Amid signs that price growth in the U.S. economy is rapidly cooling, the Federal Reserve announced Wednesday (12-14-22) it was slowing the pace of its rate-hiking program designed to tackle inflation — but that more hikes were still on the table. The Federal Open Market Committee said it was increasing its key federal funds rate by only 0.5% this time around, after raising fed funds .75% at its previous 4 meetings. In its Wednesday statement, the Fed said it continues to target an inflation rate of 2% over the long term and would continue to increase the federal funds rate...
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NEWREZ WHOLESALE
As a mortgage broker, we can broker loans to many different lenders. Here we feature Newrez. Newrez recently acquired Caliber Home Loans. Newrez is a full service wholesale lender, with competitive conventional, government, and Non-QM loans (alternative documentation). They also service their own loans, which means that if your loan is brokered to Newrez, you will also make your payments to Newrez. As a broker, it is important to have relationships with multiple lenders, like Newrez. Even if a lot of the lenders offer the same products, the rates and fees of the lenders come and go. If you go...
December 21, 2022December 23, 2022
WHY IT’S NECESSARY TO PROVIDE PERSONAL INFORMATION WHEN APPLYING FOR MORTGAGE LOANS?
Why is it necessary to provide personal information when applying for mortgage loans? Applicants are asked their demographic information in order to monitor compliance with equal credit opportunity, fair housing, and home mortgage disclosure laws. You are not required to provide this information, but are encouraged to do so. The law provides that lenders may not discriminate on the basis of this information. Pursuant to the Home Mortgage Disclosure Act (HMDA), lenders collect race and ethnicity information to ensure applicants are treated fairly and the housing needs of communities and neighborhoods are being fulfilled. The Federal Equal Credit Opportunity...
December 19, 2022December 20, 2022
HAVE YOU CONSIDERED A CONSTRUCTION LOAN?
Are you planning to build a home? There are construction loan options for you. There are two approval processes for a construction loan: One for your credit and income. One for the construction and the building. You will need the final building plans, specs, and cost breakdown ready to give to the lender. The most typical loans are one-time close and two-time close construction loans: The one-time close construction loan only requires one underwrite, which is at the beginning of the process. Once you have an approval, then you can commence building. The approval is good through construction and after...
December 17, 2022December 18, 2022
JUMBO LOAN PROGRAMS
We have a variety of jumbo loan programs at Counsel Mortgage Group. VA jumbo, reverse jumbo and many more available. Before you apply for a jumbo loan, contact us. We are a mortgage broker, we shop wholesale rates and costs to see what program would be best for your scenario. We have a variety of lenders to whom we can broker who specialize in Jumbo loans. We work for you, not the lender. Counsel Mortgage Group®, LLC Licensed in Arizona, California, Hawaii and Illinois www.counselmortgage.com 480-502-1000 NMLS #178927 AZ MB #0909580 CA DBO #60DBO43873 HI-178927 IL MB.6761723...
December 14, 2022December 15, 2022
THE PROBLEM AND SOME SOLUTIONS
Commercial and multifamily mortgage loan originations decreased 13% year-over-year in Q3-22, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. A fall in originations for office, multifamily and retail led to the overall decrease in commercial/multifamily lending volumes. “After a strong first half of the year, rising interest and capitalization rates began to affect deal volume during Q3,” said Jamie Woodwell, MBA’s head of commercial real estate research. “Increasing yields across investment alternatives – including the 10-Year Treasury yield more than doubling during the first nine months of the year – have shifted property...
December 7, 2022December 7, 2022
THERE ARE MANY DIFFERENT TYPES OF MORTGAGE LOANS
There are many different types of mortgage loans: conventional, FHA, VA, USDA, jumbo, private money, investor, second/vacation home, primary residence, not so hard money, purchase, refinance. Which is the best for you? 15-year fixed, 30-year fixed, 20-year fixed, adjustable rate? We specialize in going over your scenario to find the right loan for you. We offer a variety of products, services, and broker to many lenders. Ask us how we can assist you today. We work for you, not the lender. Counsel Mortgage Group®, LLC Licensed in Arizona, California, Hawaii and Illinois www.counselmortgage.com 480-502-1000 NMLS #178927 AZ MB #0909580 CA...
December 4, 2022December 4, 2022
COUNSEL MORTGAGE GROUP BROKERS LOANS TO SELF-EMPLOYED HOMEBUYERS
There is some conversation out there that if you are self-employed, you cannot qualify for a loan; well, this is just wrong. If you have been self-employed for at least 2 years you may be able to qualify for a loan. Lenders will take the average of your net income over the last 2 years as reported on your tax return. This income can be reported in a variety of ways. For example: – On the Schedule C of your 1040, or Schedule K-1 if you file an S Corporation or Partnership return. They’ll also consider wages you pay yourself...
November 28, 2022November 29, 2022
ARE YOU LOOKING FOR A MORTGAGE LOAN?
Are you looking for a mortgage loan? Are you self-employed, write off your expenses, and get turned down by lenders because you do not show enough income? There are a variety of ways to get you qualified for a home loan under these circumstances. One way is to work with your accountant and let them know the amount of income you will need to show to qualify for a loan. Another way is to use your bank statements to calculate income. Counsel Mortgage Group, LLC is founded by an experienced Attorney and CPA who can offer a higher level of...
November 26, 2022November 26, 2022