed the allowable loan program concessions.

If you have any questions please give us a call we would be more than happy to help.

Ray Williams
Branch Manager- Mortgage Maestro Group with Summit Mortgage

Posted by Ray Williams on February 5th, 2014 4:09 PMPost a Comment (0)

January 31st, 2014 1:10 PM

So, while Fannie Mae was on board with allowing people to use gift funds for down payment this fall for Conventional mortgages. The PMI companies have now transitioned as well. So what this means is that if you are buying a primary residence 1-Unit (only, not rental property either) then you no longer need the first 5% to be your own funds. This is great news for those with good credit and conservative debt, but maybe lacking down payment funds! Talk to us about this, because the different PMI companies have different tolerance levels and requirements (separate from Fannie Mae).

Ray Williams (@MtgMaestro)
Branch Manager
The Mortgage Maestro Group
@Summit Mortgage

Posted by Ray Williams on January 31st, 2014 1:10 PMPost a Comment (0)

January 22nd, 2014 3:40 PM

Unless you’re living in a bubble, you can't help but see and hear how much Denver is growing and that it is one of the most desirable cities to live. 

More and more people are passing up NYC and San Francisco because they are too expensive.  Denver offers not only great parks but also good schools and a vibrant city life, all at a portion of the cost.  This is a great place for not only young adults looking to prosper but also a great place for families.

Denver now has a the vibrant downtown along with it has a growing and diverse industries from mutual funds, natural gas, technology as well as art and food.

With the city's expanding young population it has boosted the Real Estate market with adding more residential projects in downtown Denver. 

Colorado has some of the nation's most popular skiing destinations including Vail and six other resorts that are only a two-hour drive or less from Denver. 

The city is also attracting young companies that are seeking an educated workforce.  DaVita HealthCare Partners Inc. (DVA), the county's second-biggest dialysis provider, relocated from Los Angeles in 2010, they were lured by Denver's affordability, diverse talent pool and accessible mass transit, said David Maughan, senior vice president of operations.  They have found it much easier to recruit to Denver with lower taxes, lower cost of living and so many sunny days, he stated.

With office rent still below the national average it makes for a demand and increase for office space.  

We are so proud of Denver and we look forward to its growth.  If you are looking to purchase a home in Denver please contact us or complete our online loan application to get started.

Resources: Article from Bloomberg


Ray Williams

Posted by Ray Williams on January 22nd, 2014 3:40 PMPost a Comment (0)

We can talk all we want about the amazing opportunities for first time buyers and those who want down payment assistance programs. But don't take it from me or my team~ Here is an article on MSN.com  listing the 10 top states for first-time buyer programs.

Bear in mind- The programs mentioned here, are not limited to first time Buyers alone. Make sure to ask about them, from multiple perspectives. One, if you need the assistance. And two, you may have savings and just want leverage and to keep your savings in the bank for a rainy day.



Posted by Ray Williams on January 14th, 2014 9:07 PMPost a Comment (0)

December 31st, 2013 11:26 AM

Hard to believe that the year is coming to an end today! WOW! What a year it has been. It started with a bang, getting married in February and honeymooning in Africa from there. A close family member continues to kick cancer up and down the block! My grandmother continues to have such vigor for life, only to be attributed to her Italian blood.

My team expanded, and we continued to grow our reach in Denver known as mortgage lenders who get things done, and deliver over and over again. We had a banner year together so I am looking towards 2014 with optimism.

I was fortunate enough to be awarded a second consecutive 5 star mortgage lender, which is humbling. I also was able to get 2 continuing education classes approved through the state of Colorado to teach the Real Estate community about sweet lending programs (a la: FHA 203K loans). We are in the beginning stages of developing a new website that you will see at the end of 1st Q 2014, so be on the lookout!

As for the housing market in Denver, it is moving in the right direction. We have had numerous past clients buy up and sell their old homes for gain. Inventory has been slim, so there has been more patience for my buyers, but they have been finding good homes.

And interest rates, oddly ended where I predicted they would, in the upper 4% range at the end of the year. So that has been a hot topic this winter as well. Where will rates go? I have felt for a while that we will likely see rates in the mid 5% range by the end of next year. However, there are so many domestic and international aspects that impact our markets that could impact things alone. If the economy continues to show signs of recovery, we will see tapering, and that will lead to higher interest rates.

So we look ahead to 2014 tomorrow. And with that I leave you with this. Life is fleeting. You have one shot, and are promised nothing. There will be bumps in 2014, and so make the most of it. Walk with a purpose, and fill those blank pages with memories of those you care for and love. Surround yourself with greatness and strive for more. Be Well Colorado and Happy New Years to you all! 2014 is going to be amazing!

~ Ray Williams

Branch Manager Summit Mortgage - Denver

The Mortgage Maestro Group

Bookmark and Share

Posted by Ray Williams on December 31st, 2013 11:26 AMPost a Comment (0)

December 27th, 2013 3:57 PM

For the time being Fannie Mae and Freddie Mac have announced that loan limits will not be changing heading into 2014! 

There was previously some concern they may lower these limits.  By not lowering the limits will continue to help strengthen the market because leaving the limits helps many homebuyers have better access to lower rates.

Although the loan limits aren't changing some guidelines will be. Starting in 2014 the Final Settlement Statement (HUD) will need to be approved and sent to the buyer (you) 3 days prior to closing.  This is always a goal of many lenders and is set to accomplish but sometimes many outside factors can change this. Make sure to discuss this with your lender and Realtor. With this new requirement we are looking at a few more purchase contracts needing to get extended, closings being delayed. 

With the help of the team you surround yourself with you will help in your closing going much smoother.

Make sure to contact us if you have any questions or concerns going into the New Year, we are always here to help.


Ray Williams




Posted by Ray Williams on December 27th, 2013 3:57 PMPost a Comment (0)

Hello All,

I always take this time of year to reflect. What am I thankful for? Why do I do what I do, and pursue it so passionately? What motivates me to be a better person?

So today you won't read anything about loan programs, or about market trends and happenings. Rather I want to take a moment to give thanks.

We live in a world with so much going on, so many things pulling us in a given day. Technology continues to evolve , and life continues to grow more complex. We are wired daily! Checking email, sending text messages, responding to voice mails, and so on.

This weekend is Thanksgiving, and I want to challenge anyone who reads this to take time, take time to disconnect. Relish in the surroundings as you look around the table on Thursday, sitting across from friends, family, or even strangers. Even if you have a crazy uncle, who may make the most insane comment ever, he is still your uncle. Put your phone down, hold off on changing your status or #hashtagging what's going on. Reconnect with those you traveled to see, or those who traveled to see you. Let the person with one item go ahead of you at the store. Take pictures, make memories, share a moment, and let it all resonate. Kind of like brining a Turkey, that doesn't happen immediately, but boy the results sure are worthwhile.

This year, I am thankful for the strength of my team, I am surrounded by. The dedication to excellence we pursue for all of our clients who work with us. I am thankful for my friends and family who have been there all along. I am thankful for those who continue to ask about a family member battling (kicking arse) cancer. I am thankful for a beautiful wife, who really is quite possibly the most selfless person I have ever met. I am thankful for being blessed with an amazing life. I am thankful that I will be surrounded by laughter and love this upcoming holiday season with impending travel plans to see family across the country.

Happy Holidays to you and yours. May you be surrounded by laughter, love, good fine, great wine, and memories.

Happy Thanksgiving! ~ Ray

Posted by Ray Williams on November 26th, 2013 11:08 AMPost a Comment (0)


My Favorite Blogs:

Sites That Link to This Blog:

 Summit Mortgage Corporation NMLS# 1041 NMLS Consumer Access, View Summit’s licensing information hereView Our Privacy Policy.

Summit Mortgage Corporation 1720 S Bellaire St #315 Denver, CO 80222
Phone: Fax:

Staff Profiles | Contact Us | MORTGAGE CREDIT CERTIFICATE | Down Payment Asst. Programs | Home | Loan Application | Request Industry Info | My Blog

Copyright © 2014 Summit Mortgage Corporation
Portions Copyright © 2014 a la mode, inc.
Another XSite by a la mode, inc. | Terms of UseSite Map