When you are looking to finance a second or vacation home, there are things to keep in mind. You should consider the following: You need a minimum of 10% down payment, it is better if you can put 20% down as you can avoid mortgage insurance. The location of the home needs to make sense....
Author: john (John Rapasky)
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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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ALL-IN-ONE LOAN PRODUCTS
A very interesting loan product that can help monthly positive cash-flow consumers pay-off their mortgage sooner is the All-In-One. You don’t hear of this product much in the U.S., but similar products have been offered in Western Europe, Canada, New Zealand and Australia. It is called All-In-One because it combines both a home loan...
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DO YOU HAVE A PAYOFF STATEMENT?
Before paying off your mortgage loan make sure you obtain the payoff statement. The lender can provide a payoff statement and the final amount to be paid to release their lien. Then you can know the principal balance, interest up to the date of closing, penalties (if any), and other charges the lender may...
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LEMONADE FROM LEMONS, VINEGAR FROM SOUR GRAPES, LOANS IN TODAY’S MARKET
Are you numb yet? Continuing inflation, continuous raising of interest rates, threats or recognition of a recession! Incoming data indicate a slowing yet resilient economy. Consumers still have in excess of a trillion dollars in excess savings, and they’re draining it, along with increasing credit card purchases to maintain a life style. Look for...
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IF IT LOOKS LIKE A CONDO, IT MUST BE A CONDO, RIGHT?
It looks like a condo, is it a condo? One cannot determine whether or not a structure is a condo by looking at it when it comes to HOA’s. 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...
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MINIMUM DOWN PAYMENT REQUIREMENTS
What is the minimum amount you can put down to purchase a home? It depends on whether you are purchasing the home as your primary residence, second/vacation home, or investment property. Also, it can depend on the type of loan. Here are the minimums: • VA, USDA, or down payment assistance loan – No down...
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WHAT IS A CAP RATE, AND HOW DOES IT WORK?
If you are looking to purchase a commercial property, one factor to consider is the “cap” rate. The “cap” rate is the capitalization rate. The rate is determined by taking the net operating income and dividing it by the value of the building. Many investors look at this rate to help them determine their...
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MORTGAGE LENDING CAN BE TRICKY TO NAVIGATE
Mortgage lending can be confusing and tricky to navigate, especially nowadays. That’s why it is best to work directly with a mortgage broker. A mortgage broker has access to a variety of programs and wholesale rates. If you are financing a residential or commercial loan contact Counsel Mortgage Group. We are here to assist you....
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CONFORMING LOAN LIMIT INCREASED TO $715,000
Some lenders increased their conforming loan limit to $715,000. We can broker to these lenders. If you have a loan amount in excess of the current conforming loan limit of $647,200 and up to $715,000, we can broker it as a conforming loan to these lenders. This may give you a lower interest rate than...