Published rates entice you, but may not give you the whole story: Often times we get asked, “I saw this rate on-line, can you match it?” Generally, we can, or can beat it, but you have to make sure you are comparing apples to apples. There are many factors that go into an interest rate. Credit score, amount of down payment (or equity in the home if a refinance), if it is a purchase or refinance, whether it is a primary residence, second home or investment property, and the type of home (e.g., single family residence or condominium) are all...
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BORROWERS WHO CHOOSE TO FORBEAR
Many borrowers choose to forbear on their payments due to their personal circumstance. With that said, they cannot qualify for a new loan until they bring their payments up-to-date. When signing for the new loan, most lenders are requiring borrowers to sign a form stating that they will not forbear on the new loan. The borrowers who have chosen to forbear on payments may have difficulties moving forward. Click link to Wall Street Journal for information https://on.wsj.com/32oRbGm Are you considering to forbear on mortgage payments? We offer a variety of products and services, ask us how we can assist you...
October 27, 2021January 29, 2023
KNOWING THE DIFFERENCE BETWEEN APR AND INTEREST RATE
Here is a nice article explaining the difference between APR and interest rate. https://www.bankrate.com/mortgages/apr-and-interest-rate/ We offer a variety of products and services, ask us how we can assist you today. 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 Copyright © 2021 Counsel Mortgage Group®, LLC.
October 13, 2021October 13, 2021
LOAN APPROVAL: DON’T TAKE IT PERSONALLY
Years ago, when our parents and grandparents went to the local bank to get a loan, they would meet with a banker who they likely knew. The banker would consider many factors, including their personal relationship, in determining whether to approve the loan. This is not the case today. Today, it is about the saleability of the loan.
October 11, 2021October 11, 2021
APPRAISAL REPORT: AN OPINON OF VALUE
As you know, an appraisal provides an opinion of value of the property, but, did you also know the appraisal contains comments on the condition of the property? An appraiser will comment on the condition of the property based on what they see during their visit. They will not inspect the property like a property inspector, if there is something they see that may need repair, they will comment on it in the report. For example: If they see stained ceiling tiles, they may call for the roof to be inspected. If they see a window is cracked, they may...
October 4, 2021October 4, 2021
CRE MORTGAGE DELINQUENCIES CONTINUE DECLINE
Delinquency rates of mortgages backed by commercial and multifamily properties have broadly improved in recent months, the Mortgage Bankers Association (MBA) reported this week. “Performance is still property-type dependent, with the properties that saw the most immediate and dramatic impacts from the pandemic – lodging and retail – still experiencing considerably more stress than others, but showing improvement,” said Jamie Woodwell, MBA’s VP of commercial real estate research. “Delinquency rates are down significantly for those property types and remain muted for others.” Laid against this backdrop, the Federal Reserve is saying that it will start to taper off (reduce buying volume or...
October 1, 2021October 1, 2021
WHAT IS THE “FIRST TIME HOMEBUYER PANDEMIC SAVINGS ACT”?
Are you familiar with the First Time Homebuyer Pandemic Savings Act? Want to know more about the legislation and what it could mean for first time homebuyers? If you have questions regarding the First Time Homebuyer Pandemic Savings Act contact us. We offer a variety of products and services, ask us how we can assist you today. 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 Copyright © 2021 Counsel Mortgage Group®, LLC.
September 29, 2021September 29, 2021
WHAT’S REALLY HAPPENING WITH MORTGAGE RATES?
Earlier this week there were reports of rates exceeding 3.0%. Some reports stated rates had barely risen but were still under 3.0%. Check out this article pertaining to 30 yr fixed rates http://www.mortgagenewsdaily.com/consumer_rates/986613.aspx Do you have questions about mortgage rates? Contact us at Counsel Mortgage Group. We’re happy to discuss mortgage rates and your specific needs. We offer a variety product services, ask us how we can assist you today. 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 Copyright © 2021 Counsel Mortgage...
September 26, 2021September 26, 2021
NO MONEY DOWN LOANS INTEREST RATES
Many lenders will try to sell you no money down loans, or down payment assistance loans, but it is likely that these loans will have higher interest rates and more costs. If you can come up with a down payment, in some instances as little as 1% of the sales price, you may be able to get the lower rates and costs. Here are some ideas of allowable down payment sources: 1. Cash from your own accounts 2. Borrow from your 401k plan 3. Gift from a relative 4. Co-signer on the loan 5. Gift of equity if purchasing from...
September 20, 2021September 20, 2021