Did you recently hear jumbo loans are no longer available and those monies have dried up? Is this factual? No, not necessarily. There are many lenders still lending jumbo money. What is a jumbo loan you might wonder. A jumbo loan is any loan in excess of $510,400.00. Contact us about creative financing, jumbo loans and conforming loans. We broker loans in both Arizona and California. 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...
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WHERE ARE RATES TODAY?
The current market has been volatile and rates did increase but as the markets stabilize the rates may come back down. Do you have questions regarding refinancing? Contact Counsel Mortgage Group, we are here to counsel you through these decisions! – Text refi to 411923 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.
April 18, 2020April 18, 2020
THE BIG ELEPHANT IN THE ROOM
COVID 19 and CARES Act are on the forefront of many minds currently. You may have heard that you can forbear on your mortgage payments during the COVID 19 pandemic. The first thing you need to do is contact your servicer. Make sure you understand how forbearance works and if it’s right for you long term; you may have to repay skipped payments later. If you decide forbearance isn’t the option you were looking for contact us at Counsel Mortgage Group. We are a mortgage broker. We have a variety of programs you may be unaware of that may better...
April 17, 2020April 17, 2020
LOW RATE ADS
You’ve most likely heard on the radio lenders boasting they can get you approved in minutes or days by simply going to the website and clicking a button. Is that all it takes nowadays to get approved and to go to closing? Can you close the loan right after you are approved in mere minutes? Well, the short answer is no. By “approval”, they may mean their computer program analyzes the data you input, and qualifies you for the loan. However, what they fail to tell you is that you still need to sign an application package and submit supporting...
April 16, 2020April 16, 2020
INVESTMENT PROPERTY PURCHASES AND QUALIFYING
If you are going to purchase an investment property, you want to make sure the rental income covers the mortgage payment. In addition, you should budget a cushion, i.e. rental income that more than covers your mortgage payment and gives you some profit each month. You can put the profit aside and keep it in a fund for repairs that may become necessary over time, or pocket it. When lenders qualify you, they make the same considerations. They will take the market rental income as determined by the appraiser and use that amount to offset the mortgage debt. Thus, the...
April 15, 2020April 15, 2020
WHAT’S THE BOTTOM LINE?
A mortgage payment could be less than your rent payment. You may think you cannot qualify, but you’d be surprised. There are many new products on the market. There are no-money down loans, and low-down payment loans available where the down payment can be a gift. If you do not have good credit, we can help you restore your credit, for FREE. We have worked with many customers to help them improve their credit. Bottom line, now is the time to buy. Contact us and we can help you! We offer a variety of products and services, ask us...
April 14, 2020April 14, 2020
FIRST THINGS FIRST
You’ve decided you want to buy a house but don’t know where to begin. You’re not sure what to do. First things first; Here’s where to start: • The first thing to do is check your credit, you will need a good credit score to get a good loan. Student loans, car loans, and credit cards are all items that are considered in determining your credit score, make sure you pay these each month when they become due (for credit cards, maintain a balance no higher than 30% of the credit limit, this will help your credit score). • Save...
April 13, 2020August 5, 2020
HOW’S THE COVID-19 CREDIT MARKETS?
Today’s post is written by Michael Green, Commercial Loan Originator for Counsel Mortgage Group, LLC. So much happening so fast – COVID-19 … current and downstream effects! We’ll try to sift through the clutter and focus on those factors affecting our market over the next few months. As I review data accumulated since our last letter, this will be a challenge. So here we go. The primary factor affecting the market’s current negative behavior is the coronavirus … COVID-19. So the primary battle to be won is to neutralize this threat to the economy. Prior to the emergence...
April 10, 2020April 10, 2020
CALCULATING MORTGAGE INSURANCE
If you are applying for a conventional loan and put less than 20% down on a home, the lender will require you to pay mortgage insurance. The amount of mortgage insurance will depend on your credit score, what you are purchasing (e.g. condo, single family residence, etc.), the purpose (primary residence, second home, or investment property), and the amount of the down payment. There are different ways mortgage insurance can be paid. It can be paid monthly, in one payment as a single premium, by the lender by increasing the interest rate, or can be split with a portion being...
April 9, 2020April 9, 2020
DO YOU HAVE A COLLECTION, CHARGE-OFF, OR JUDGMENT?
Can you get a mortgage if you have a derogatory item on your credit report, such as a collection, charge-off, or judgment? Maybe. Believe it or not, your credit score may be high enough to qualify even with the derogatory item on your credit report. Depending on the dollar amount of the derogatory item, it may not need to be paid off to qualify. The first thing to do is pull your credit and take a look at the derogatory items. If you want to do this on your own, you can go to https://bit.ly/1cWSBIB, where you get one free credit report, without...
April 7, 2020April 7, 2020