In order to refinance, you will have to bring your loan current. We recently had a client who chose the government’s option to forebear his mortgage payments. He did not pay his mortgage for a couple months. When he contacted us to refinance, the lender would not approve the loan until he brought his...
Tag: #realestate
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SELF-EMPLOYED AND TRYING TO GET A MORTGAGE?
Are you self-employed and write off your expenses so you don’t show any income to avoid paying Uncle Sam? Are you having trouble getting a mortgage? Well, we have some programs that can help. We can use your bank statements to show your receipt of revenue over the last 12-24 months. The lender will take...
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WHAT ARE THE BENEFITS OF WORKING DIRECTLY WITH A BROKER?
What are the benefits of working with a mortgage broker? A mortgage broker has the freedom to choose the lender that is right for you. By knowing the specifics of your scenario, and the nuances of the lenders, the broker can match you with the lender that fits your needs. You may ask whether this...
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THE LOAN PROCESS – WHAT IS INVOLVED
What happens to your loan application and supporting documents after they are sent into the lender? The file goes through setup first. The file is reviewed to make sure it is compliant, i.e. the loan package and disclosures were sent timely and are in order, the minimum credit documents are submitted, such as W2s, tax...
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CAN I GET A MORTGAGE UNDER 3%?
Everyone wants the lowest interest rate at the lowest costs. Can you get a rate today under 3% with no points? Maybe. There are many factors that go into an interest rate: Credit score Loan-to-value ratio (LTV) Term of loan- 30 years, 15 years, etc. Is it for a primary residence, second home or investment...
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NEGATIVE INTEREST RATES: WHAT YOU NEED TO KNOW
You may have heard of negative interest rates. What does this mean? Does it mean the bank pays me? See the below article for an explanation and what it would mean to you. Check out this story from USA TODAY: Negative interest rates: What you need to know https://www.usatoday.com/story/money/personalfinance/2020/05/31/negative-interest-rates-what-you-need-know/5288107002/ Negative interest rates, in the unlikely...
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WHO’S ON FIRST? I DUN’NO … 3RD BASE!
Today’s post is written by Michael Green, Commercial Loan Originator for Counsel Mortgage Group, LLC. For those of you old enough to remember, that line is from the classic comedy dialog between Bud Abbot and Lou Costello first released in 1945. (This is available on You Tube. A link is offered for your entertainment …...
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MAKE YOUR MORTGAGE PAYMENT, IF YOU CAN Pt. II
Make your mortgage payment, if you can… We recently posted about mortgage payment forbearance and why it’s best to continue making payments if you can. There may be consequences; mortgage lates. “Mortgage Hangover” is another reason why you should make your mortgage payment. See this article posted on Bloomberg.com. Fannie-Freddie Forbearance Rule Sows Fears of...
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CAN YOU GET A MORTGAGE DURING COVID-19? YES
Can you get a mortgage in the midst of a pandemic? I have had customers ask me whether lenders are lending during Covid-19. The answer is yes. As a result of Covid-19, there was volatility in the market. You may have seen this first hand where the Dow decreased by 10,000 points in 3...