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...
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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
BUYING DOWN RATES
Let’s say you are looking to buy a $350,000 home with 20% down for a loan amount of $280,000. You want a 30-year fixed mortgage, and assume the rate is 4.25%; the principal and interest payment would be $1,377.43. If you paid a point, assume the rate would be 3.875% and the payment is $1,316.66. Does it make sense to buy down the rate? The first step is to determine how much it costs. One point is equal to 1% of the loan amount, which is $2,800 in this case. The next step is to determine how much you will...
January 7, 2020January 7, 2020
LOW INTEREST RATES SPUR MORE REFINANCING ACTIVITY
Today’s post is written by Michael Green, Commercial Loan Originator for Counsel Mortgage Group, LLC. Even more favorable rates have unleashed a fresh wave of refinancing activity during H2-19. Borrowers have been enjoying a low interest rate environment for some time. Yet the Fed’s last 3 rate cuts in H2-19 have stoked a surge in refinancing activity. The Federal Reserve kicked off the first of three rate cuts in late July, which subsequently pulled commercial real estate lending rates lower in the third quarter. Notably, the 10-year Treasury dropped by 50 basis points in August to a near cyclical record low of 1.47%....
January 4, 2020January 4, 2020
2020 Loan Limits
The loan limits for 2020 are higher than in 2019. Here are the loan limits by loan product: Conventional – $510,400 VA – $510,400 FHA – $331,760 (Maricopa County, other counties may differ) USDA – $251,862 These limits mean that to qualify for the above loan product, the loan amount cannot exceed the limit. Loans above these limits are generally considered jumbo. Contact us and we can help you qualify for these, or other loans. 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...
January 3, 2020January 3, 2020
PLEDGED ASSETS TO LENDER
Are you considering buying a home and using liquidated monies from stock investment accounts? You may feel conflicted because you want to make a large down payment to get a better interest rate, but do not want to sell the assets in your investment accounts and pay taxes on any gains. By pledging the assets to the lender, you’ll will be able to keep money in the market and be given credit for a large down payment. Example, a couple is looking to purchase a $700,000 home, and want a conforming loan amount of $400,000 to take advantage of the...
January 2, 2020January 2, 2020
DO-IT-YOURSELF PRE-QUALIFICATION
December 22, 2019May 14, 2020
FINANCIAL PLANNING TOOLS
We are hearing that reverse mortgages are becoming more of a financial planning tool. Click on this article by one of the lenders to whom we can broker reverse mortgages, American Advisors Group, on 7 Ways to Use a Reverse Mortgage Loan as a Financial Planning Tool: http://bit.ly/2Cdjf5f If you are considering a reverse mortgage, contact us and we can help you decide if it is right for you. 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 Copyright © 2019...
December 17, 2019December 17, 2019
INVESTING: STOCK MARKET OR RENTAL PROPERTY?
Let’s compare the two: The nice thing about stocks is that you simply invest your money in a fund and sit back and watch it, hopefully, grow. Obviously, it is not this easy, as a lot of homework needs to be done up front to make sure you are placing your funds in the right investment so you can get the returns you hope. Stocks may also generate dividends giving you periodic cash payments to reinvest or put in your account. Some funds have fees and you would need to consider the cost of these fees in choosing your investment....
December 11, 2019December 11, 2019
WE HAVE CLOSED MANY VA LOANS
One of the best mortgage loans is the VA loan; if you are a veteran, you should consider this loan. For conforming loans, the VA loan allows 100% financing and does not have mortgage insurance. Instead, there is a one-time funding fee that can be paid at closing in cash or rolled into the loan. If you are a disabled veteran, you may be exempt from the funding fee. There is also a VA jumbo loan, which requires a down payment, but may be less than is required by conventional financing. There are certain costs that cannot be paid by...
December 10, 2019December 10, 2019