Tag: <span>#ExcellenceInLending</span>

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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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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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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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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...