You may have heard of loans where you don’t have to put any money down, where the county or another entity will make the down payment for you. These are known as down payment assistance (DPA) programs. The down payment assistance can take many forms, such as a loan that will have to...
Tag: #MortgageLoans
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IS NOW A GOOD TIME TO BUY A HOME?
We get asked the following question quite a bit: Is now a good time to buy? There are more homes listed for sale today than there were a year ago. You may not need to get into a bidding war like last year to get a home. So, for a buyer, it seems to be...
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ARE YOU INVESTING IN A PRIMARY, SECONDARY OR VACATION HOME?
Are you looking to invest in a primary, secondary or vacation home in Arizona, California, Hawaii or Illinois? We are licensed and broker loans in these states. Why is it beneficial to work with a mortgage broker licensed in multiple states? Example: We can help you refinance and take cash out of your Illinois home...
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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...
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THE PROBLEM AND SOME SOLUTIONS
Commercial and multifamily mortgage loan originations decreased 13% year-over-year in Q3-22, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. A fall in originations for office, multifamily and retail led to the overall decrease in commercial/multifamily lending volumes. “After a strong first half of the year, rising interest and...
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HOW OLD IS TOO OLD?
Lenders cannot discriminate based on age. So, even if you are 100 years old, and can qualify for the payment, you can get a 30-year mortgage. This applies regardless of whether it is a forward mortgage or a reverse mortgage. A forward mortgage is the mortgage you are familiar with, I.e. you make monthly payments....
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WHAT ARE FANNIE MAE AND FREDDIE MAC?
You may have heard of Fannie Mae and Freddie Mac. What are they, and how do they affect mortgages? Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation) are Government Sponsored Enterprises (GSE). They are quasi-governmental entities that were established to enhance the flow of credit in the housing industry....
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THERE ARE MANY DIFFERENT WAYS TO GET APPROVED FOR A LOAN
There are many different ways to get approved for a loan today. Dodd-Frank legislated there must be an ability-to-repay the loan (as if this needed to be legislated). As a result, lenders took a strict interpretation of this rule. In order to qualify, you had to be a salaried employee, or if self-employed have a...
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HAPPY HOLIDAYS
For those who celebrate, Happy Easter and Passover from Counsel Mortgage Group, LLC We offer a variety of products and services, ask us how we can assist you today: Counsel Mortgage Group®, LLC www.counselmortgage.com 480-502-1000 NMLS #178927 AZ MB #0909580 CA DBO #60DBO43873 Copyright © 2018 Counsel Mortgage Group®, LLC.