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 retail project at that? Yes, and yes!) The construction portion was done as a variable rate at Prime with an 18-month construction period. Upon completion, the loan rolled to a 10-year permanent loan at the FHLB rate +2.5% with a 25-year amortization period. The U.S....
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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 through a broker, like us. They provide great speed, service, and technology. They offer a variety of programs including low down payment, government, jumbo and construction loans. As Mike says during the video, by working with a broker, you can save an average of $9,400...
June 6, 2023June 17, 2023
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? What is mortgage insurance and will you have to pay it? Should you apply for a FHA loan, VA loan, USDA loan, or conventional loan? Will your payment be the same as your rent, more than your rent, or less? If it will be more...
June 4, 2023June 17, 2023
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 of the loan are integral to your return on investment. We just recently were able to offer a client 5 different proposals from different lenders to consider for their commercial real estate purchase. We can help you, too. Give us a call. We work for...
May 25, 2023June 17, 2023
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. There are 1099 only programs. There are also loans available where your income and employment are not verified (but you’ll need substantial reserves to qualify). Are you self-employed and struggling to qualify? Give us a call and we can help. Counsel Mortgage...
May 17, 2023May 18, 2023
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 a more competitive offer. Are you considering a gift for the purchase of your home? Contact us and we can help! Counsel Mortgage Group®, LLC Licensed in Arizona, California, Hawaii and Illinois www.counselmortgage.com 480-502-1000 NMLS #178927 AZ MB #0909580 CA DBO # 60DBO43873...
May 15, 2023May 16, 2023
CONDOS CONDOS CONDOS
We are hearing it is becoming more difficult to get condos approved. Let’s take a look. On conforming loans, there are two levels of review, a limited review and a full review. A limited review does not require as much documentation as a full review. For example, a full review requires an Association Budget and Balance Sheet where a limited review does not. Limited reviews have a better chance of getting approved. To qualify for a limited review, you need at least 10% down on a purchase of a primary residence (25% down for second homes and investment properties). If...
May 9, 2023May 12, 2023
IT’S IN OUR NAME
As mortgage brokers, we counsel you to the right product. We work hard by shopping banks, mortgage banks, investors, and insurance companies, to find the best deal for your residential or commercial purchase. We have been doing this for over 15 years, and have helped thousands of people with their decisions. Are you looking to borrow money to purchase or refinance real estate? Give us a try. I think you’ll appreciate the level of professionalism we take to help you in your decision. We work for you, not the lender. Counsel Mortgage Group®, LLC Licensed in Arizona, California, Hawaii...
May 5, 2023May 6, 2023
EFFECTIVE INTEREST RATES
Many people are struggling to figure out the best way to draw funds from the increased equity in their home. If they refinanced a year or two ago, they do not want to lose their low interest rate. So, many are choosing to obtain a home equity line of credit (known as a heloc). However, they are surprised when they see the heloc rate. So, what is the best option? Do you refinance and lose your rate, or get a heloc? One factor to consider is the effective rate of the two loans. The effective rate is a weighted...
May 2, 2023May 3, 2023
ARE WE THERE YET?
This morning’s official pronouncement: First Republic Bank has been seized, and in a deal that has been cooking for the past several weeks, they’ve agreed to sell to JPMorgan. If you’re counting, this is the 3rd major US financial institution to fail in the last two months. Not a surprise. As I said, this has been quietly working since Silicon Valley Bank and Signature Bank both fell prey to poor management practices a few weeks ago. Our immediate concern is how this affects our ability to secure CRE financing. These incidents plus the meteoric rise in interest rates have...
May 1, 2023May 2, 2023