If you have a lot of equity in your home, and want to purchase a new home before selling your current home, you may want to consider a bridge loan. A bridge loan allows you to leverage the equity in your current home to make a down payment on the new home, without selling...
Tag: #ExcellenceInLending
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MORTGAGE BANKING ADVERTISEMENTS
You may hear many mortgage bankers advertise they have in-house underwriting and fund their own loans which gives them an advantage in getting your loan approved and funded. FAKE NEWS. Bankers promote these services as something special, but, it is not special to have your loan underwritten and funded on time. This should be...
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ANOTHER LENDER TO WHOM WE CAN BROKER: VELOCITY MORTGAGE CAPITAL
In addition to residential loans, we broker commercial loans. One lender we can broker commercial loans to is Velocity Mortgage Capital. They lend on 1-4 unit, multi-family, mixed use, and commercial real estate. They are an asset based lender. They work with investors and business owners. They will consider the experience of the investor,...
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CONTINUING ON THE ROAD TO WHERE?
Nothing new to see here! As widely predicted, this afternoon the Fed raised the fed funds rate another quarter of a point, now to a range of 4.5 – 4.75%. This will take the prime rate tomorrow to 7.75%. Perhaps as importantly, this puts the Fed within ½ to ¾ % of what is widely...
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PHISHING
Phishing seems to be a trend today. We receive many emails which appear to be related to our clients or transactions we have in process. But, unless we recognize the sender, we do not open them. Phishing is defined by the Oxford Language Dictionary as “the fraudulent practice of sending emails or other messages...
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AGE IS NOT A QUALIFYING FACTOR WHEN APPLYING FOR A MORTGAGE LOAN
You’re never too old, age is not a factor when applying for a mortgage loan. Lenders cannot discriminate based on age. So, even if you are 100 years old, and can qualify for the payment, you can get a 30-year mortgage.
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WHAT CAN YOU DO TO PREVENT BEING SCAMMED?
What can homebuyers do to prevent being scammed? Phishing scams continue to be on the rise. Especially during the loan closing process. How do scammers get your information? There are several ways to secure your information and negate the possibility for scammers to steal your closing & down payments. Check out this video from...
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REAL ESTATE INVESTMENT PROPERTIES
Real estate investment properties are a great way to increase assets and serve well to generate a passive income. Financing an investment property requires more of a down payment than a typical mortgage and it’s important to budget for maintaining landlord related expenses. What do you do if you cannot come up with...
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WHY IT’S NECESSARY TO PROVIDE PERSONAL INFORMATION WHEN APPLYING FOR MORTGAGE LOANS?
Why is it necessary to provide personal information when applying for mortgage loans? Applicants are asked their demographic information in order to monitor compliance with equal credit opportunity, fair housing, and home mortgage disclosure laws. You are not required to provide this information, but are encouraged to do so. The law provides that lenders...
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THERE ARE MANY DIFFERENT TYPES OF MORTGAGE LOANS
There are many different types of mortgage loans: conventional, FHA, VA, USDA, jumbo, private money, investor, second/vacation home, primary residence, not so hard money, purchase, refinance. Which is the best for you? 15-year fixed, 30-year fixed, 20-year fixed, adjustable rate? We specialize in going over your scenario to find the right loan for you. We...