If you are applying for a conventional loan and put less than 20% down on a home, the lender will require you to pay mortgage insurance. The amount of mortgage insurance will depend on your credit score, what you are purchasing (e.g. condo, single family residence, etc.), the purpose (primary residence, second home, or investment...
Tag: #Mortgage_Loan
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CONTACT COUNSEL MORTGAGE GROUP
Would you like to buy a home but you’re not sure if you’ll qualify? Don’t worry with all of the different products available today, you can get a mortgage. The issue just may be when. If you have less than perfect credit, you may have to repair your credit before you apply. Nevertheless, conventional loans...
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WHAT’S BEST FOR THE FIRST-TIME HOMEBUYER?
I see time and again advertisements on the internet for no down payment first time homebuyer loans. The down payment is typically in the form of a grant that does not need to be paid back. Many people push these loans enticing first time homebuyers to buy a home without any money out of their...
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WHY WOULD ANYONE WANT ONE?
Hard Money loans are usually obtained by borrowers who cannot qualify or the property does not qualify for conventional financing; many people doing fix and flips obtain these loans. The interest rate and costs for these loans is higher than what you can get conventionally. The reason is that there is more risk to the...
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PLEDGING ASSETS
With the way the stock market is running, many people do not want to liquidate their accounts to make a large down payment on a home. They are conflicted because they want to make a large down payment to get a better interest rate, but do not want to sell the assets in their investment...
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CREATIVE FINANCING: COMPETING OFFERS
Delayed financing may be your answer if you are trying to purchase a home with competing offers. You can pay cash for the home, but don’t want to, and would rather finance the home; however, if you presented an offer with financing, you may get beat out for the home. Delayed financing allows you to...
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PLEDGED ASSETS TO LENDER
Are you considering buying a home and using liquidated monies from stock investment accounts? You may feel conflicted because you want to make a large down payment to get a better interest rate, but do not want to sell the assets in your investment accounts and pay taxes on any gains. By pledging the assets...
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AIME
I am in Irvine, California today attending the first mortgage workshop for AIME, the Association of Independent Mortgage Experts. This is a group of mortgage brokers from across the country who believe the mortgage broker provides the best value and options for the customer. There are over 600 attendees at the conference. I’ve met brokers...
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COMMERCIAL LOAN UPDATE
In the January 2018 Senior Loan Officer Opinion Survey (SLOOS), released by the Federal Reserve earlier this month, we received a snapshot of Q4 credit standards among businesses. This report focuses on supply side reporting of credit dynamics. While banks reportedly continued to ease standards on commercial and industrial (C&I) loans, demand for such loans...