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LOW RATES, LOCK IT IN

  Today’s interest rates are low, lock in a low rate while you can. Rates are subject to change. Interest rates, like stocks, change daily; it is hard to predict whether the rate will go up or down.   It is best to see what your payment is at the current rate, and take a look at what the payment would be if the rate increases or decreases by ⅛.   Interest rates are quantified by ⅛ s, such as 3 1/8%, 3 1/4%, etc. You will then be able to calculate the risk and make a decision.  

IS IT HABITABLE AND SAFE?

To get a mortgage a property condition must be habitable and safe.  A residence must be move-in ready.   We get asked frequently, “What is considered habitable?”  Click link below for a list of items that a lender will use to determine habitability.

WHAT DO LENDERS LIKE TO SEE?

  Lenders like to see a debt-to-income ratio at or below 43%, but loans have been approved up to 50%.   You may have heard of the term debt-to-income when applying for a loan; what does it mean? Debt-to-Income ratio is a comparison of monthly debts to monthly income, this is a major factor for lenders consider when underwriting a loan.   How about if you don’t have a job? You may still be able to qualify as there may be other sources that can be considered as income, such as rental income, social security, and pension.

EXPERIENCED MORTGAGE BROKERS

Are you looking for an experienced mortgage broker? When shopping for the best mortgage broker in Arizona or California, you need to know the history of the company, and their mortgage brokers. At Counsel Mortgage Group, LLC, we have several highly qualified originators in VA, commercial and residential lending. We have closed hundreds of loans over the years and specialize in assisting you to obtain the right loan. Click link to check out  a few of our experienced mortgage brokers  We look forward to working with you!   We offer a variety of products and services, ask us how we can...

FREE CREDIT REPORTS

Credit reports are currently free as long as you only make an inquiry weekly. Click the link to the article from the FTC regarding getting a free credit report and credit monitoring during the pandemic. You can get your report at www.annualcreditreport.com, which is authorized by all 3 credit bureaus, i.e. Experian, Transunion, and Equifax. During these uncertain times, it’s nice to know you can stay on top of your credit report for free. https://www.consumer.ftc.gov/…/credit-reports-are-now-free-… If you have any questions about your credit in connection with getting a mortgage loan, contact Counsel Mortgage Group! We offer a variety of products and...

CONTEMPLATING HOMEOWNERSHIP?

Are you contemplating homeownership? Are you wondering how to begin the process? Here some steps to get started: • First and foremost, check your credit. It’s best to know your score in advance to get a good loan. Student loans, car loans, and credit cards are all items that are considered in determining your credit score, make sure you pay these each month when they become due (for credit cards, maintain a balance no higher than 30% of the credit limit, this will help your credit score). • Save for a down payment: There are many loan products out there...

CAN I GET A RATE UNDER 2%?

  Wait! Did I read that right? You meant to say 3%, not 2%, right? I mean, I talk to my friends and they’re telling me they are getting rates under 3%. So this is a typo, isn’t it?   We’ll, there are a few lenders out there that are advertising rates under 2% on 15-year fixed and 10- year fixed mortgages. As you would suspect, you would have to pay points to buy down the rate, so it could be expensive. But, the rate is being offered. I called one of the lenders and they said they have customers...

WHO HAS MONEY TO LEND, AND HOW DO YOU GET IT? WHY BANKS ARE PUCKERED

Today’s post is written by Michael Green, Commercial Loan Originator for Counsel Mortgage Group, LLC.   Commercial and multifamily mortgage bankers are expected to close $248 billion of loans backed by income-producing properties in 2020, a 59% decline from 2019’s record volume of $601 billion, the Mortgage Bankers Association (MBA) reported. Total multifamily lending alone, which includes some loans made by small and midsize banks not captured in the overall total, is forecast to fall 42% this year. MBA anticipates a partial rebound in lending volumes in 2021, with commercial/multifamily lending rising to $390 billion. “The ongoing COVID-19 pandemic continues...

COUNSEL MORTGAGE NAMED ONE OF THE BEST MORTGAGE BROKERS IN PHOENIX

Counsel Mortgage Group was recently nominated as one of the “Top Picks” in the Phoenix area. We are honored to have made the Expertise Best Mortgage Brokers in Phoenix 2020 list. The selection criteria were based on more than 25 variables across five categories. The publication on Expertise.com rates Counsel Mortgage Group as one of 17, out of a total of 396 mortgage brokers. Check out the article to learn more! https://www.expertise.com/…/phoenix/mortgage-brokers-lenders 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...

“FIRST TIME HOMEBUYER PANDEMIC SAVINGS ACT”

The National Association of Realtors® recently went before the United States House of Representatives in support of the First Time Homebuyer Pandemic Savings Act.   Want to know more about the legislation and what it could mean for first time homebuyers?     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 © 2020 Counsel Mortgage Group®, LLC.