Category: Mortgage Loans

CAN YOU QUALIFY FOR A MORTGAGE LOAN WITH A FIXED INCOME?

    The answer is Yes! Do you receive social security income, disability income, pension, annuity, or some other type of fixed income payment? Do you have money saved, but are currently not receiving any income? We have closed many loans where a monthly draw was setup out of a retirement account to demonstrate income to qualify for the loan. We can also do an asset depletion calculation where we take a percentage of the assets as income for qualification. These are just a few ways we have qualified borrowers. Are you having trouble qualifying? Contact us and we can...

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MANY HOMES ON THE MARKET HAVE SOLAR PANELS

  Many homes on the market have solar panels nowadays. Are looking to finance a home with solar panels? You should consider the following rules: Many solar companies will file a UCC-1 Financing Statement on the title of the home. Mortgage lenders will likely request it to be removed so they can secure their lien. After the mortgage is recorded, the solar company can then refile the UCC-1. Even though the home will be operating with solar power, it must maintain access to traditional electric utilities. The lender wants to ensure there is power to the property in the event...

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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...

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ARE YOU UNEMPLOYED AND LOOKING FOR A MORTGAGE LOAN?

  Are you looking for a mortgage loan?  Do you not have a job, do not have any income, but have money saved? You may be able to qualify.  Contact us so we can go over your assets and review your scenario.  We qualified borrowers based on assets alone, but you would need a substantial amount of assets.  We’ll review and will discuss your options with you.  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 Copyright...

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ARM PRODUCTS

ARM PRODUCTS

  How does an ARM  (adjustable rate mortgage) work? Many ARMs are like the 5/1 ARM, where the rate is fixed for the first 5 years of the loan, and then adjusts every year thereafter for the balance of the loan term. There is another ARM product called the 5/5 ARM. This product has a low initial fixed rate for five years, and then adjusts and is fixed for another five years. Thus, there are only 2 adjustments to the rate over the first 15 years of the loan. It will adjust to the 5-year CMT (Constant Maturity Treasury index)...

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HOW DO ADJUSTABLE RATE MORTGAGES WORK?

An Adjustable Rate Mortgage (ARM) is typically a mortgage that is fixed for a period of time, and then becomes adjustable. The typical ARMs are 3/1, 5/1, 7/1, and 10/1. The first number represents the time period the rate is fixed. The second number represents how often the rate changes. Example: A 3/1 ARM means the rate is fixed for 3 years, and then adjusts each year thereafter. The loan typically has a 30 year term. ARM rates are typically lower than 30-year fixed rates. If you know you will only be in the home for a short period of...

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CAN I GET A MORTGAGE UNDER 3%?

Everyone wants the lowest interest rate at the lowest costs. Can you get a rate today under 3% with no points? Maybe. There are many factors that go into an interest rate: Credit score Loan-to-value ratio (LTV) Term of loan- 30 years, 15 years, etc. Is it for a primary residence, second home or investment property Purpose, i.e. purchase, finance, or cash-out refinance Loan Amount Type of loan, i.e. conforming, jumbo (loan amounts on excess of $510,400), VA, FHA, USDA

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HOW MUCH OF A DOWN PAYMENT DO I NEED?

How much money should you put down on the purchase of a property? If you just want to put the minimum down, then you are generally looking at 3% down for a primary residence (unless it is a down payment assistance, VA, or USDA loan), 10% down for a second/vacation home, and 20% down for investment properties.   However, if you can make more than the minimum down payment, then you may want to consider the following factors. One factor is the rate of return your money is currently making as compared to the rate at which you will borrow....

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COMMODITIZATION OF MORTGAGES

All you have to do is push a button and get a mortgage? If so, what kind of mortgage are you getting? Is it the right mortgage for you? Does it matter? There is a definite trend in the media to commoditize mortgages. That is, to try to influence you that you don’t need to speak to anyone, just click a few buttons and you will get a mortgage. But, what mortgage are you getting? Are you getting a 30-year fixed? If so, what is the rate and the lender’s costs? Are you willing to pay more for a loan...

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