Many prospective homebuyers often ask us what mortgage insurance is and how it works. Mortgage insurance is imposed when less than 20% is paid toward the down payment on a home loan or a refinance. Example: You are purchasing a single-family home for $250,000, with 10% down payment. It will be your primary residence and you have excellent credit. Let’s assume you are applying for a 30-year fixed mortgage at 4.5%. The monthly principal and interest payment on a $225,000 loan is $1,140.04. Here are a couple scenarios:
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WE BROKER BOTH COMMERCIAL AND RESIDENTIAL INVESTMENT LOANS
We can broker residential or commercial loans on investment properties. If you are buying a 1-4 unit home, you would apply for a residential loan. If you are applying for a 5+ unit property, you would apply for a commercial loan. If you are applying for a residential investment property, plan on making a minimum 20% down payment; interest rates are better at 25% down, so you may want to put more down. Closing costs may be a little higher, especially if an appraisal is required. The lender could require a rent schedule or operating income statement in addition to...
August 2, 2022August 2, 2022
ARE YOU CONSIDERING A REVERSE MORTGAGE?
Are you considering a reverse mortgage? Are you confused and not sure what is involved in a reverse mortgage? We can remove the myths associated with reverse mortgages, and help you decide whether it is the right loan for you. We understand it is becoming a financial planning tool for fixed income borrowers who want to stay in their home. Let us know your questions on reverse mortgages. We offer a variety of products and services, ask us how we can assist you today. We work for you, not the lender. Counsel Mortgage Group®, LLC Licensed in Arizona,...
July 31, 2022July 31, 2022
THE FED CONTINUING TO FIGHT INFLATION – ANOTHER RATE HIKE
The FOMC unanimously decided yesterday, the 27th, to boost its target interest rate, the fed funds rate, by 75 basis points (bps), or 3/4s of a percentage point, the second time in as many meetings it has raised rates of this magnitude, marking an aggressive tightening cycle to battle the decades-high inflation rate, increasing the likelihood of triggering a recession. (From today’s Q2 GDP, already triggered.)
July 29, 2022July 29, 2022
ARE YOU UNEMPLOYED AND LOOKING FOR A MORTGAGE LOAN?
Are you looking for a mortgage loan? Do you not have a job, do not have any income, but have money saved? You may be able to qualify. Contact us so we can go over your assets and review your scenario. We qualified borrowers based on assets alone, but you would need a substantial amount of assets. We’ll review and will discuss your options with you. We work for you, not the lender. 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 HI-178927 IL MB.6761723 Copyright...
July 28, 2022July 28, 2022
WHY THE FED RAISES INTEREST RATES TO STEM INFLATION
Check out this story from USA TODAY: Why the Fed raises interest rates and more questions answered The Federal Reserve will likely raise interest rates by 0.75 percentage point this week to try to stem inflation. How do interest rate hikes work? https://www.usatoday.com/story/money/markets/2022/07/25/fed-interest-rates-hike-explained/10122115002/ Contact us if you have questions about rate hikes and how you may be affected. We are experts in mortgage finance, and will help you. We work for you, not the lender. 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 HI-178927 IL...
July 26, 2022July 26, 2022
DO YOU HAVE QUESTIONS ABOUT REFINANCING?
Do you have questions about refinancing? When looking to refinance your home there are many factors to evaluate to determine if refinancing is right for you. Our experienced Mortgage Brokers will ask basic questions to get you on the right path. We have helped hundreds of families refinance over the years . We refinanced primary residences, second/vacation homes, and investment properties. We can help you. We provide counsel to help you find the right mortgage. We are a mortgage broker, and search wholesale lenders to find the best rate and costs. We offer a variety of products and services, ask...
July 22, 2022July 22, 2022
ARE YOU LOOKING FOR A JUMBO MORTGAGE LOAN?
Are you looking for a jumbo mortgage loan, i.e. a loan amount in excess of $647,200? Are you looking to buy a luxury property, do not want to pay cash, but are concerned the rates are too high? Would you consider an adjustable rate mortgage to get a better rate, but are uncertain as to the risks associated with these products? We are experts in mortgage finance. As mortgage brokers, we shop lenders to find the right loan for you, whether it be fixed or adjustable. We will go over the adjustable rate mortgage with you, and help...
July 20, 2022July 21, 2022
CREDIT BUREAUS AND CREDIT CARD BALANCES
Credit bureaus look at your credit card balances and history to determine how you manage your discretionary spending. The credit bureaus do not know your spending habits, but by reviewing credit card balances, they make conclusions regarding your ability to manage credit which will affect your credit score. If the cards are “maxed out”, or at their limit, they can negatively affect your credit score as the credit bureaus will conclude you have trouble managing credit. On the other hand, if you do not use credit cards, or have no credit, it does not help your credit score because you...
July 16, 2022July 16, 2022
ARE YOU LOOKING FOR A MORTGAGE LOAN?
Are you looking for a mortgage loan? Are you confused about what to do as interest rates have gone up, and mortgage payments are higher? Will you be able to qualify?
July 14, 2022July 14, 2022