Let’s take a look at down payment assistance; there are programs that will actually make the down payment for you: There are different types of programs. Some which you will have to apply for separately and others that are part of the loan process. However, like anything else, these programs are not free. Although you may not have to put anything down, payment assistance programs typically have higher interest rates and higher fees than if you make the down payment yourself. It is typically in your best interest to save for the down payment. We offer a variety product services,...
Blog
ALWAYS OBTAIN A PAYOFF STATEMENT
If you have a loan and are looking to pay it off, make sure you obtain the payoff statement. The statement is a document provided by the lender which contains the final amount to be paid to release their lien. It contains the principal balance, interest up to the date of closing, penalties (if any), and other charges the lender may charge to obtain the payoff, such as a processing fee; if there is a pre-payment penalty on the loan, it would show up here. The payoff is usually obtained by the title company. If the transaction is a...
August 5, 2021August 6, 2021
WORKING WITH A LOAN ORIGINATOR
The closer you work with your loan originator, the quicker the loan will move through the process. What is involved in the process? Step One: Complete the loan application; Lenders require a fully completed application. This includes providing a 2 year residential and employment history. Lenders will email the Loan Estimate to you within 3 days of the application date. You will have to gather the supporting documents required for the loan. The application and supporting documentation is sent to the underwriter for review. Depending on the lender, it may take a day, or several days, to hear from underwriting....
August 3, 2021August 4, 2021
BANKS ARE FLUSH
Heading into the second half of the year, investors say lenders are so confident in the rebound of the economy they are even willing to finance deals involving the hard-hit hotel industry! It’s a sign that deal flow is back as lenders are again competing to provide money for the property sector that suffered the most during the pandemic as travel, tourism, and convention business ground to a halt. And now the movement is beginning to show up in statistics for all property types. The amount of loans on the commercial mortgage-backed securities market packaged into pooled bond offerings...
July 29, 2021July 29, 2021
3 BUREAU CREDIT REPORTS
Credit reports can affect many aspects of our lives. Whether you’re buying a home, seeking employment, or financing a vehicle. Check out this article about credit reports and how information is collected for reporting. There are also helpful tips on how to maintain good credit or how to rebuild your credit. https://www.forbes.com/advisor/credit-score/3-credit-bureaus/ We offer a variety product services, ask us how we can assist you today. Counsel Mortgage Group®, LLC www.counselmortgage.com 480-502-1000 NMLS #178927 AZ MB #0909580 CA DBO #60dbo43873 HI-178927 Copyright © 2021 Counsel Mortgage Group®, LLC.
July 26, 2021July 26, 2021
DEFINING PITIMI
The acronym PITIMI represents the components of the monthly mortgage payment. It is defined as follows: • P = Principal • I = Interest • T = Real estate taxes • I = Insurance • MI = Mortgage Insurance The principal is the amount paid against the borrowed funds per month. Interest is the amount paid to the lender. Taxes and insurance are collected monthly by the lender into an escrow account. The lender pays these amounts as they become due. Mortgage insurance is paid monthly until there is at least 20% equity in the home, at which time...
July 24, 2021July 24, 2021
ALOHA HAWAII, WE HAVE AN EXCITING ANNOUNCEMENT!
We are now licensed and providing services in Hawaii as well as Arizona and California! Contact Counsel Mortgage Group. We can find you the best mortgage product for both residential and commercial loans, at the lowest rate and cost. We offer a variety of products and services, ask us how we can assist you today. Counsel Mortgage Group®, LLC www.counselmortgage.com 480-502-1000 NMLS #178927 AZ MB #0909580 CA DBO #60DBO43873 HI-178927 Copyright © 2021 Counsel Mortgage Group®, LLC.
July 20, 2021August 1, 2021
DETERMINING MORTGAGE RATES
How do lenders determine mortgage rates? Lenders consider many factors when determining rates; risk, credit history, loan to value ratio, and economy to name a few. Here is a great article on lending and mortgage rate determining factors: https://www.nerdwallet.com/article/mortgages/how-are-mortgage-rates-determined Contact Counsel Mortgage Group. We have many qualified originators and we offer a variety of products and services. Ask us how we can assist you today. Counsel Mortgage Group®, LLC www.counselmortgage.com 480-502-1000 NMLS #178927 AZ MB #0909580 CA DBO #60DBO43873 Copyright © 2021 Counsel Mortgage Group®, LLC.
July 19, 2021July 18, 2021
MORTGAGE PAYMENT POSTPONEMENT
Many homeowners have been affected by the pandemic and some are struggling to make their mortgage payments. There are many resources and programs to assist homeowners in need. Here’s a great resource https://www.consumerfinance.gov/…/mortgage-and-housing…/ Check out this quick video for steps on mortgage forbearance due to coronavirus https://www.youtube.com/watch?v=0UzmTxYmw94 We welcome you to contact us at Counsel Mortgage Group. We can offer you guidance and resource options as well. We offer a variety of products and services, ask us how we can assist you today: Counsel Mortgage Group®, LLC www.counselmortgage.com 480-502-1000 NMLS #178927AZ MB #0909580CA DBO #60DBO43873 Copyright © 2021 Counsel Mortgage...
July 15, 2021July 17, 2021
INVESTMENT OPTIONS
The following is a little help to analyze your options. Let’s say you worked hard and saved money over the years. It is sitting in your checking or savings account, and making little or no interest. You’d like to have your money work for you. You are considering investment options, such as stocks, mutual funds or real estate. First, try not to be emotional. When you invest, you are looking for the best return on your money. Don’t get caught up in whether you are “in love” with a stock or piece of real estate. Try to stay analytical. Second,...
July 13, 2021July 13, 2021