There are a couple of different types of loans that are popular for first-time homebuyers. A conventional loan requires a minimum 3% down payment, and has monthly mortgage insurance. The mortgage insurance can be removed from the payment when you have 20% equity in the home. A FHA loan requires a minimum 3.5% down...
Author: john (John Rapasky)
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FIRST-TIME HOMEBUYER VIDEO SERIES – CLOSING COSTS AND PREPAID EXPENSES
When you purchase a home with a mortgage, closing costs and prepaid expenses are due at closing, in addition to the down payment. Closing costs include items such as underwriting fees, processing fees, appraisal, credit report, title insurance, title escrow, and recording fees. These are the costs that are paid to obtain the loan. Prepaid...
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FIRST-TIME HOMEBUYER VIDEO SERIES – THE MORTGAGE PAYMENT – PITIMI
The monthly mortgage payment includes the following items, known by the acronym PITIMI: P = principal I = interest T = taxes (real estate) I = insurance (homeowners) MI = mortgage insurance The principal and interest is what you pay back to the lender. These are the monthly payments to the lender...
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TITLE THEFT – WHAT YOU CAN DO
There has been an increase in title theft cases lately. Title theft is where someone forges your signature and transfers your title to someone else in exchange for money. In other words, they sell your house from under you. County recorders may not catch the forgery. Recorders will check the name of the grantor...
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COUNSEL MORTGAGE CLOSES $3.8 MILLION LOAN TO CONSTRUCT RETAIL CENTER
It’s not for everyone, we admit. But for those astute enough, aggressive enough, and pre-disposed to the commensurate high rewards, the effort is worthwhile. Case in point: We recently closed a $3.8m loan for an investor/developer to construct a retail center in the west valley. (A construction loan in this economy? And a...
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ANOTHER LENDER TO WHOM WE CAN BROKER – UNITED WHOLESALE MORTGAGE
Our account rep, Mike Stein from United Wholesale Mortgage (UWM), recently flew in from Michigan to visit us to see how they can help our business. UWM is the #1 wholesale lender in the Nation, and their owner recently bought the Phoenix Suns. The only way to get a loan from UWM is to work...
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ATTENTION FIRST TIME HOMEBUYERS!
Are you looking for a home loan, but don’t know where to start because you don’t know anything about home loans? You’ve researched on-line and found many different programs, but do not know which program is right for you. Should you put a little money down, no money down, or a lot of money down?...
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ARE YOU LOOKING FOR A COMMERCIAL LOAN?
Are you looking to purchase a plaza, office building, apartment complex, gas station, or some other type of commercial real estate? We can help you with these loans. We are a mortgage broker and have relationships with many lenders to find the best terms for your investment. As you know, the rate and terms...
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ARE YOU SELF-EMPLOYED AND ARE HAVING A TOUGH TIME GETTING A HOME LOAN?
Lenders look at your net income, not your total revenues, for qualification. But, there are other ways to get qualified. There are loans where lenders will look at your bank statements and use a percentage of deposits as income. Many lenders require 2 years self-employment, but there are some lenders who only require 1 year....
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GIFTS FOR DOWN PAYMENT
Gifts are allowed for down payment on conforming and government loans. They are allowed for primary residence purchases, and must come from a family member. Fiancés are qualified donors. Gifts are not allowed on investment properties. With competition heating up for first time homebuyers, we are seeing gifts for down payment so they can present...