Tag: <span>#attorney</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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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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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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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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WHAT ARE THE ADVANTAGES OF WORKING WITH A MORTGAGE BROKER?

One advantage of working with a mortgage broker instead of a banker is the lender credit. The lender credit is a credit towards closing costs. This credit represents the excess premium from the lender after paying the broker’s commission. Brokers get paid a fixed percentage of the loan amount from the lender for each transaction....

HAVE YOU CONSIDERED ADDING A CO-SIGNER?
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HAVE YOU CONSIDERED ADDING A CO-SIGNER?

Sometimes, you may not be able to qualify on your own. Have you considered adding a co-signer to help you qualify? If so, the co-signer will have to complete a loan application and will have to qualify, too. Lenders will combine the incomes and debts of both borrowers and base the loan off of the...

GROUP INVESTMENTS
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GROUP INVESTMENTS

You want to purchase rental homes but do not have enough money saved or enough income to afford one, so, you talk to your friend who is also thinking about investing. Can you get financing if you purchase rental homes together? Or, you are part of an investment group looking to purchase rental homes. Can...

BENEFITS OF WORKING WITH A COUNSEL MORTGAGE GROUP BROKER
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BENEFITS OF WORKING WITH A COUNSEL MORTGAGE GROUP BROKER

What is the benefit of working with a mortgage broker and why a Counsel Mortgage Group broker?  As you can see from our website, the professional experience of the loan originators at Counsel Mortgage Group is unmatched in the industry. When I looked for a mortgage loan the first time I purchased a home, I...

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SUSPENSION DOES NOT MEAN DENIED

A loan suspension means the loan package submitted to the lender does not meet guidelines. The file is suspended to give the borrower time to provide documentation to bring the file within guidelines. For instance, a suspension may be issued if the debt-to-income ratio is too high. The underwriter may ask for further income and...

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PAYING DOWN A MORTGAGE: EXTRA PAYMENT TO PRINCIPAL

  Everyone knows if you make extra payments on your mortgage, you can pay it off sooner, but, how much quicker do you pay it off by making the extra payments? We have a calculator on our website which shows you how much quicker you can payoff the mortgage by making an extra payment. If...