Today’s first speaker was Denise Wing from Academy National Mortgage in Lakewood, Colorado. Denise to her time today to talk about the changes that have taken place in the housing and mortgage industry. The first is changes to the credit reporting industry that went into effect on July 1, 2017. Now public record items (judgements, bank liens, bankruptcy, ect.) will require the following prior to being posted to a person’s credit report – name, address, date of birth and social security number, as well no medical debt can be posted to credit report until it is 180 days past due. Only about 7% of people will see a score change with a likely maximum of 20points – due to other derogatory credit. It is a good idea to check your credit annually at annualcreditreport.com. You can get 3 free reports per year by using each of the three repositories one time a year. At the very minimum, check these out if you get a letter in the mail about inquiries or derogatory reports.
Denise went on to say that 83% of borrowers today have a credit score of 680 or higher, this is an increase from the melt down years. All free credit scores are not created equal – of all the “free” sites out there – CreditKarma.com is the closest to the mortgage credit score.
When looking for a home 87% of all buyers believe that they need more than 5% down to purchase, when in fact a buyer can get in with 3% down in many cases and there are some that only require 1% down. The 1% down is required from the borrowers’ own funds, while the 3% can be a gift. These conventional loans allow for a lower monthly payment and lower mortgage insurance cost than an FHA loan.
There is a consensus of economist that believe by 2021 accumulated housing appreciation will increase from 6.3% (Bears) to 16.7% (Bulls) with the middle of the road at 19.4%. The moral on this market is buy now and don’t wait! Nationally – 33% of buyers think that they bought a home that is to small, 9% think that their current house is to big and 41% of renters wish they had bought a home instead of re-signing their current lease. This is also a good time for those that did purchase to cash out to pay off student loans or other loans to put themselves in a better position to buy a larger or smaller home later.
Denise explained that new regulations on the refinance to pay off student loans allows a home owner to get the cash out without the typical hit to the rates and costs that a normal cash out loan. The hit can range between .375% and 3.125% of the loan amount in costs or ½% in rate depending on your credit score and loan to value on the current home. Some mortgages are back to waiving appraisals, mostly on rate and term refinances but it is possible that this will include purchases in the future. These practices were very common before the meltdown.
Lastly, Denise told us that the digital mortgage is just around the corner – where authorization is required for electronic validation for access to bank records and employment information, leading to no documents provided by the borrower. This will work great for salaried and hourly employees, but snot so much for those more complex situations – commissioned, self-employed or those with lots of overtime. The first fully paperless mortgage was written in 2000 including the closing. Today, only 11% of all loan applications were done completely online, the rest are a combination of online and in person and 57% of all mortgages are applied for in person.
If you are looking for a mortgage in this current market give Denise Wing and Academy National Mortgage a call!
Denise Wing * Academy National Mortgage * 303.987.0622 * dwing@academynational.net

The second speaker today was Suzanne Smith from Food for Thought Catering in Wheat Ridge, Colorado. Suzanne spoke to us today about 2 fruits that are tasty and good for you. Her first fruit was the cherry – cherries are native to Eastern Europe and Asia Minor regions and botanically are classified as a drape fruit. Other common drape fruits are plums, peaches, and apricots. They are full of health benefitting nutrients and unique anti-oxidants. The health benefits start out with cherries being a low-calorie fruit while being high in phytonutrients, minerals and vitamins. They are also a very pigment rich fruit – these pigments are polyphenolic flavonoid compounds known as anthocyanin glycoside anthocyanins, which is the red, purple and blue pigments found in the skin of many fruits and veggies. This is known to have high concentrations of anti-oxidants. Scientific studies have shown that the anthocyanins in cherries are found to act like an anti-inflammatory drug by the actions of certain enzymes. Cherry consumption may offer potential health benefits against chronic painful episodes such as gout, arthritis fibromyalgia and sports injuries. Other research studies also suggest that the anti-oxidant compounds in tart cherries can help fight against cancers, aging, neurological diseases and pre-diabetic conditions. Cherries also have small amounts of melatonin – the anti-oxidant compound can cross the blood – brain barrier easily and has soothing effects on the brain neurons and can calm down the nervous system including insomnia and headaches. They also contain zinc, iron, potassium, magnesium and a good source of copper. The potassium is really good for you as it is known to regulate heart rate and lower blood pressure. The tart cherries are exceptionally rich in the health promoting flavonoid poly phenolic anti-oxidants such as lutein, zeaxanthin and carotene. These compounds act as protective scavengers against harmful free radicals and reactive oxygen species that play a part in aging, cancer and other disease processes.
In the United States, the cherry season lasts from the end of May through August. Fresh cherries have a short shelf life – choose your cherries by the bright shiny skins and a green stalk that is firmly attached. Store your cherries in the refrigerator to maximize shelf life and rinse in cool water to remove dirt. Ripe cherries should be eaten whole with the skin intact to enjoy the health benefits of these tasty gems. The second fruit Suzanne talked about was the lemon. Lemons contain flavonoids in the juice that are said to contain anti-oxidants, which is why lemons are useful in treating so many ailments and conditions. Drinking a ½ cup of lemon juice everyday raises the citrate levels in the urine that studies have shown this can protect against the calcium that build up in the kidneys and cause kidney stones. If you have a sore throat – you can sooth it with lemon juice and honey. Starting out your day with a glass of hot water and lemon juice will stimulate your digestive tract and add vitamin C. Lemon juice applied directly to an insect bite or poison ivy will take away the pain and itch like an analgesic. Lastly lemon juice may be acidic it is a surprisingly good source of alkaline that will help balance your bodies pH levels.
If you are looking for a caterer that knows her food and of good and healthy options give Suzanne Smith and Food for Thought Catering a call!
Suzanne Smith * Food for Thought Catering * 303.425.5442 * suzanne.foodforthought@gmail.com * www.foodforthoughtcaterers.com