Lenders cannot discriminate based on age. So, even if you are 100 years old, and can qualify for the payment, you can get a 30-year mortgage. This applies regardless of whether it is a forward mortgage or a reverse mortgage. A forward mortgage is the mortgage you are familiar with, I.e. you make monthly payments....
Tag: #realestate
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RESIDENTIAL FINANCING
If you are purchasing multi-unit investment properties, the type of loan will depend on the properties. If you are buying 1-4 unit properties, conventional residential financing applies. If you are looking at 5+ units, then commercial financing applies. Often times, residential financing will give you better terms than commercial financing. For example, you can get...
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FRIDAY THE 13TH, DON’T BE AFRAID
Here we are on Friday the 13th and you are thinking about buying a home. You have heard horror stories by others regarding the home buying process. You are starting to reconsider and feel that renting will be easier. Well, don’t be afraid, you can buy that home and the process can be smooth. What...
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TAX AND INSURANCE IMPOUND, WHAT SHOULD YOU DO?
An impound account is an escrow account funded monthly by the borrower which includes a pro-rata amount of insurance and real estate taxes. When the insurance and tax bills become due, the lender pays them out of the escrow account. In many instances, you have the option of whether to Impound your insurance and taxes...
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CONTACT US, WE OFFER MORTGAGE COUNSELING
Years ago, in the depths of the mortgage crisis, I created a company to provide a solution to the problems created by the mortgage crisis. There were way too many loan officers putting people in loans they should not have qualified for, or simply not caring about their specific circumstances. Counsel Mortgage Group, LLC was...
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CONDOMINIUM ASSOCIATION APPROVAL AND LENDING
A majority of home buyers are not aware of the fact that when you apply for a loan there are actually 2 approvals that take place. What does that mean exactly? Well, the lender reviews the file based on a few things: your credit and income, and the collateral; the collateral must be sufficient in...
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WHO CALLS THE SHOTS?
The first rule told to me when I started in the mortgage business was, “He who has the gold, makes the rules.” It is very true. It means, if you are looking for money from someone else to help you finance a property, you have to follow their rules to get the money. If they are...
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IS AN APPRAISAL NEEDED WHEN APPLYING FOR A MORTGAGE?
An appraisal may not be needed when applying for a mortgage. How can you get an appraisal waiver? Generally, an appraisal is needed to get a home loan, but, there are instances where this requirement is waived. Most home loans are sold to Fannie Mae or Freddie Mac. When underwriting these loans, they are submitted...
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WHAT IS THE DIFFERENCE?
Pre-qualification v. pre-approval, what is the difference? A pre-qualification is based on information provided to the loan originator. The information could be as simple as a conversation about your income, assets, and debts, to providing the supporting documentation. A pre-approval is where an underwriter reviews your file, including the loan application, credit report, income and...
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HOW SHOULD CRE INVESTORS PREPARE FOR THE NEXT DOWNTURN
Today’s post is written by Michael Green, Commercial Loan Originator for Counsel Mortgage Group, LLC. A recession is unlikely to hit this year, but that doesn’t mean that you shouldn’t start preparing. Experts say that this is the perfect time for investors to reevaluate portfolio performance to prepare for the next downturn—whenever it...