Tag: <span>mortgage broker</span>

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CLOSING DISCLOSURE QUESTIONS, CONTACT US, WE CAN HELP

The Closing Disclosure (“CD”) is the latest version of the costs and prepaid expenses on the loan. The CD also contains the loan amount, interest rate, monthly payment, and amount due at closing. The numbers on the CD are intended to be the final figures for closing. The CD must be acknowledged (typically by email)...

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PRODUCTS FOR BUILDERS

We have a product for builders who are building spec homes for profit. The minimum loan amount is $150,000 with a maximum loan amount of $3 million. For review, we need the detailed budget, construction schedule/development phases, and architect drawings. The lender considers the following in the credit decision: ● Borrower characteristics/Total exposure approval (experience...

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WHAT ARE THE ADVANTAGES OF WORKING WITH A MORTGAGE BROKER?

One advantage of working with a mortgage broker instead of a banker is the lender credit. The lender credit is a credit towards closing costs. This credit represents the excess premium from the lender after paying the broker’s commission. Brokers get paid a fixed percentage of the loan amount from the lender for each transaction....

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APPRAISED VALUE

An appraisal is typically required when applying for a mortgage. If you are purchasing a home, the lender will base the loan amount off of the lesser of the sales price or the appraised value. Many people will look to the price per square foot when valuing a home, however, this valuation could be misleading....

HAVE YOU PRE-QUALIFIED FOR A LOAN?
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HAVE YOU PRE-QUALIFIED FOR A LOAN?

    In order to put an offer on a home, you will likely have to present a letter stating you are pre-qualified for the loan. What do you need to do to get pre-qualified? The first step is to complete a loan application; the application will give the loan originator the information they need...

BENEFITS OF WORKING WITH A COUNSEL MORTGAGE GROUP BROKER
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BENEFITS OF WORKING WITH A COUNSEL MORTGAGE GROUP BROKER

What is the benefit of working with a mortgage broker and why a Counsel Mortgage Group broker?  As you can see from our website, the professional experience of the loan originators at Counsel Mortgage Group is unmatched in the industry. When I looked for a mortgage loan the first time I purchased a home, I...

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ARE YOU REALLY GETTING THE BEST RATE AND COST?

Many real estate companies partner with preferred lenders and encourage their agents to provide their clients with the names of these lenders to handle the financing of their purchase. What the buyer does not know is that in some circumstances there is a business agreement between the lender and real estate company creating this preferred status....

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UNDERWRITING A LOAN

When underwriting a loan lenders look at the debt-to-income ratio for a comparison of monthly debts to monthly income, this is a major factor lenders consider. Lenders like to see the ratio at or below 43%, but loans have been approved up to 50%. Example: Let’s say you are salaried and gross $4,000 per month;...

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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...