Contributions toward closing costs allow costs at closing and prepaid expenses to be paid by interested parties to the transaction. So, if you only have the down payment, or are looking to do a no down payment loan and do not have much cash, you can negotiate to have the closing costs paid for...
Tag: #IceDen
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SHOULD YOU CONTINUE TO RENT OR COMMIT TO BUYING A HOME?
Nowadays many people question whether they should continue to rent or commit to buying a home? Will the mortgage payment be less than the rent payment? Most people do a financial analysis to see if this makes sense. Whether yes or no, they should consider that the principal portion of the mortgage payment is used...
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WE WORK FOR YOU, NOT THE LENDER
One of the many reasons you want to work with Counsel Mortgage Group is that we have great flexibility to get a deal done. As a mortgage broker, we have relationships with many different lenders who offer a variety of products. Here are a couple examples of how we can help: A client comes in...
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WHAT IF YOU CANNOT QUALIFY ON YOUR OWN?
Sometimes, you may not be able to qualify on your own. You may ask someone to sign with you 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...
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APPRAISAL REPORT: AN OPINON OF VALUE
As you know, an appraisal provides an opinion of value of the property, but, did you also know the appraisal contains comments on the condition of the property? An appraiser will comment on the condition of the property based on what they see during their visit. They will not inspect the property like a property...
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AGE QUALIFICATIONS FOR A MORTGAGE LOAN
Any adult, pursuant to that state’s laws, can apply for a for a mortgage loan. According to Fannie Mae, “borrowers who are natural persons and have reached the age at which the mortgage note can be enforced in the jurisdiction where the property is located” can apply; there is no maximum age limit for a...
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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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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...
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PLEDGING ASSETS
With the way the stock market is running, many people do not want to liquidate their accounts to make a large down payment on a home. They are conflicted because they want to make a large down payment to get a better interest rate, but do not want to sell the assets in their investment...
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FINANCING AND PLANNED COMMUNITIES
When you finance a condo, there are specific rules the condominium association must meet. Here is the link to the article we wrote on these rules: /category/condominiums/ However, there are many properties that you may know as a patio home, townhome, or even a single family residence, but because of the way the land was...