For today’s post, see this link written by Mat Ishbia, the President and CEO of United Wholesale Mortgage: https://bit.ly/2yvtFZZ If you are looking for a mortgage, you should be working with a mortgage broker. We are mortgage brokers licensed in Arizona and California and can help you. We offer a variety of 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 Counsel Mortgage Group®, LLC.
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SO MUCH NEWS, BUT SO LITTLE CHANGES
We’ve endured the endless bombarding of “up-to-the–minute” news, “news-alerts”, and “this just in” for what seems like, dare I say, forever! And this doesn’t even include the onslaughts to those of you who stay glued to your hand-held devices for the never-ending tweets and hashtags. And the hot topics of the days gone by remain: trade tariffs, inverted yield curves, not if, but now when the next recession will hit, speculation about the Fed’s policies and whether the next FMOC meeting will raise, lower or hold pat on the Fed Funds Rate. The response of markets adjusting to the...
September 5, 2019September 5, 2019
HOME MORTGAGE DISCLOSURE ACT
You may be asked to provide more information regarding your race and ethnicity when applying for a mortgage loan. Pursuant to the Home Mortgage Disclosure Act (HMDA), lenders collect this information to ensure applicants are treated fairly and that the housing needs of communities and neighborhoods are being fulfilled. Applicants are asked their demographic information in order to monitor compliance with equal credit opportunity, fair housing, and home mortgage disclosure laws. You are not required to provide this information, but are encouraged to do so. The law provides that lenders may not discriminate on the basis of this information. Here...
September 1, 2019September 1, 2019
THERE ARE MANY DIFFERENT WAYS TO GET APPROVED FOR A LOAN
There are many different ways to get approved for a loan today. Dodd-Frank legislated there must be an ability-to-repay the loan (as if this needed to be legislated). As a result, lenders took a strict interpretation of this rule. In order to qualify, you had to be a salaried employee, or if self-employed have a positive net income, or a 2 year history of receiving interest and dividends to qualify. If you had enough saved in retirement accounts to pay cash for the house, but you were retired and had no income, you were not able to qualify. It has been...
August 10, 2019August 10, 2019
WHAT HAPPENS TO YOUR LOAN AFTER IT CLOSES?
What happens to your loan after it closes? It is typically sold by the lender. Two sales take place: • The lender will sell the Note, which is the document you sign at closing promising to pay the loan over time; the servicing rights to the loan will be sold. • The servicing rights are the rights to receive the payments on the loan; the servicer is to whom you make the payments. *The buyer of the Note may not be the same as the buyer of the servicing rights. If you are trying to modify a loan, or ask...
August 5, 2019August 5, 2019
THE FED IS JUST THE TIP
Perhaps a better question isn’t when will they drop or raise the rate again, or by how much, but rather why will they do either, or consciously decide to do nothing. The by-now-well-known (accepted) reason is to support the stock market, of course. But that’s old hat – everybody knows that, and as such there’s no particular advantage to any one investor. (Incidentally, nothing in the Congressional Act authorizing the creation & mandate of the Fed is support of the stock market mentioned.) But that doesn’t concern you … you’re reading this for information and insight into managing...
July 31, 2019July 31, 2019
CLIENT REVIEW: WHY WORK WITH A COUNSEL MORTGAGE BROKER
When it came time for us to buy our new home a few months ago, we had a couple options for obtaining a mortgage. Previously, we worked with John at Counsel Mortgage on a re-fi a few years back, and so we decided to go with Counsel again. A lot has changed in the last few years in terms of getting a new mortgage (read: a lot of required documents!), but thankfully John is the expert in making the process as painless as possible. Not only is he completely up-to-date on current mortgage regulations, he is as congenial as they...
July 15, 2019July 15, 2019
HAPPY FOURTH OF JULY
Wishing everyone a wonderful holiday weekend. Be safe, have fun! Call Us – 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 Counsel Mortgage Group®, LLC.
July 4, 2019June 14, 2020
HOW LONG CAN IT LAST?
And what would “it” be, we query? Why “the cycle” of course. Pick your cycle of choice: the economic cycle, the credit cycle, the business cycle, the stock market cycle, the labor cycle, etc.While these, plus others, are loosely sequenced, they are by no means coincidental. Our cycle of greatest consideration at Counsel Mortgage is the credit cycle, closely aligned with the real estate cycle … both residential and commercial – each different. Earlier this month the president of the St. Louis Federal Reserve became the first Fed official to publicly suggest a need to not only hold the line...
July 1, 2019July 1, 2019