Tag: <span>Arizona</span>

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COUNSEL MORTGAGE HAS PRODUCTS FOR BUILDERS

We have  products 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 us to review your scenario we need the detailed budget, construction schedule/development phases, and architect drawings. The lender considers the following in the credit decision: ● Borrower characteristics/Total...

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IS IT STILL A GOOD TIME TO BUY OR REFINANCE A HOME?

“Is now a good time for buying or refinancing a home?”, continues to be one of the most frequently asked questions we hear. When should you start planning for your mortgage? The answer is as soon as you think you will be buying or refinancing a home. Mortgage planning includes analyzing your credit and income...

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CLOSING DISCLOSURE QUESTIONS, CONTACT US, WE CAN HELP

The Closing Disclosure (“CD”) is the latest version of the costs and prepaid expenses on the loan. The CD also contains the loan amount, interest rate, monthly payment, and amount due at closing. The numbers on the CD are intended to be the final figures for closing. The CD must be acknowledged (typically by email)...

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NO MATTER NEAR, OR FAR

Signing the loan documents at closing does not necessitate you being available in person. Maybe you had prior engagements that cannot be cancelled, or you’ll be out of town, you can designate someone to sign on your behalf. A power of attorney is a document that allows you to appoint someone to sign the paperwork...

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MEDICAL PROFESSIONALS WITH STUDENT LOAN DEBT

Student loan debt coming out of medical school could take many years to payoff. Lenders recognize this fact, and have come up with programs to help medical professionals qualify for mortgages without regard to this debt. Lenders know it may take several years for medical professionals to reach their full earnings potential. As a result,...

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TO RENT OR BUY, THAT IS THE QUESTION

An age old question many people face; continue to rent or  commit to buying a home? Most people do a financial analysis to see if this makes sense. Will the mortgage payment be less than the rent payment? Whether yes or no, they should consider that the principal portion of the mortgage payment is used...

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NOW IS THE TIME TO LOCK IN AN INTEREST RATE

When is the best time to lock an interest rate? I get asked this question often as everyone wants the lowest rate. Interest rates, like stocks, change daily; it is hard to predict whether the rate will go up or down. It is best to see what your payment is at the current rate, and...

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THINK TWICE BEFORE COMMITTING FRAUD

DO NOT COMMIT FRAUD. When you are purchasing an investment property, apply for an investment property loan. Do not purchase an investment property and apply for a second home loan for the sole purpose of getting a lower interest rate. To do this would be mortgage fraud.   Here are a few examples of how...

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CONTACT US, WE CAN HELP

Do you have questions about refinancing? We provide counsel to help you find the right mortgage. We are a mortgage broker, and search wholesale lenders to find the best rate and costs. We broker in both Arizona and California. Contact us, we can help! We offer a variety of products and services, ask us how...

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TWO APPROVALS, PLUS COLLATERAL

Two approvals take place when you apply for a loan.  Lenders review both your credit and income, and the collateral. The collateral must be sufficient for the loan to be approved.  What if the collateral is a condominium? When the collateral is a condominium, there is increased scrutiny by the lender. This is due to...