Did you know that if a home has water spots on ceiling tiles, broken windows, is missing a stove, or missing cabinets or countertops, the lender may not lend on the property? There may be ways to overcome these deficiencies and still get a loan on the property. There are many properties that are very...
Author: john (John Rapasky)
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COMMERCIAL BRIDGE LOANS
One of the loan types that has come into demand recently is a bridge loan. They’re typically used in situations where there’s stress in the situation resulting in a bargain element in the pricing, and time is a material factor. (Our current environment is causing a lot of this.) We have a fair amount of...
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EVALUATING A LOAN
The APR discloses the cost of credit and is calculated by taking into consideration the finance costs of the loan, and disclosing those costs in terms of the interest rate. The APR is usually different than the note rate on the loan. Often, on a 30-year fixed mortgage, the APR is higher than the note...
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THE FHA STUDENT DEBT CRITERIA
The FHA changed the way student debt is assessed and calculated for new homebuyers. Below are some lender criteria for student loans: The lender must use the actual payment amount for the student loan or The monthly student loan payment reported on the credit report, or A half percent (.5%) of the student loan balance if the...
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CONTINUED INFLATION AFFECTING MORTGAGE RATES
In recent weeks mortgage rates were reported to be slightly higher than the steadfast low rates we’ve become accustomed to for quite awhile. Will rates continue to increase due to current inflation? Contact Counsel Mortgage Group or click link https://counselmortgagegroup.com/todays-rates/ for daily rates . We’re a brokerage, we have access to wholesale rates...
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CREDIT BUREAU REPORTING CHANGES
The three bureaus — Equifax, Experian and Transunion will be implementing changes to their reporting beginning this July. The new reporting pertains to medical debt and credit scoring. For more information check out the full article https://bit.ly/3DCI72V If you have questions regarding these changes feel free to contact us at Counsel Mortgage...
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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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FIRST TIME HOMEBUYER PROGRAMS
There are a lot of programs that market to first time homebuyers. The most popular one is down payment assistance, no money down program; we broker this program. Many banks and lenders tout how great this program is by allowing people who have never owned a home before, to get in the home with no...
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PRIOR TO FUNDING CONDITIONS
Typically, in Arizona, the loan documents are sent to the lender for review after you sign them. In some instances, there are prior to funding conditions that need to be reviewed. If these conditions are in order, then the lender will fund the loan. The lender’s funds typically have to clear through the Federal...
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YOU MAY BE ABLE TO QUALIFY
You may be able to qualify under an asset based or asset depletion calculation. What is an asset based or asset depletion calculation? Lenders use different calculations but take a percentage of your assets and treat it as income. The loan then meets the ability-to-repay requirement and complies with Dodd-Frank legislation. It has been...