Dan Polimino

Yes we know Dan Polimino looks familiar. In fact he gets asked that question quite a bit.

You may have seen him on FOX 31 TV for the last few years…

Or you read his weekly newspaper column in the Rocky Mountain News and Denver Post…

Or you used to listen to his morning radio show on the FAN 950AM…

Or you know him as a professional speaker by attending one of his presentations…

And now Fuller Towne and Country Properties is pleased to have Dan Polimino a part of our team.

Dan Polimino’s professional sales and marketing experience spans 26 years in Denver, New York and Florida. His passions for Real Estate developed over the last 12 years while working and living in fantastic Denver neighborhoods such as Washington Park, Bonnie Brae, Cherry Hills, and Highlands Ranch. He possesses extensive knowledge of these areas as well as, Denver Country Club, Lone Tree and Castle Rock. Dan’s skill set of focusing on detail, an unrelenting work ethic, extensive knowledge of the Denver market, and his ability to match his client’s needs with the right property is what sets him a part. He has built and renovated homes so he has the insight and knowledge to help people navigate the process. Dan is a member of the Denver Board of REALTORS and holds a BS degree in Broadcast Journalism and Psychology from Syracuse University. He and his wife Jennifer have two children. They enjoying biking, running, weightlifting, swimming and vacationing in Hawaii.
Thu Feb 23

Refinancing a condo could be easier than you think!

While obtaining a mortgage to purchase a condominium may present an interesting challenge because of the required project approval on the Home Owners Association (HOA), refinancing a condo could be easier than you would think. 

If you have an existing government loan, either FHA or VA, project approval is not required for either a Federal Housing Administration (FHA) “streamline” refinance or VA Internal Rate Reduction Refinancing Loan (IRRRL). Both loans are designed to help people refinance to either a lower interest rate or change from an Adjustable Rate Mortgage (ARM) to a fixed rate mortgage. These loans do not allow for taking cash out. While both FHA and VA mortgages do have programs to provide for cash out, the standards are higher, and will include project approval and other criteria such as an appraisal, full income documentation, etc. 

In addition to not requiring project approval for a VA or FHA rate reduction refinance, an appraisal is usually not required. Credit score requirements are reasonable, and debt to income ratios are not a factor in qualifying. In most mortgages, closing costs may be rolled into the new mortgage. A caveat I must mention is that borrowers should closely examine how much is being rolled into the loan. I have seen predatory lenders roll costs into a mortgage that would take the borrower over 15 years to recapture. The borrowers were so focused on rate that they forgot that the interest rate is only half of the equation. Rate and fees are what counts. 

Next week I will discuss refinancing a condo that has an existing conventional mortgage. Your comments and questions are always welcome. 

Chip Allen

Crestline Mortgage Bankers

A Division of Universal Lending Corp                                   

Direct: 303.947.2109 

Fax: 303.987.0676

Loanchip@hotmail.com 

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