Tag: <span>#twentytwenty</span>

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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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WHAT ABOUT THAT “OTHER” SBA LOAN?

Today’s post is written by Michael Green, Commercial Loan Originator for Counsel Mortgage Group, LLC. Most people talk about SBA loans as if there’s only one, and that typically being the 7(a). The other equally useful in the right situation is the 504. This doesn’t get much exposure, probably because it’s more complex. I recently...

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BANKS ARE REVERTING TO OLD BAD HABITS

Today’s post is written by Michael Green, Commercial Loan Originator for Counsel Mortgage Group, LLC.   Banks could be slipping into old bad habits. Last year, as interest rates fell, banks started to loosen underwriting standards reminiscent of the last cycle—the kinds of missteps that ultimately led to the great recession. This includes high loan-to-value...

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NO DISCRIMINATION IN LENDING

As we honor Martin Luther King Jr. today and his fight for civil rights, we want to let you know that, when it comes to lending, there is no discrimination. The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status,...

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BUYING DOWN RATES

Let’s say you are looking to buy a $350,000 home with 20% down for a loan amount of $280,000. You want a 30-year fixed mortgage, and assume the rate is 4.25%; the principal and interest payment would be $1,377.43. If you paid a point, assume the rate would be 3.875% and the payment is $1,316.66....

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LOW INTEREST RATES SPUR MORE REFINANCING ACTIVITY

  Today’s post is written by Michael Green, Commercial Loan Originator for Counsel Mortgage Group, LLC. Even more favorable rates have unleashed a fresh wave of refinancing activity during H2-19. Borrowers have been enjoying a low interest rate environment for some time. Yet the Fed’s last 3 rate cuts in H2-19 have stoked a surge...

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2020 Loan Limits

The loan limits for 2020 are higher than in 2019.  Here are the loan limits by loan product:   Conventional – $510,400 VA – $510,400 FHA – $331,760 (Maricopa County, other counties may differ) USDA –  $251,862 These limits mean that to qualify for the above loan product, the loan amount cannot exceed the limit.  Loans...