John Rapasky and Mike Green of Counsel Mortgage were proud to attend and sponsor the Property Law Section seminar at the Arizona Bar Convention on Wednesday, June 29th, on Examining Legal Issues Surrounding Redevelopment, Repurposing and Reimagining Commercial Real Estate. We sponsored this event prior to the pandemic, too. It was nice to attend in person and reconnect with the other sponsors and attorneys. Counsel Mortgage Group, LLC is a mortgage broker and brokers commercial and residential loans. We shop wholesale lenders for wholesale rates and costs to pass the savings onto you. We have been in business for...
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ADJUSTABLE RATE MORTGAGES MAY PROVIDE LOWER RATES
Interest rates increased this year, but there are loan options available where you may be able to get a lower rate. For instance, look for Adjustable Rate Mortgages to start pricing lower than fixed rates. The adjustable rates are typically fixed for 5, 7, or 10 years. The adjustable rate mortgage is amortized over 30 years, and adjusts to an index plus a margin after the fixed rate period expires. There are caps on how high the rates can adjust. So, if you have a 5-yr adjustable rate mortgage, the rate is fixed for the first 5 years, and...
July 9, 2022July 9, 2022
WHAT IS MORTGAGE FRAUD?
When you are purchasing an investment property, apply for an investment property loan. Do not purchase an investment property and apply for a second home loan for the sole purpose of getting a lower interest rate. To do this would be mortgage fraud. Here are a few examples of how this can affect you: 1. Insurance. The lender will make sure you have the correct insurance policy before closing. If you have a second home policy but a renter occupies the property, you run the risk that an accident would not be covered. 2. The lender could send personal...
July 7, 2022July 7, 2022
ARE YOU READY TO FINANCE A HOME LOAN?
Are you ready to finance a home loan? Do you have a down payment put aside? How about closing costs, do you know the additional amount needed due at closing? In some instances, home buyers are not aware of the additional fees needed to close on a home loan. Don’t get blindsided during the closing process. You can check the average mortgage closing costs for your state and see what fees are included. We offer a variety of products and services, ask us how we can assist you today. We work for you, not the...
July 2, 2022July 2, 2022
ARE YOU A VETERAN?
Counsel Mortgage Group has several loan originators who are veterans, and specialize in VA loans. We have closed many VA loans and have helped veterans purchase homes with no money out-of-pocket. One of our originators dedicated to helping veterans is Jim Moore. Jim is licensed in Arizona and was an Army Ranger in Viet Nam; a proud veteran. Jim works with veterans with less than perfect credit, and helps them improve their credit for FREE, ask about VetCredit. Contact us to help you qualify for a VA loan. We offer a variety of products and services, ask us how we...
July 1, 2022July 1, 2022
BECOMING A HOMEOWNER IS EXCITING
Becoming a new homeowner is both exciting, and somewhat confusing, when buying into an HOA. Some new members of an HOA may be under the impression the assessment payment is built into the mortgage payment. Assessments should be paid to the HOA, and mortgage payments are paid directly to the mortgage servicer. If you would like to know more about buying into an HOA 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, California, Hawaii and...
June 27, 2022June 27, 2022
INVESTING IN CRE IN A HIGH INTEREST RATE ENVIRONMENT
Recent tightening monetary policy has brought to the forefront lenders utility of rate swaps and caps for CRE loans. With the stable interest rates of the past decade or so, these were largely kept in the closet. CRE investors have long had multiple avenues for hedging against rising interest rates. With the FED’s commitment to raising interest rates, however, renewed by higher-than-anticipated inflation, CRE lenders have brought these tools out as standard fare. For investors with floating rate debt, there are two prominent tools (options) to hedge against rate climbs: an interest rate swap and a cap. A swap...
June 25, 2022June 25, 2022
APR IS USUALLY DIFFERENT THAN THE NOTE RATE ON A LOAN
APR is usually different than the note rate on the loan. The APR discloses the cost of credit and is calculated by taking into consideration the finance costs of the loan; disclosing those costs in terms of the interest rate.
June 21, 2022June 21, 2022
WHAT IS A DEED OF TRUST DOCUMENT?
What is a Deed of trust? The Deed of Trust is the document evidencing the security in the property. It is the instrument used by the lender to foreclose on the property if its terms are not met. The most obvious term is that the mortgage payments must be paid on time, but there are other terms in the Deed of Trust you may not be aware of: ● For a primary residence, the borrower shall occupy the residence within 60 days of the execution of the Deed, and shall continue to occupy the property as the primary residence for...
June 17, 2022June 17, 2022
APPRAISERS ARE LICENSED
You may get an appraisal and wonder how the appraiser arrived at that opinion, and is the appraiser qualified? Appraisers are licensed, and to be Certified, must have extensive experience and education. In Arizona, appraisers must have their fingerprints submitted for a criminal background check. If new, the appraiser starts out as a Trainee Appraiser. The Trainee Appraiser must take the required classes and work under a qualified registered Supervisor for 3 years. To become a Licensed or Certified appraiser, the appraiser must pass a National Exam. A Licensed Appraiser must have an associate’s degree, 2,000 hours of experience in...
June 15, 2022June 15, 2022