Have you heard you can “skip” a payment, or maybe even 2 months payments, when you refinance? Is this practice considered tricking the system, or getting away with something? No, in fact, you may be front-loading more cash at closing. This is how it works: The first thing to understand is how a mortgage payment works. Mortgage payments are paid in arrears, as opposed to rent which is paid in advance. For example, when you make your May rent payment, you are paying to live there in the month of May. However, when you make the May mortgage payment, you...
Blog
WE SUPPORT OUR VETERANS
Are you a veteran? One of the best loans is the VA loan. To start, you would need your DD214 form and Certificate of Eligibility for a VA loan. We can help you obtain the Certificate. You may be able to qualify for 100% financing. We support our vets and have many veteran employees who are qualified originators who specialize in veteran loans. We’re a Mortgage Brokerage based out of Scottsdale, Arizona providing services in both Arizona and California specializing in straight talk to help you find the best mortgage product at the lowest rate and costs. Contact us to...
February 17, 2020February 17, 2020
COUNSEL MORTGAGE GROUP
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...
February 16, 2020November 22, 2020
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