If you need assistance, please call 720-371-8629


John Gilfedder

John Gilfedder

Mortgage Loan Originator
NMLS# 743450
Cell: (720) 285-9854

John has over 20 years of financial industry experience to help his clients realize and achieve their dream of home ownership. He understands the importance of taking a holistic view of every client and finding the most appropriate loan program to fit their needs.

He joined Elevations Credit Union so that he can offer the best products and exceptional service to his clients to make the mortgage experience a great one.

Born and raised in New York, John moved to Colorado in 1990, where he currently lives in Broomfield with his wife and two children. He spends his free time with his family, golfing, watching sports and playing with his two toy Australian Shepherds.
Conn Henderson

Conn Henderson

Loan Officer
NMLS# 715164
Cell: 720-334-1354
225 W South Boulder Rd
Louisville, CO 80027
Buying a home is one of the most stressful situations in a person's life. I take pride in being a customer’s guide through the process. I explain the mortgage process in layman's terms to make sure that my customers understand the process and the details involved.

I cannot turn off the underwriter inside my head so as I talk to a customer their file is being underwritten. I am honest and upfront with my customers about any issues I may see. This allows me to predict any pitfalls that may come up in the process and make sure that their loan goes smoothly.

I am a single father of a wonderful 15-year-old. I enjoy spending time volunteering at her school and being very involved with her life. When not working or being with my daughter, you will find me on the golf course in the summer or at the ski area in the winter.

What are temporary buydowns?

A temporary buydown lowers the interest rate to a certain percentage, which then increases each year until it returns to the original rate. Common temporary buydown terms are 2-1 and 1-0, where the first number is the rate reduction you receive in the first year and the second number is the rate reduction for year two.

With a 2-1 buydown, a 7.25% mortgage rate would be cut to 5.25% the first year, increase to 6.25% in year two and return to 7.25% in the third year. Here’s what that looks like for a $500,000 loan balance.

Interest rate Monthly payment Monthly savings Yearly savings
Year 1 5.25% $2,761 $650 $7,800
Year 2 6.25% $3,079 $332 $3,984
Year 3 7.25% $3.411 $0 $0

A temporary buydown is typically paid for by either the seller, homebuilder or lender and it effectively offsets a portion of the buyer’s monthly payment. From the example above, it would cost $11,784 for the full 2-1 buydown, which is the total amount the buyer saves. The money used to lower the buyer’s monthly payments is deposited into an account and taken out each month by the mortgage loan lender. Keep in mind, with a temporary buydown the borrower needs to qualify for the home loan based on the full interest rate after the buydown expires.

The Expectation is the opportunity to refinance over the next 3 years into a lower 30 year fixed product will present itself that you can get into while gaining some appreciation. Some lenders may also have low costs or no-cost refinance options by keeping the loan with them  (ask).

As they say: Marry the home, date the rate!

Front Range Properties
F.R.P. Team
1911 11th St. 200
Boulder, CO 80302

Information and Real Estate Services, LLC. Provided for limited non-commercial use only under IRES Rules. © 2024 IRES. Listing information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated February 24, 2024 8 PM. Information deemed reliable but not guaranteed by the MLS or Duane Caraballo - RE/MAX Alliance.
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