Blog

THE LOAN PROCESS – WHAT IS INVOLVED

What happens to your loan application and supporting documents after they are sent into the lender? The file goes through setup first. The file is reviewed to make sure it is compliant, i.e. the loan package and disclosures were sent timely and are in order, the minimum credit documents are submitted, such as W2s, tax returns, paystubs, and bank statements. After it passes setup, the file gets in line for underwriting. The underwriter reviews the file to see if it meets investor guidelines. The investor is the one who will purchase the loan. Most loans are sold in the secondary...

CAN I GET A MORTGAGE UNDER 3%?

Everyone wants the lowest interest rate at the lowest costs. Can you get a rate today under 3% with no points? Maybe. There are many factors that go into an interest rate: Credit score Loan-to-value ratio (LTV) Term of loan- 30 years, 15 years, etc. Is it for a primary residence, second home or investment property Purpose, i.e. purchase, finance, or cash-out refinance Loan Amount Type of loan, i.e. conforming, jumbo (loan amounts on excess of $510,400), VA, FHA, USDA

NEGATIVE INTEREST RATES: WHAT YOU NEED TO KNOW

You may have heard of negative interest rates. What does this mean? Does it mean the bank pays me? See the below article for an explanation and what it would mean to you. Check out this story from USA TODAY: Negative interest rates: What you need to know https://www.usatoday.com/story/money/personalfinance/2020/05/31/negative-interest-rates-what-you-need-know/5288107002/ Negative interest rates, in the unlikely event that they become pervasive, would drastically alter the playing field for savers as well as borrowers.

WHO’S ON FIRST? I DUN’NO … 3RD BASE!

Today’s post is written by Michael Green, Commercial Loan Originator for Counsel Mortgage Group, LLC. For those of you old enough to remember, that line is from the classic comedy dialog between Bud Abbot and Lou Costello first released in 1945. (This is available on You Tube. A link is offered for your entertainment … a 6:18 minute escape from the trials of the day … enjoy. https://www.youtube.com/watch?v=sShMA85pv8M If the link doesn’t take you to the program, cut-n-paste it in your browser.) The dialog also, however, illustrates the difficulty in communication and the confusion it can create. Consider our current...

WE HAVE EXCITING NEWS!

We are excited to announce we’ll be unveiling our new website. You will see our website serves as an interactive exchange of information regarding mortgage lending in Arizona and California. We realize that, on average, you look for a mortgage once every several years and do not stay on top of the mortgage market. This website provides you many opportunities to get up-to-date on mortgage lending. From the e-mail news service, to the blog and videos where information is shared, Counsel Mortgage strives to keep you informed. We believe that an informed customer is a satisfied customer. We’ll be launching...

CAN I REFINANCE IF MY LOAN IS IN FORBEARANCE

Can I refinance if my loan is in forbearance? Yes, you can refinance if your loan is in forbearance. You will have to bring your loan current to refinance. The lender will not refinance if you are behind on your mortgage payments. If you are looking to refinance, contact Counsel Mortgage Group and we can help you! 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 © 2020 Counsel Mortgage Group®, LLC. Check Us Out On Facebook https://www.facebook.com/counselmortgagegroupllc/

MAKE YOUR MORTGAGE PAYMENT, IF YOU CAN Pt. II

Make your mortgage payment, if you can…  We recently posted about mortgage payment forbearance and why it’s best to continue making payments if you can. There may be consequences; mortgage lates. “Mortgage Hangover” is another reason why you should make your mortgage payment. See this article posted on Bloomberg.com.   Fannie-Freddie Forbearance Rule Sows Fears of Mortgage Hangover https://www.bloomberg.com/…/fannie-freddie-forbearance-rule… If you have any questions about this, or anything else mortgage related, contact Counsel Mortgage Group. 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...

WHAT IF YOU DISAGREE WITH YOUR HOME APPRAISAL

What if you disagree with your home appraisal? Do you have to accept the appraiser’s findings without questioning them? You can question the appraisal; you can appeal the appraisal. The appeal process goes through the appraisal management company. You have to provide data in order to appeal. For example, if there are comparable sales (“comps”) that were not in the appraisal report, you can submit them for review. Remember, the appraiser will only consider comps up to the date of the appraisal. If they closed after the date of the report, they will not be considered. You can also question...

WHAT IF YOU DISAGREE WITH YOUR HOME APPRAISAL

What if you disagree with your home appraisal? Do you have to accept the appraiser’s findings without questioning them? You can question the appraisal; you can appeal the appraisal. The appeal process goes through the appraisal management company. You have to provide data in order to appeal. For example, if there are comparable sales (“comps”) that were not in the appraisal report, you can submit them for review. Remember, the appraiser will only consider comps up to the date of the appraisal. If they closed after the date of the report, they will not be considered. You can also question...