Tag: <span>#realestate</span>

Post

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...

Post

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...

Post

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...

Post

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...

Post

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...

Post

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....

Post

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...

Post

JUMBO LOANS AT COUNSEL MORTGAGE GROUP

    We have a variety of jumbo loan programs at Counsel Mortgage Group. VA jumbo, reverse jumbo and many more available. Before you apply for a jumbo loan, contact us. We are a mortgage broker, we shop wholesale rates and costs to see what program would be best for your scenario. We offer a...

Post

CRIME DOESN’T PAY

DO NOT COMMIT FRAUD. When you are purchasing an investment property, apply for an investment property loan. Do not purchase an investment property and apply for a second home loan for the sole purpose of getting a lower interest rate. To do this would be mortgage fraud.   Here are a few examples of how...