Tag: <span>#arizona</span>

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WE HELP YOU FIND THE RIGHT LENDING SOURCE

  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? What about cryptocurrency? We have the relationships and knowledge to...

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KEEP IN MIND

Are you looking to finance a second or vacation home? Here are some things to keep in mind: You need a minimum of 10% down payment, it is better if you can put 20% down as you can avoid mortgage insurance. The location of the home needs to make sense. There is not a rule...

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ALWAYS OBTAIN A PAYOFF STATEMENT

  Before paying off your mortgage loan make sure you obtain the payoff statement.  The lender can provide a payoff statement and the final amount to be paid to release their lien. Then you can know the principal balance, interest up to the date of closing, penalties (if any), and other charges the lender may...

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IS IT MOVE-IN READY AND HABITABLE?

To obtain a mortgage a property condition must be habitable and safe.  A residence must be move-in ready.   We get asked frequently, “What is considered habitable?”  Click link below for a list of items that a lender will use to determine habitability.

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FINANCING HOME LOANS WITH STUDENT LOAN DEBT

  Are you a soon to be college graduate considering financing a home loan? Student loan payments were deferred during the onset of the pandemic and you may not have had a monthly payment. Nonetheless,  lenders will calculate a payment to qualify you for the loan, when applying.

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ASSET DEPLETION CALCULATION

  You may be able to qualify under an asset based or asset depletion calculation. What is an asset based or asset depletion calculation? Lenders use different calculations but take a percentage of your assets and treat it as income. The loan then meets the ability-to-repay requirement and complies with Dodd-Frank legislation. It has been...

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REVERSE OR FORWARD MORTGAGE?

What is the difference between forward and reverse mortgage? Reverse mortgage, money is borrowed, the loan is secured by your home, but you don’t have to pay it back with money out of your pocket. The loan is paid by the equity in your home; the mortgage balance increases over time. One way to understand...

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DEFINE FORBEARANCE

Due to the pandemic, many homeowners are struggling with making their mortgage payments. Forbearance may be an option for them. What is forbearance? Here is an article that gives you what you need to know regarding forbearance:   We offer a variety of products and services, ask us how we can assist you today: Counsel...