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...
Tag: #realestate
Post
YOU MAY BE ABLE TO QUALIFY
You may be able to qualify under an asset based or asset depletion calculation. What is an asset based or asset depletion calculation? Lenders use different calculations but take a percentage of your assets and treat it as income. The loan then meets the ability-to-repay requirement and complies with Dodd-Frank legislation. It has been...
Post
ARM PRODUCTS
How does an ARM (adjustable rate mortgage) work? Many ARMs are like the 5/1 ARM, where the rate is fixed for the first 5 years of the loan, and then adjusts every year thereafter for the balance of the loan term. There is another ARM product called the 5/5 ARM. This product has a...
Post
USE CAUTION WHEN SHOPPING ONLINE
Many consumers make purchases online more than ever. Proceed with caution. It is easy to click on the wrong prompt and be misled to a site not related to your desired purchase. Always verify you are on the merchants official site. Be careful when answering unexpected text messages and emails too. In some cases,...
Post
IS THAT A PROBLEM?
Were you in the process of financing a home and now you’ve found yourself without a job? Is that a problem? Many have been temporarily laid-off due to current times but there are other forms of compensation you may not have considered. Here are some forms of compensation that are acceptable to apply...
Post
WANT SOME INSIGHT ON MORTGAGES?
Want a behind the scenes look at mortgages? Check out this article that gives you some insight on mortgages and the secondary market. Learn how the government, Fannie Mae and Freddie Mac have profited, and how the government is assessing a fee on mortgages that could increase rates.
Post
IF YOU CAN, DO IT
If you have the ability to make a mortgage payment today, do it. Many people are taking advantage of the government’s forbearance program and choosing to delay their payments. You will ultimately have to make these payments, whether they are due at the end of the forbearance period or paid over time. However, what is...
Post
WHAT IF YOU CANNOT QUALIFY ON YOUR OWN?
Sometimes, you may not be able to qualify on your own. You may ask someone to sign with you to help you qualify. If so, the co-signer will have to complete a loan application and will have to qualify, too. Lenders will combine the incomes and debts of both borrowers and base the loan off...
Post
WHAT HAPPENS WHEN THE LENDER RUNS YOUR CREDIT?
Have you ever wondered what happens when your lender runs a credit check when you’re applying for a mortgage loan? Check out this link https://www.consumerfinance.gov/ask-cfpb/what-exactly-happens-when-a-mortgage-lender-checks-my-credit-en-2005/ We offer a variety of products and services, ask us how we can assist you today. We work for you not the lender. Counsel Mortgage Group®, LLC Licensed in Arizona,...