You may be wondering why your interest rate is different from your friend’s, even though you both locked the rate at the same time. There are many factors that go into determining the interest rate. First is your credit score. The higher the score, the better the rate. Here is a blog we wrote on how credit card balances can affect your score: https://counselmortgagegroup.com/credit-score-tips-credit-cards/ If you are looking for some more tips on getting your credit score up, give us a call, we can help. Amount of down payment is another factor lenders use to determine the interest rate. The...
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I THINK I’LL WAIT FOR RATES TO GO LOWER
Here’s a blast from the past! Check out this video from the early ‘80s where buyers were hesitant to purchase a home because the interest rates were at 18%, and they wanted to wait until they came down. Lenders were offering a variety of creative financing options to help them, such as buydowns and contributions towards closing costs by the sellers and builders. The more things change, the more they stay the same. One thing is for certain, if they purchased in 1980 and held onto the home, they made some $$$.
January 27, 2024January 27, 2024
BRIDGE LOANS
A bridge loan is where you use the equity in your current home to help you finance the purchase of a new home. In other words, you leverage the equity in your current home and use it as a bridge to get you into the new home. We have done many of these loans over the years. Here are a couple ways to finance this. One way is to get a home equity line of credit on your current home and use that cash to make a down payment, or pay cash for the new home. Another way is a...
January 18, 2024January 18, 2024
MORTGAGES AND DIVORCE
If you are considering a divorce, you may want to purchase or sell real estate prior to filing for the divorce. If the divorce is filed, lenders may not approve the loan until after the divorce is finalized and the divorce decree is entered by the Court, or a legal separation agreement is signed by the parties and entered with the Court. The reason for this is contingent liabilities, i.e. debts to be attributed to you as a result of the divorce which would affect your ability to qualify for a loan. Even after the divorce is final, and the...
January 11, 2024January 11, 2024
INVESTMENT PROPERTY – HOW MUCH TO PUT DOWN?
Are you thinking about buying an investment property in 2024? You hear interest rates may be coming down, and property values have leveled. You may be concerned that if rates go lower, more buyers would enter the market thereby driving prices up and making it harder to purchase a property. So, now may be a good time to buy. How much down payment is needed to purchase an investment property? Conforming loans require a minimum of 15% down payment. But, the discount fees to get a loan at this down payment level are pretty high. It may make more sense...
January 4, 2024January 4, 2024
CRE Borrowing in 2024
The Federal Reserve stands at a juncture as it deliberates on its interest rate policy for 2024. The Fed faces the delicate task of balancing a seemingly robust economic recovery against inflationary pressures that appear to be subsiding. Interest rates were left unchanged at a range of 5.25% to 5.50% by the Fed at its policy meeting earlier this month. Interpreting Fed comments after the meeting, markets anticipate rates are likely at or near their peak, and could be cut in 2024 if inflation continues to fall towards the Fed’s 2% target. Barring surprises in economic forecasts (which drives Fed...
December 31, 2023December 31, 2023
2023 YEAR IN REVIEW
Although the last year was one of the toughest years in mortgages in decades, Counsel Mortgage continued to grow. Several Loan Originators decided to hang their licenses with us. We also increased our social media presence with instructive videos. We strive to counsel you to help you make a well-informed decision when it comes to financing real estate. We added a monthly email service titled Rates and Values where we take a look at the trends on interest rates and real estate values. Message me if you’d like to be added. Our website contains hundreds of informative blogs relating to...
December 28, 2023December 28, 2023
HOW QUICKLY WILL MORTGAGE RATES COME DOWN AS A RESULT OF THE FED’S ANNOUNCEMENT YESTERDAY?
The Fed’s announcement was very encouraging. They said they will likely no longer increase the Fed Funds rate, and look to decrease the rate next year. This is big news. The stock markets took off, and the Dow reached a record high. As a result of this good news, how quickly will mortgage rates come down? Should you wait for mortgage rates to come down prior to purchasing your home? Mortgage rates actually dipped yesterday on the heels of the announcement. But, will they continue to go lower, and how quickly? The Fed’s drastic move upwards was to tame inflation....
December 14, 2023December 14, 2023
ARE YOU A REAL ESTATE PROFESSIONAL LOOKING TO TEAM UP WITH A LENDER? CONSIDER COUNSEL MORTGAGE GROUP, LLC
Are you a real estate agent looking to team up with an experienced professional lender? Consider us, Counsel Mortgage Group, LLC. We are a mortgage brokerage and shop many different investors to finance your transactions. We have worked with banks, credit unions, non-bank mortgage companies, insurance companies, private money investors, and others over the years. My background as an attorney and CPA gives me a unique background which I have used to help my customers find the right loan at the lowest rates and costs. We have worked with beginning real estate agents, experienced agents, luxury agents, commercial agents, first-time...
December 7, 2023December 7, 2023