Tag: <span>#MortgageBroker</span>

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DEFINING PITIMI

  The acronym PITIMI represents the components of the monthly mortgage payment. It is defined as follows: • P = Principal • I = Interest • T = Real estate taxes • I = Insurance • MI = Mortgage Insurance The principal is the amount paid against the borrowed funds per month. Interest is the...

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MORTGAGE PAYMENT POSTPONEMENT

Many homeowners have been affected by the pandemic and some are struggling to make their mortgage payments. There are many resources and programs to assist homeowners in need. Here’s a great resource https://www.consumerfinance.gov/…/mortgage-and-housing…/ Check out this quick video for steps on mortgage forbearance due to coronavirus https://www.youtube.com/watch?v=0UzmTxYmw94 We welcome you to contact us at Counsel...

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INVESTMENT OPTIONS

The following is a little help to analyze your options. Let’s say you worked hard and saved money over the years. It is sitting in your checking or savings account, and making little or no interest. You’d like to have your money work for you. You are considering investment options, such as stocks, mutual funds...

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DO YOU OWN A RENTAL PROPERTY?

  Do you own rental property?  Are you interested in financing a new home or another rental property?  How should you factor in the rental income? If you own rental properties, you can include the net rental income for qualification. If you owned the rental for less than a year, and it does not appear on...

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PRIOR TO FUNDING CONDITIONS

  Typically, in Arizona, the loan documents are sent to the lender for review after you sign them. In some instances, there are prior to funding conditions that need to be reviewed. If these conditions are in order, then the lender will fund the loan. The lender’s funds typically have to clear through the Federal...

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IS THE APPRAISER QUALIFIED?

You may get an appraisal and wonder how the appraiser arrived at that opinion, and is the appraiser qualified? Appraisers are licensed, and to be Certified, must have extensive experience and education. In Arizona, appraisers must have their fingerprints submitted for a criminal background check. If new, the appraiser starts out as a Trainee Appraiser....

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ACID® THE FOUR FACTOR ANALYSIS

  Each loan requires an analysis of 4 factors:  assets, credit, income, and down payment.  I decided to create an acronym for clients to remember; i.e. the ACID® test.  If you pass the ACID® test, you should be able to qualify for a loan. “A” is for assets, i.e. your checking, savings, brokerage, and retirement account balances....

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EXTRA PAYMENT TO PRINCIPAL

  Everyone knows if you make extra payments on your mortgage, you can pay it off sooner, but, how much quicker do you pay it off by making the extra payments? We have a calculator on our website which shows you how much quicker you can payoff the mortgage by making an extra payment. If...

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WHY BORROW MONEY AT HIGHER RATES AND COSTS?

  Why do many people continue to borrow mortgage loans at higher rates and costs? Because, they do not consult with a mortgage broker. Mortgage brokers work with lenders in the wholesale marketplace and pass on these rates and costs to their customers. Further, mortgage brokers’ compensation is legislated to not exceed 3% of the...