Why do many people continue to borrow mortgage loans at higher rates and costs? Because, they do not consult with a mortgage broker. Mortgage brokers work with lenders in the wholesale marketplace and pass on these rates and costs to their customers. Further, mortgage brokers’ compensation is legislated to not exceed 3% of the...
Tag: Arizona
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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...
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IS IT STILL A GOOD TIME TO BUY OR REFINANCE A HOME?
“Is now a good time for buying or refinancing a home?”, continues to be one of the most frequently asked questions we hear. When should you start planning for your mortgage? The answer is as soon as you think you will be buying or refinancing a home. Mortgage planning includes analyzing your credit and income...
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NO MATTER NEAR, OR FAR
Signing the loan documents at closing does not necessitate you being available in person. Maybe you had prior engagements that cannot be cancelled, or you’ll be out of town, you can designate someone to sign on your behalf. A power of attorney is a document that allows you to appoint someone to sign the paperwork...
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NOW IS THE TIME TO LOCK IN AN INTEREST RATE
When is the best time to lock an interest rate? I get asked this question often as everyone wants the lowest rate. Interest rates, like stocks, change daily; it is hard to predict whether the rate will go up or down. It is best to see what your payment is at the current rate, and...
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CONTACT US, WE CAN HELP
Do you have questions about refinancing? We provide counsel to help you find the right mortgage. We are a mortgage broker, and search wholesale lenders to find the best rate and costs. We broker in both Arizona and California. Contact us, we can help! We offer a variety of products and services, ask us how...
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WHAT ARE THE ADVANTAGES OF WORKING WITH A MORTGAGE BROKER?
One advantage of working with a mortgage broker instead of a banker is the lender credit. The lender credit is a credit towards closing costs. This credit represents the excess premium from the lender after paying the broker’s commission. Brokers get paid a fixed percentage of the loan amount from the lender for each transaction....
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HAVE YOU PRE-QUALIFIED FOR A LOAN?
In order to put an offer on a home, you will likely have to present a letter stating you are pre-qualified for the loan. What do you need to do to get pre-qualified? The first step is to complete a loan application; the application will give the loan originator the information they need...
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NOW’S THE OPTIMUM TIME TO BUY OR REFINANCE
Rates are low. and rates are subject to change. Now is a good time to buy or refinance. We are a mortgage broker and offer wholesale rates and costs in Arizona and California. We originate both residential and commercial loans. Contact Counsel Mortgage Group, we can help you! We offer a variety...
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HAVE YOU CONSIDERED ADDING A CO-SIGNER?
Sometimes, you may not be able to qualify on your own. Have you considered adding a co-signer to help you qualify? If so, the co-signer will have to complete a loan application and will have to qualify, too. Lenders will combine the incomes and debts of both borrowers and base the loan off of the...