Author: john (John Rapasky)

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DO YOU HAVE A COLLECTION, CHARGE-OFF, OR JUDGMENT?

Can you get a mortgage if you have a derogatory item on your credit report, such as a collection, charge-off, or judgment? Maybe. Believe it or not, your credit score may be high enough to qualify even with the derogatory item on your credit report.  Depending on the dollar amount of the derogatory item, it may...

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BUYDOWN AS AN EXAMPLE

As interest rates fluctuate, you may see lenders offering mortgages with buydowns. This is a different type of mortgage than if you buy down the rate. I’ll explain: If you buy down the rate, you are paying extra money, usually points, to get a lower rate. The rate you buy down becomes the rate for...

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HOW MUCH OF A DOWN PAYMENT DO I NEED?

How much money should you put down on the purchase of a property? If you just want to put the minimum down, then you are generally looking at 3% down for a primary residence (unless it is a down payment assistance, VA, or USDA loan), 10% down for a second/vacation home, and 20% down for...

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SHOULD YOU LOCK THE RATE OR FLOAT?

When a customer applies for a loan with us and we quote an interest rate, we’ll ask the customer if they want to lock it in or float the rate. To lock in the rate means that will be the rate for their loan. To float means the quoted rate could change, it could go...

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CONTACT COUNSEL MORTGAGE GROUP

Would you like to buy a home but you’re not sure if you’ll qualify?  Don’t worry with all of the different products available today, you can get a mortgage. The issue just may be when. If you have less than perfect credit, you may have to repair your credit before you apply. Nevertheless, conventional loans...

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DO YOU HAVE THE RIGHT LENDING SOURCE?

Are you looking to buy an apartment building or a multi-unit property? Or a business and the building it operates out of, such as a restaurant or a gas station? Do you need help financing this purchase? Who would you go to? Would you ask a friend? Would you go to your local bank? Did...

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WHAT’S BEST FOR THE FIRST-TIME HOMEBUYER?

I see time and again advertisements on the internet for no down payment first time homebuyer loans. The down payment is typically in the form of a grant that does not need to be paid back. Many people push these loans enticing first time homebuyers to buy a home without any money out of their...

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WHY WOULD ANYONE WANT ONE?

Hard Money loans are usually obtained by borrowers who cannot qualify or the property does not qualify for conventional financing; many people doing fix and flips obtain these loans. The interest rate and costs for these loans is higher than what you can get conventionally. The reason is that there is more risk to the...

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I HAVE STUDENT LOAN DEBT, CAN I QUALIFY FOR A HOME LOAN?

College education is more expensive than ever. Many students leave school with substantial student loan debt. They may feel that they cannot purchase a home. Let’s take a look at how lenders consider student loan debt when underwriting a mortgage application. If the monthly payment for the student loan appears on the credit report, it...

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WHAT MATTERS TODAY IS LOAN SALEABILITY

When our parents and grandparents went to the local bank years ago to get a loan, they would meet with a banker who may have known them and they would apply for a loan. The banker would consider many factors, including their personal relationship, to approve the loan; this is not the case today. Today,...