Are you ready to finance a home loan? Do you have a down payment put aside? How about closing costs, do you know the additional amount needed due at closing? In some instances, home buyers are not aware of the additional fees needed to close on a home loan. Don’t get blindsided...
Tag: #realestate
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BECOMING A HOMEOWNER IS EXCITING
Becoming a new homeowner is both exciting, and somewhat confusing, when buying into an HOA. Some new members of an HOA may be under the impression the assessment payment is built into the mortgage payment. Assessments should be paid to the HOA, and mortgage payments are paid directly to the mortgage servicer. If...
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APR IS USUALLY DIFFERENT THAN THE NOTE RATE ON A LOAN
APR is usually different than the note rate on the loan. The APR discloses the cost of credit and is calculated by taking into consideration the finance costs of the loan; disclosing those costs in terms of the interest rate.
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HOW DOES STREAMLINE REFINANCING WORK?
When someone sees the word “streamline” next to refinance, they think all they need to do is call the lender and their rate will be reduced. Well, it’s not quite that easy. A FHA Streamline refinance applies if you have a FHA mortgage and want to refinance into another FHA mortgage. What you may first...
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DO YOU OWN RENTAL PROPERTIES?
If you own rental properties, you can include the net rental income for qualification. But, how much of this rental income can you include? If you owned the rental for less than a year, and it does not appear on your last tax return, underwriters generally use 75% of the rental income on the lease....
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MEDICAL SCHOOL STUDENT LOAN DEBT
Student loan debt coming out of medical school could take many years to payoff. Lenders recognize this fact. Lenders know it may take several years for medical professionals to reach their full earnings potential. If you just completed a residency program or a medical clinical fellowship program, and your student loans are in deferment or...
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STEPS TO GET STARTED
Are you considering homeownership? Are you wondering how to begin the process? Here are some steps to get started: • First and foremost, check your credit. It’s best to know your score in advance to get a good loan. Student loans, car loans, and credit cards are all items that are considered in determining your...
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ARE YOU GRADUATING?
Are you graduating from college? Are you thinking about becoming a homeowner? Many graduates feel they may not qualify to purchase a home. College education is more expensive than ever and many students leave school with substantial student loan debt. Let’s take a look at how lenders consider student loan debt when underwriting a mortgage...
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EVALUATING A LOAN
The APR discloses the cost of credit and is calculated by taking into consideration the finance costs of the loan, and disclosing those costs in terms of the interest rate. The APR is usually different than the note rate on the loan. Often, on a 30-year fixed mortgage, the APR is higher than the note...
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WE WORK FOR YOU, NOT THE LENDER
One of the many reasons you want to work with Counsel Mortgage Group is that we have great flexibility to get a deal done. As a mortgage broker, we have relationships with many different lenders who offer a variety of products. Here are a couple examples of how we can help: A client comes in...