The closer you work with your loan originator, the quicker the loan will move through the process. What is involved in the process? Step One: Complete the loan application; Lenders require a fully completed application. This includes providing a 2 year residential and employment history. Lenders will email the Loan Estimate to you within 3 days of the application date. You will have to gather the supporting documents required for the loan. The application and supporting documentation is sent to the underwriter for review. Depending on the lender, it may take a day, or several days, to hear...
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CONTINUING ON THE ROAD TO WHERE?
Nothing new to see here! As widely predicted, this afternoon the Fed raised the fed funds rate another quarter of a point, now to a range of 4.5 – 4.75%. This will take the prime rate tomorrow to 7.75%. Perhaps as importantly, this puts the Fed within ½ to ¾ % of what is widely suspected to be it’s “terminal rate” for this round of escalation. At that level, it’s believed, the Fed will have cause to pause from further increases and let the economy react and stabilize in the new interest rate environment. Bear in mind the Fed let...
February 1, 2023February 2, 2023
PHISHING
Phishing seems to be a trend today. We receive many emails which appear to be related to our clients or transactions we have in process. But, unless we recognize the sender, we do not open them. Phishing is defined by the Oxford Language Dictionary as “the fraudulent practice of sending emails or other messages purporting to be from reputable companies in order to induce individuals to reveal personal information, such as passwords and credit card numbers.” It appears to be worse than ever. You could receive an email from what appears to be your mortgage company asking for your...
January 26, 2023January 28, 2023
AGE IS NOT A QUALIFYING FACTOR WHEN APPLYING FOR A MORTGAGE LOAN
You’re never too old, age is not a factor when applying for a mortgage loan. Lenders cannot discriminate based on age. So, even if you are 100 years old, and can qualify for the payment, you can get a 30-year mortgage.
January 23, 2023January 24, 2023
ANOTHER LENDER TO WHOM WE CAN BROKER – UNITED FARM MORTGAGE
United Farm Mortgage has a great niche in the marketplace. They can lend on anything agricultural, such as horse farms and boutique vineyards, and can lend on rural land. There are not many lenders who provide this type of financing. Just another reason to work with a mortgage broker, who has access to these types of loans. When you work with us, a mortgage broker, you have access to hundreds of different lenders and products. You do not have this flexibility if you work with a bank or mortgage bank. Work with us, the mortgage counselors, and we can...
January 21, 2023June 17, 2023
CAN YOU QUALIFY FOR A MORTGAGE LOAN WITH A FIXED INCOME?
The answer is Yes! Do you receive social security income, disability income, pension, annuity, or some other type of fixed income payment? Do you have money saved, but are currently not receiving any income? We have closed many loans where a monthly draw was setup out of a retirement account to demonstrate income to qualify for the loan. We can also do an asset depletion calculation where we take a percentage of the assets as income for qualification. These are just a few ways we have qualified borrowers. Are you having trouble qualifying? Contact us and we can...
January 19, 2023January 20, 2023
2023 LOAN LIMITS – MARICOPA COUNTY, AZ
The loan limits for Maricopa County, AZ increased this year. The conforming loan limit for 2023 is $726,200 and the FHA loan limit is $530,150. This means that conforming loan amounts up to $726,200 will be able to take advantage of the conforming rates, and loan amounts up to $530,150 can qualify for FHA financing. The purchase prices would be in excess of these limits. We have very competitive wholesale rates for conforming and FHA loans. If you are in another state or county, contact us and we can check your loan limits. We work for you, not the lender. ...
January 17, 2023January 17, 2023
DO YOU HAVE CONCERNS ABOUT PURCHASING A HOME WITH THE CURRENT MARKET RATES?
Are you looking to purchase a home in this market? Are you concerned about the high rates and unsure about your payment? We specialize in high level advice to weigh your options and find a product with the lowest payment for you. Don’t leave this decision in the hands of a loan officer who can only offer his employer’s products. We are mortgage brokers and shop wholesale lenders to find the right product for you. Founded by an experienced attorney and CPA, we offer a level of advice that is unmatched in the industry. We work for you, not the...
January 15, 2023January 15, 2023
ARE YOU CONSIDERING A BRIDGE LOAN?
A bridge loan works nicely if you need the proceeds from the sale of your current home to purchase a new home. In essence, the bridge loan gives you an advance of the proceeds from the sale of your home to purchase the new home. It is a temporary loan to help you purchase a new property without selling your current property. You typically need a lot of equity in your current home for the loan to work. The bridge loan lends on both your current home and the home you are purchasing, so it is a cross-collateral loan...
January 12, 2023January 12, 2023
ANOTHER LENDER TO WHOM WE CAN BROKER – PLAZA HOME MORTGAGE
As a mortgage broker, we can broker loans to many different lenders. Here we feature Plaza Home Mortgage. Plaza is a full-service lender with renovation loans, reverse mortgages, conventional, FHA, and VA loans. With renovation loans, you can include the costs of home improvements into the loan. If you are purchasing a home and want to include the improvements in the purchase price and loan, you may want to consider a renovation loan. Reverse mortgages are loans where you do not have to make a monthly payment, rather your home makes the payment for you in that the principal balance...
January 11, 2023June 17, 2023