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...
Tag: #realestate
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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...
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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...
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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...
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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...
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HOW DO ADJUSTABLE RATE MORTGAGES WORK?
An Adjustable Rate Mortgage (ARM) is typically a mortgage that is fixed for a period of time, and then becomes adjustable. The typical ARMs are 3/1, 5/1, 7/1, and 10/1. The first number represents the time period the rate is fixed. The second number represents how often the rate changes. Example: A 3/1 ARM means...
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IS IT STILL A GOOD TIME TO BUY OR REFINANCE A HOME?
“Is now a good time for buying or refinancing a home?”, continues to be one of the most frequently asked questions we hear. When should you start planning for your mortgage? The answer is as soon as you think you will be buying or refinancing a home. Mortgage planning includes analyzing your credit and income...
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WE HELP YOU FIND THE RIGHT LENDING SOURCE
We provide options and help you find the right lending source for your purchase. Is an SBA loan or a conventional loan the right loan for you? Should you borrow from a bank, investment bank, hedge fund, insurance company or some other funding source? What about cryptocurrency? We have the relationships and knowledge to...
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NO MATTER NEAR, OR FAR
Signing the loan documents at closing does not necessitate you being available in person. Maybe you had prior engagements that cannot be cancelled, or you’ll be out of town, you can designate someone to sign on your behalf. A power of attorney is a document that allows you to appoint someone to sign the paperwork...
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IS IT MOVE-IN READY AND HABITABLE?
To obtain a mortgage a property condition must be habitable and safe. A residence must be move-in ready. We get asked frequently, “What is considered habitable?” Click link below for a list of items that a lender will use to determine habitability.