In recent weeks mortgage rates were reported to be slightly higher than the steadfast low rates we’ve become accustomed to for quite awhile. Will rates continue to increase due to current inflation? Contact Counsel Mortgage Group or click link https://counselmortgagegroup.com/todays-rates/ for daily rates . We’re a brokerage, we have access to wholesale rates and 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 and Hawaii www.counselmortgage.com 480-502-1000 NMLS #178927 AZ MB #0909580 CA DBO #60DBO43873...
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CREDIT BUREAU REPORTING CHANGES
The three bureaus — Equifax, Experian and Transunion will be implementing changes to their reporting beginning this July. The new reporting pertains to medical debt and credit scoring. For more information check out the full article https://bit.ly/3DCI72V If you have questions regarding these changes feel free to contact us at Counsel Mortgage Group. 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 and Hawaii www.counselmortgage.com 480-502-1000 NMLS #178927 AZ MB #0909580 CA DBO #60DBO43873 HI-178927...
WE WORK FOR YOU, NOT THE LENDER
One of the many reasons you want to work with Counsel Mortgage Group is that we have great flexibility to get a deal done. As a mortgage broker, we have relationships with many different lenders who offer a variety of products. Here are a couple examples of how we can help: A client comes in with less than perfect credit, they have a steady job, student loans, car loan, and credit cards. As a result of the heavy debt load, their credit score has suffered, and is under 600, around 585. There are actually two ways: One is if they...
FIRST TIME HOMEBUYER PROGRAMS
There are a lot of programs that market to first time homebuyers. The most popular one is down payment assistance, no money down program; we broker this program. Many banks and lenders tout how great this program is by allowing people who have never owned a home before, to get in the home with no money down. What they may fail to tell the buyer is that these programs typically come with higher interest rates and costs than if they had a down payment. If the buyer could come up with as little as 3% down, which can be a...
PRIOR TO FUNDING CONDITIONS
Typically, in Arizona, the loan documents are sent to the lender for review after you sign them. In some instances, there are prior to funding conditions that need to be reviewed. If these conditions are in order, then the lender will fund the loan. The lender’s funds typically have to clear through the Federal Reserve before they get to the title company. So, it can take a little bit of time from the moment the lender releases the funds to the time they are received at the title company. Once the title company receives the funds, they will release...
YOU MAY BE ABLE TO QUALIFY
You may be able to qualify under an asset based or asset depletion calculation. What is an asset based or asset depletion calculation? Lenders use different calculations but take a percentage of your assets and treat it as income. The loan then meets the ability-to-repay requirement and complies with Dodd-Frank legislation. It has been many years since Dodd-Frank Act passed. The economy is much stronger today and there is more confidence in the marketplace. Investors of mortgage loans have become more confident, too, and there are now more products available. Today, if you have enough saved to pay cash...
SPEEDING UP YOUR LOAN UNDERWRITING PROCESS
The CRE investment market should continue “hot” into 2022 as new capital enters the fray and inflation mount – the question is whether the lending industry can keep up the borrower demand. “Sellers will continue to drive terms and command short escrow periods for top-notch properties,” per Rob Murphy, Vice President of Structured Finance and Capital Markets at Transwestern. (Source: GlobeSt.com) Low interest rates have been fueling the CRE market for years. Staffing shortages and the supply chain issues have added additional stress to closing timelines that previously had been met in somewhat an expected fashion. While...
REFINANCE MORTGAGE
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. For example, is your interest rate too high? Do you want to lower your payments? Are you looking to take cash-out of your home? 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 offer a variety product services, ask us how we can assist you...
PURCHASE MORTGAGE
When looking to purchase a home there are many factors which determine the type of loan. Our experienced Mortgage Brokers will ask some simple questions to get you on the right path. For example, do you have little down payment or do you need to sell your home/other property to qualify? Do you have less than perfect credit? Do you have stellar credit and are looking to buy the big dream home and looking for a jumbo loan? By asking simple yet informative questions we will be able to find the right loan for you....
ARM PRODUCTS
How does an ARM (adjustable rate mortgage) work? Many ARMs are like the 5/1 ARM, where the rate is fixed for the first 5 years of the loan, and then adjusts every year thereafter for the balance of the loan term. There is another ARM product called the 5/5 ARM. This product has a low initial fixed rate for five years, and then adjusts and is fixed for another five years. Thus, there are only 2 adjustments to the rate over the first 15 years of the loan. It will adjust to the 5-year CMT (Constant Maturity Treasury index)...