You may be asked to provide more information regarding your race and ethnicity when applying for a mortgage loan. Pursuant to the Home Mortgage Disclosure Act (HMDA), lenders collect this information to ensure applicants are treated fairly and that the housing needs of communities and neighborhoods are being fulfilled. Applicants are asked their demographic information...
Tag: California
Post
THERE ARE MANY DIFFERENT WAYS TO GET APPROVED FOR A LOAN
There are many different ways to get approved for a loan today. Dodd-Frank legislated there must be an ability-to-repay the loan (as if this needed to be legislated). As a result, lenders took a strict interpretation of this rule. In order to qualify, you had to be a salaried employee, or if self-employed have a...
Post
WHAT HAPPENS TO YOUR LOAN AFTER IT CLOSES?
What happens to your loan after it closes? It is typically sold by the lender. Two sales take place: • The lender will sell the Note, which is the document you sign at closing promising to pay the loan over time; the servicing rights to the loan will be sold. • The servicing rights are...
Post
THE FED IS JUST THE TIP
Perhaps a better question isn’t when will they drop or raise the rate again, or by how much, but rather why will they do either, or consciously decide to do nothing. The by-now-well-known (accepted) reason is to support the stock market, of course. But that’s old hat – everybody knows that, and as...
Post
CLIENT REVIEW: WHY WORK WITH A COUNSEL MORTGAGE BROKER
When it came time for us to buy our new home a few months ago, we had a couple options for obtaining a mortgage. Previously, we worked with John at Counsel Mortgage on a re-fi a few years back, and so we decided to go with Counsel again. A lot has changed in the last...
Post
HAPPY FOURTH OF JULY
Wishing everyone a wonderful holiday weekend. Be safe, have fun! Call Us – We offer a variety product 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 © 2019 Counsel Mortgage Group®, LLC.
Post
HOW LONG CAN IT LAST?
And what would “it” be, we query? Why “the cycle” of course. Pick your cycle of choice: the economic cycle, the credit cycle, the business cycle, the stock market cycle, the labor cycle, etc.While these, plus others, are loosely sequenced, they are by no means coincidental. Our cycle of greatest consideration at Counsel Mortgage is...
Post
FINANCING THE RETAIL ASSET
From a financing perspective, the retail sector continues to be challenged, but there are good gems to be acquired too. From a lender’s perspective, there are particular challenges to retail deals getting done: • lease roll overs, • expiring leases with no backfill identified, • downward pressure on retailer credit, • lack of transparency on retail...
Post
MORTGAGE PLANNING: 30-YEAR FIXED V. 15-YEAR FIXED
The shorter the term of the loan, the less interest you pay, and the sooner you pay it off. So, why not apply for and obtain the shortest-term loan possible? This makes good sense if you are comfortable with the payment. Let’s take a look at the following 3 scenarios, a 30-year fixed, 15-year fixed,...
Post
COMMERCIAL REAL ESTATE AS AN INVESTMENT
Wait a minute … shouldn’t this be written by a commercial real estate broker? Good question – read on. Money is mobile. It moves among markets, countries (currencies), and asset classes in order for the investor to optimize his (or her) risk/reward. This is notable and timely today given the recent activity in the stock...