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....
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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
MORTGAGE BROKER
There are many benefits to using a mortgage broker for both commercial and residential loans. Mortgage brokers have greater sources and access to wholesale rates and costs. Here’s a great article on commercial lending: https://marshallcf.com/how-to-get-the-best-possible-loan…/ Contact Counsel Mortgage. We have many originators who specialize in both commercial and residentials loans. 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 11, 2021July 12, 2021
DO YOU OWN A RENTAL PROPERTY?
Do you own rental property? Are you interested in financing a new home or another rental property? How should you factor in the rental income? If you own rental properties, you can include the net rental income for qualification. If you owned the rental for less than a year, and it does not appear on your last tax return, underwriters generally use 75% of the rental income on the lease. You would subtract the mortgage payment, real estate taxes, homeowners insurance, and HOA to get the net rental income for underwriting.
July 9, 2021July 10, 2021