Category: Loan Products

PRODUCTS FOR BUILDERS

We have a product for builders who are building spec homes for profit. The minimum loan amount is $150,000 with a maximum loan amount of $3 million. For review, we need the detailed budget, construction schedule/development phases, and architect drawings. The lender considers the following in the credit decision: ● Borrower characteristics/Total exposure approval (experience in the space, experience in the market) ● Concentration risk in the subdivision (total number of planned units, current phase, % of planned project under construction at one time) ● Local/Demographic data (where is the neighborhood, is it by a large metro, local absorption rates,...

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YOU DO HAVE OPTIONS FOR YOUR FINANCING?

    We provide options and help you find the right lending source for your purchase. Is an SBA loan or a conventional loan the right loan for you? Should you borrow from a bank, investment bank, hedge fund, insurance company or some other funding source? We have the relationships and knowledge to help you find the right financing for your purposes.   We are mortgage brokers who work for you. If you go to a bank, they can only offer you their product. We have options. Contact us and we can help find the right option for you.  ...

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CONSIDERING A BRIDGE LOAN?

Considering  a bridge loan is something to do if you need advance proceeds. What does that mean?  A bridge loan gives you an advance of the proceeds from the sale of your home in order to purchase a new home. A bridge loan is temporary.  It helps you purchase a new property without selling your current property.  Typically a lot of equity in your current home is needed for the loan to work. A bridge loan lends on both your current home and the home you are purchasing and is a cross-collateral loan (meaning it is secured by both properties)....

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NO DOWN PAYMENT ADVERTISEMENTS ON THE INTERNET, BILLBOARDS AND RADIO

I witness time and again advertisements on the internet, billboards and radio forThe down payment is typically in the form of a grant that does not need to be paid back. Many people push these loans enticing first time homebuyers to buy a home without any money out of their pocket. While these loans increase sales for the loan officer and real estate agent, are they really in the best interests of the first-time homebuyer?

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WE HAVE JUMBO LOANS

We, have jumbo loans! These are loan amounts in excess of $510,400. We know many lenders do not have jumbo loans due to the pandemic. If you are purchasing a luxury property and looking for a jumbo loan, please contact us, Counsel Mortgage Group, we can help! Want to know more about jumbo loans products? Click now https://counselmortgagegroup.com/category/jumbo-loans/ 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 © 2020 Counsel Mortgage Group®, LLC.

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WE CAN COUNSEL YOU, WE’RE HERE TO HELP

If you are looking for financing to purchase a home, or refinancing options, we can help you. Whether you have perfect credit, a great job, or less than perfect credit and no job due to unprecedented current conditions, we can counsel you to help you access the options. We are mortgage brokers and have access to numerous wholesale lenders. So, we can shop and find the best product that fits your scenario if you cannot yet qualify, we can advise you what to do in order to qualify, and we do this for free; because of the breadth of products...

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SMALL BUSINESS ACT

The SBA is the Small Business Administration and offers business loans. The most common types refer to Sections 504 and 7(a) of the Small Business Act. If you’re looking for a small business loan to purchase commercial real estate or heavy machinery/equipment, then the 504 loan is the best choice. If you are purchasing a business or getting working capital, then the 7(a) loan is preferred. The 504 loans are typically structured with a participating lender covering up to 50% of the total project costs, SBA providing 40% of the total project costs, and the borrower contributing 10%. 504 loans...

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WHAT’S THE BOTTOM LINE?

  A mortgage payment could be less than your rent payment. You may think you cannot qualify, but you’d be surprised. There are many new products on the market.  There are no-money down loans, and low-down payment loans available where the down payment can be a gift. If you do not have good credit, we can help you restore your credit, for FREE. We have worked with many customers to help them improve their credit. Bottom line, now is the time to buy.   Contact us and we can help you! We offer a variety of products and services, ask us...

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BUYDOWN AS AN EXAMPLE

As interest rates fluctuate, you may see lenders offering mortgages with buydowns. This is a different type of mortgage than if you buy down the rate. I’ll explain: If you buy down the rate, you are paying extra money, usually points, to get a lower rate. The rate you buy down becomes the rate for the life of the loan. A buydown is a different product; let’s look at a 2/1 buydown as an example: If the 30-year fixed rate is 4.5%, the buydown start rate for that 30-year fixed mortgage is typically higher, say 4.75% in this example. A...

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SHOULD YOU LOCK THE RATE OR FLOAT?

When a customer applies for a loan with us and we quote an interest rate, we’ll ask the customer if they want to lock it in or float the rate. To lock in the rate means that will be the rate for their loan. To float means the quoted rate could change, it could go up or go down, depending on market conditions. It will have to be locked before closing, so they can float it up until then. The question becomes whether to lock in or float the rate. If it is an increasing rate environment, then you may...

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