When our parents and grandparents went to the local bank years ago to get a loan, they would meet with a banker who may have known them and they would apply for a loan. The banker would consider many factors, including their personal relationship, to approve the loan; this is not the case today. Today,...
Tag: loans
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WHO CALLS THE SHOTS?
The first rule told to me when I started in the mortgage business was, “He who has the gold, makes the rules.” It is very true. It means, if you are looking for money from someone else to help you finance a property, you have to follow their rules to get the money. If they are...
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COUNSEL MORTGAGE GROUP
We are a brokerage based in Arizona licensed to provide services in both Arizona and California. We have relationships with many banks, insurance companies, and private investors and have access to wholesale rates and products that are not directly available to the public. We canvass our resources daily to find the lowest rates...
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ARE YOU FEELING CONFUSED BY ALL THE MANY LOAN PROGRAMS AND PRODUCTS?
I often get asked, “What do I need to do to shop for a loan?” There are many different programs, products, and sales pitches, making it confusing to determine which loan product to choose. Even a plain 30-year fixed mortgage can be confusing, as some lenders will offer incentives such as payments to closing costs...
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WHAT ABOUT THAT “OTHER” SBA LOAN?
Today’s post is written by Michael Green, Commercial Loan Originator for Counsel Mortgage Group, LLC. Most people talk about SBA loans as if there’s only one, and that typically being the 7(a). The other equally useful in the right situation is the 504. This doesn’t get much exposure, probably because it’s more complex. I recently...
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VARIABLE RATE LOANS AND FED POLICY
Today’s post is written by Michael Green, Commercial Loan Originator for Counsel Mortgage Group, LLC. Reminder from our last issue: You’ve heard of ZIRP – zero interest rate policy – from 2008-2015. Now get ready for NIRP – negative interest rate policy. Currently about $16 trillion of sovereign bonds (all countries that issue),...
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IS REVERSE MORTGAGE RIGHT FOR YOU?
One way to understand what reverse mortgage is, is to understand forward mortgage. A forward mortgage is the mortgage you know, you borrow money, the loan is secured by your home and you pay it back. For the reverse mortgage, you also borrow money, the loan is secured by your home, but you don’t have...
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MORTGAGE BANKS AND MORTGAGE BROKERS
You have many different choices for where to get a mortgage. There are banks, mortgage banks, and mortgage brokers. Many try to sell you their products, for example, down payment assistance, free appraisals, first-time homebuyer loans, doctor’s loans, public employee (teachers, police officer) loans, etc. hoping you’ll bite on the sales pitch in lieu of...
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IS IT MOVE-IN READY?
In order to get a mortgage, the property condition must be move-in ready; it must be habitable and safe. I often get asked if there is a list of items the house must have in order to meet the habitability standard, but there is not, as it is on a case-by-case basis. Here is a...