What is underwriting? Underwriting is the process of reviewing the loan package to determine whether it meets the established criteria to approve the loan. An underwriter reviews the loan package, including, the loan application, tax returns, paystubs, bank statements, retirement account statements, contract (if a purchase), title insurance, and appraisal to determine...
Tag: mortgage broker
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ON-LINE LENDING
On-line lending tends to emphasize on closing a loan quickly and making the process automated; this approach implies that counseling to find the right mortgage is not necessary, and leaves the choice of finding the right mortgage to the customer. This approach, however, may not work for the following sample of customers who may...
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ARE YOU CONSIDERING A BRIDGE LOAN?
A bridge loan works nicely if you need the proceeds from the sale of your current home to purchase a new home. In essence, the bridge loan gives you an advance of the proceeds from the sale of your home to purchase the new home. It is a temporary loan to help you purchase...
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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....
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ARE YOU HAVING DIFFICULTIES WITH YOUR LENDER GETTING A MORTGAGE LOAN?
Are you having difficulties with your lender getting a mortgage loan? There is now finally an answer. Counsel Mortgage is the only mortgage broker founded by an Attorney/CPA who originates mortgage loans. We issue spot troubled items up front, and advise you of the potential pitfalls of your loan. If you have less than perfect...
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SPEC HOMES FOR PROFIT
We have products for builders who are building spec homes for profit. The minimum loan amount is $150,000 with a maximum loan amount of $3 million. For us to review your scenario we need the detailed budget, construction schedule/development phases, and architect drawings. The lender considers the following in the credit decision: ● Borrower characteristics/Total...
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CLOSING COST BREAKDOWN
Here are the typical closing costs involved in getting a loan and a quick explanation of each cost: Underwriting/Administration Fee the fee charged by the lender to underwrite the loan. Appraisal fee – lenders require a third party valuation of the property by a licensed appraiser. Credit report fee – the fee charged by...
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OUR BROKERAGE HAS THE FREEDOM TO CHOOSE A LENDER THAT IS RIGHT FOR YOU
Our brokerage has the freedom to choose the lender that is right for you. By knowing the specifics of your scenario, and the nuances of the lenders, a broker can match you with the lender that fits your needs. You may ask whether this matters; aren’t all lenders the same? No, they are...
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ARE YOU BEING CHARGED AN ORIGINATION FEE OR POINTS ON A LOAN?
You may hear people talking about “points” or charging a “point” on a loan; what does this mean? A point typically represents the origination fee charged by the lender to originate the loan; One point is 1% of the loan amount. Example: If you are applying for a $200,000 loan, a point would be $2,000,...
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WE BROKER BOTH COMMERCIAL AND RESIDENTIAL INVESTMENT LOANS
We can broker residential or commercial loans on investment properties. If you are buying a 1-4 unit home, you would apply for a residential loan. If you are applying for a 5+ unit property, you would apply for a commercial loan. If you are applying for a residential investment property, plan on making a minimum...