Tag: <span>#attorney</span>

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LOW RATE ADS

You’ve most likely heard on the radio lenders boasting they can get you approved in minutes or days by simply going to the website and clicking a button. Is that all it takes nowadays to get approved and to go to closing? Can you close the loan right after you are approved in mere minutes?...

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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...

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FIRST THINGS FIRST

You’ve decided you want to buy a house but don’t know where to begin. You’re not sure what to do. First things first; Here’s where to start: • The first thing to do is check your credit, you will need a good credit score to get a good loan. Student loans, car loans, and credit...

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CALCULATING MORTGAGE INSURANCE

If you are applying for a conventional loan and put less than 20% down on a home, the lender will require you to pay mortgage insurance. The amount of mortgage insurance will depend on your credit score, what you are purchasing (e.g. condo, single family residence, etc.), the purpose (primary residence, second home, or investment...

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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...

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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...

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CONTACT COUNSEL MORTGAGE GROUP

Would you like to buy a home but you’re not sure if you’ll qualify?  Don’t worry with all of the different products available today, you can get a mortgage. The issue just may be when. If you have less than perfect credit, you may have to repair your credit before you apply. Nevertheless, conventional loans...

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OPTIONS ARE ENDLESS WHEN YOU WORK WITH A MORTGAGE BROKER

Loan Originators use both DU and LPA automated underwriting programs. What is DU and LPA, you might ask? DU is Desktop Underwriter and is Fannie Mae’s underwriting software. LPA is Loan Product Advisor and is Freddie Mac’s underwriting software; most conforming loans are run through one of these software programs. These programs dictate details such...

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COMPARING PRODUCTS

What is the difference between a home equity line of credit and a home equity loan? Usually, both of these are second mortgages, but which is better for you? A home equity line of credit (known as a HELOC) is like a credit card secured by your home. It is typically a variable rate rate...

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WHAT’S BEST FOR THE FIRST-TIME HOMEBUYER?

I see time and again advertisements on the internet for no down payment first time homebuyer loans. The 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...