There is a great responsibility in lending; recently, there appears to be a movement in the marketplace to commoditize lending by making products available on-line. The emphasis is on closing the loan quickly and making the process automated; this approach implies that counseling to find the right mortgage is not necessary, and leaves the choice of finding the right mortgage to the customer. This approach, however, may not work for the following sample of customers who may need advice to find the right mortgage: 1. First time homebuyers 2. Seniors who may benefit from a reverse mortgage 3. Step up...
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NEW CONFORMING LOAN LIMIT: WHAT DOES IT MEAN FOR YOU?
The Federal Housing Finance Agency increased the 2018 conforming loan limit to $453,100 and is projected to rise to $484,350 during 2019. What does this mean for you? Conventional loans in the amount of $484,350 and less are typically underwritten in accordance with Fannie Mae or Freddie Mac guidelines. Loans in excess of this amount are considered jumbo loans and are underwritten in accordance with the specific investor’s requirements. Jumbo loan requirements can be more stringent than conforming loans. Conforming loans often have lower interest rates than jumbo loans. There are conforming loan programs for as little as 3% down...
March 3, 2019March 3, 2019
CLIENT REVIEW: WHY WORK WITH A COUNSEL MORTGAGE BROKER
I will rarely leave on an online review yet my recent experience with Counsel Mortgage highly warrants some feedback. As a real estate professional with AZ Prime Property Management I can state without a doubt that John Rapasky is one of the most knowledgable and result driven loan officers in the valley with solid results to prove it. Recently assisting myself with a jumbo loan that other lenders were not able to perform, Counsel Mortgage with excellent communication, knowledge and expertise help guided the loan to a successful and even early close which even a lower interest rate than others....
February 28, 2019February 28, 2019
MORTGAGE APPROVAL: PROPERTY CONDITION
In order to get a mortgage, the property condition must be move-in ready; it must be habitable and safe. I often get asked if there is a list of items the house must have in order to meet the habitability standard, but there is not, as it is on a case-by-case basis. Here is a list of some of the items that may be required before the lender will approve the loan: ● Leaking roof must be fixed ● Pool must be filled ● Upper level decking with no railing, railing must be installed ● Exterior peeling pre-1978 paint where...
February 15, 2019February 15, 2019
MONEY CENTER BANKS CUTTING BACK IN 2019
The nation’s largest banks are being more cautious with their commercial real estate lending, based on what they are saying on their earnings conference calls. The same headwinds that slowed bank lending last year are extending into 2019, as economists debate how much longer the current economic expansion, on pace to reach a record stretch in July unless the effects of the government shutdown stop it sooner, can continue. Interest rates are projected to keep going up and institutions face stiff competition for deals from non-bank lenders. Additionally, borrowers are prepaying loans sooner as properties trade hands, slowing...
February 1, 2019February 1, 2019
HOW TO QUALIFY WITHOUT A JOB
The Dodd-Frank Act includes a provision that a borrower must show an ability-to-repay a mortgage to qualify. It seems silly that a law had to be passed with this provision in it as you would think someone would not make a loan unless they knew it was going to be paid back. Nevertheless, this law arose due to the absurdity of the types of loans that were being made during the mortgage crisis. Lenders initially interpreted this rule that the borrower needed to be employed, or have a steady income to qualify; this is one of the reasons why it...
January 27, 2019January 27, 2019
NEW YEAR’S RESOLUTIONS
Now is the time that we reflect on 2018 and make resolutions for 2019. Many people will review their financial picture to see where they can improve on their finances for the upcoming year. The mortgage is as much a part of your financial picture as your investments. How best to finance the mortgage and control this expense can help your overall financial picture. To refinance to a 15-year fixed for a lower interest rate, or double up on your 30-year fixed payments, or consider a lower adjustable rate mortgage if you will be selling your home soon, or a...
January 5, 2019January 5, 2019
2019 LOAN LIMITS
The loan limits for conforming, VA, and FHA loans have increased for 2019. The conforming and VA conforming loan limit in Maricopa County, AZ is now $484,350. Loan amounts in excess of this limit are considered jumbo, which we can finance. The FHA loan limit for Maricopa County is now $314,827. Loan limits can vary by state and county. If you are looking to finance a property elsewhere, let us know and we can check the limits for you. We offer a variety of products and services, and can finance residential and commercial properties. Contact us and we can help...
January 3, 2019January 3, 2019
HOW TO GET THE PERFECT CREDIT SCORE
Today’s post is a video from Bloomberg.com: How to Get The Elusive Perfect Credit Score https://www.bloomberg.com/news/videos/2018-12-27/how-to-get-the-elusive-perfect-credit-score-video Contact us and we can help you with your credit to qualify for the best mortgage for you. 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 Michael Green is a Commercial Loan Originator for the Counsel Mortgage Group®, LLC. Copyright © 2018 Counsel Mortgage Group®, LLC.
December 31, 2018December 31, 2018
UP 1% IN 2018
The Fed’s quarter point bump in Dec. is now in the books. Their most recent forward guidance suggests two ¼ point increases in 2019 … but when? The early money says Jun & Dec. Most every market prognosticator, soothsayer, psychic and analyst state that their market is “late in the cycle”. Which cycle that is depends on which market you’re talking about. What we’ve observed over the last few months is enhanced volatility in the public markets (stock, bond and derivatives), reflecting increased uncertainty in the investment environment. What I’ll remind you of is that money is mobile....
December 29, 2018December 29, 2018