We are a brokerage based in Arizona licensed to provide services in both Arizona and California. We have relationships with many banks, insurance companies, and private investors and have access to wholesale rates and products that are not directly available to the public. We canvass our resources daily to find the lowest rates and costs for your situation. Even if you have a long-term banking relationship, we have been successful in finding lower rates and costs in the wholesale market. We believe borrowers deserve honest, ethical and competent service, enabling them to make informed decisions regarding their...
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ARE YOU FEELING CONFUSED BY ALL THE MANY LOAN PROGRAMS AND PRODUCTS?
I often get asked, “What do I need to do to shop for a loan?” There are many different programs, products, and sales pitches, making it confusing to determine which loan product to choose. Even a plain 30-year fixed mortgage can be confusing, as some lenders will offer incentives such as payments to closing costs or appraisal. Although this may appear to be a great deal, you should look at the details to make sure the offer is as represented. When you are calling lenders asking for quotes, most people inquire about rates; the rate is just one piece of...
February 9, 2020February 9, 2020
WHAT ABOUT THAT “OTHER” SBA LOAN?
Today’s post is written by Michael Green, Commercial Loan Originator for Counsel Mortgage Group, LLC. Most people talk about SBA loans as if there’s only one, and that typically being the 7(a). The other equally useful in the right situation is the 504. This doesn’t get much exposure, probably because it’s more complex. I recently had the occasion to review a 504 with a borrower (my client) and a bank BDO. A brief overview of the loan is offered for orientation: The 504 is really two loans packaged as one. (Now you begin to see why it can be confusing.)...
January 31, 2020January 31, 2020
BANKS ARE REVERTING TO OLD BAD HABITS
Today’s post is written by Michael Green, Commercial Loan Originator for Counsel Mortgage Group, LLC. Banks could be slipping into old bad habits. Last year, as interest rates fell, banks started to loosen underwriting standards reminiscent of the last cycle—the kinds of missteps that ultimately led to the great recession. This includes high loan-to-value ratios as well as skipping essential steps, like income verification – no-doc loans are back in the CRE lending market! “The banks are starting to get a little bit scary. You are starting to see the behavior that you saw in 2006 and 2007...
January 30, 2020January 30, 2020
NO DISCRIMINATION IN LENDING
As we honor Martin Luther King Jr. today and his fight for civil rights, we want to let you know that, when it comes to lending, there is no discrimination. The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The...
January 20, 2020January 20, 2020
FINANCING AND PLANNED COMMUNITIES
When you finance a condo, there are specific rules the condominium association must meet. Here is the link to the article we wrote on these rules: /category/condominiums/ However, there are many properties that you may know as a patio home, townhome, or even a single family residence, but because of the way the land was developed, lenders will consider them as condominiums and they must meet the above rules. Here is how you can tell if your property is a condo: If the legal description contains the words “condominium” or “horizontal regime,” the lender will consider the property a condo,...
January 19, 2020January 19, 2020
SELF-EMPLOYMENT AND LOAN QUALIFICATION
After the mortgage crisis, there was a perception that self-employed individuals could not get loans; this was plain wrong. If you were self-employed, you could get a loan but the lenders looked at your net income, not your gross income to qualify; the same holds true today. However, if you write off all of your deductions and do not show any income, you may be able to get a loan today where you could not before. Some lenders will look at your gross receipts in your bank account, and take a percentage of those receipts and consider it as income....
January 18, 2020January 18, 2020
CREATIVE FINANCING: COMPETING OFFERS
Delayed financing may be your answer if you are trying to purchase a home with competing offers. You can pay cash for the home, but don’t want to, and would rather finance the home; however, if you presented an offer with financing, you may get beat out for the home. Delayed financing allows you to pay cash for the home, and then take the cash out with a refinance within 6 months of closing. This is an exception to the general rule where you would have to wait 6 months prior to being able to refinance. Here are some general...
January 14, 2020January 14, 2020
ARE YOU REALLY WORKING WITH MORTGAGE BROKER?
There is a movement in residential mortgage lending back to mortgage brokerage. The word is getting out that mortgage brokers have access to many different wholesale lenders and can offer wholesale rates and costs. However, I have noticed a trend of loan originators who are calling themselves mortgage brokers, but they are not mortgage brokers. Rather, they are mortgage bankers and work for a banker, not a broker. They may say they can also broker loans, but they typically bank the loan as they are usually incentivized to keep the loan in house. So, how can you determine if you...
January 13, 2020January 13, 2020
BUY NOW, OR WAIT UNTIL LATER?
The loan limits for 2020 are higher than in 2019. If you choose to buy now, you could have more purchasing power than later in the year. You will qualify at the current lower rate, which could result in a higher loan amount than if you waited and rates increased. Contact us and we can help you analyze if this is a good time for you to buy. 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...
January 11, 2020January 11, 2020