When applying for a mortgage loan, the details matter. It is important that you provide us with all of the information, so we know how best to get the loan for you. Many times we’ll talk to someone on the phone who appears to know the process, or “has a friend” who did or did not need to provide certain documents. That may be true, but each scenario is different, and is individual to you. So, certain documents or information is requested, you’ll have to provide it.
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ARE YOU BEING CHARGED AN ORIGINATION FEE OR POINTS ON A LOAN?
You may hear people talking about “points” or charging a “point” on a loan; what does this mean? A point typically represents the origination fee charged by the lender to originate the loan; One point is 1% of the loan amount. Example: If you are applying for a $200,000 loan, a point would be $2,000, 2 points, the charge would be $4,000. Most of the loans we originate do not include points because we are paid by the lender. In some instances, however, an origination fee is charged because the product requires it, or it allows us to broker a...
August 10, 2022August 11, 2022
ARE YOU A REALTOR LOOKING FOR A LENDING PARTNER?
Are you a Realtor looking for a lender with whom to partner? Give Counsel Mortgage a try. We are experts in mortgage finance, having closed more than a thousand loans over the years including jumbo, conforming, VA, FHA, USDA, reverse mortgages, commercial loans, and private money. We are mortgage brokers and shop wholesale rates and costs to find the best solution for you and your client. Thus, we are not tied to only one lender’s rules, if the loan does not fit with them, we’ll find another lender. We work for you, not the lender. We’ve closed a variety of...
August 8, 2022August 9, 2022
DO YOU HAVE QUESTIONS ABOUT MORTGAGE INSURANCE?
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:
August 6, 2022August 6, 2022
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