Tag: <span>rates</span>

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NOW IS THE TIME TO LOCK IN AN INTEREST RATE

When is the best time to lock an interest rate? I get asked this question often as everyone wants the lowest rate. Interest rates, like stocks, change daily; it is hard to predict whether the rate will go up or down. It is best to see what your payment is at the current rate, and...

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TWO APPROVALS, PLUS COLLATERAL

Two approvals take place when you apply for a loan.  Lenders review both your credit and income, and the collateral. The collateral must be sufficient for the loan to be approved.  What if the collateral is a condominium? When the collateral is a condominium, there is increased scrutiny by the lender. This is due to...

NOW’S THE OPTIMUM TIME TO BUY OR REFINANCE
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NOW’S THE OPTIMUM TIME TO BUY OR REFINANCE

Rates are low. and rates are subject to change. Now is a good time to buy or refinance.   We are a mortgage broker and offer wholesale rates and costs in Arizona and California. We originate both residential and commercial loans.    Contact Counsel Mortgage Group, we can help you!   We offer a variety...

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DETERMINING YOUR CREDIT SCORE

Credit cards are a significant factor in determining your credit score. Credit bureaus look at your credit card balances and history to determine how you manage your discretionary spending. The credit bureaus do not know your spending habits, but by reviewing credit card balances, they make conclusions regarding your ability to manage credit which will...

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BORROWING MONEY

Borrow money at the lowest rate and costs. This is common sense. So, 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....

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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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JUMBO LOAN THRESHOLD INCREASED

Since the 2020 maximum loan limit increase, in most areas throughout the U.S., jumbo loans are loans over $510,400. We offer many jumbo products, including primary residences, second homes, and investment properties, we can offer 5% down jumbo on primary residences. We also have an interest-only jumbo product available. The jumbo rates we are seeing...

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BUYING DOWN RATES

Let’s say you are looking to buy a $350,000 home with 20% down for a loan amount of $280,000. You want a 30-year fixed mortgage, and assume the rate is 4.25%; the principal and interest payment would be $1,377.43. If you paid a point, assume the rate would be 3.875% and the payment is $1,316.66....

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LOW INTEREST RATES SPUR MORE REFINANCING ACTIVITY

  Today’s post is written by Michael Green, Commercial Loan Originator for Counsel Mortgage Group, LLC. Even more favorable rates have unleashed a fresh wave of refinancing activity during H2-19. Borrowers have been enjoying a low interest rate environment for some time. Yet the Fed’s last 3 rate cuts in H2-19 have stoked a surge...

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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...