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Purpose for Refinancing

Purpose for Refinancing

How Can a Mortgage Refinance Help Me?

A mortgage refinance can be a very beneficial decision for certain borrowers. Before making that important decision, you must have a clear view about how a mortgage refinance can really help you. If you fall within the following groups, you should find out more about refinancing your mortgage.

You currently have and adjustable rate mortgage (ARM)

The interest rate and mortgage payment of this type of mortgage can change any time. It can either increase or decrease. If you want peace of mind of having a steady monthly payment, you might consider refinancing your mortgage for a fixed rate mortgage. This will give you the certainty that your mortgage payment will not increase due to the market condition.

You can afford to make bigger payments

If you got a raise or simply you have more money than before, you can change your type of mortgage. If you have a 30-year mortgage, you could change it to a 15 or 20-year mortgage. How this can help you? You will be able to pay off your mortgage sooner, saving you a lot of money on interest. It is amazing how much money you can save by decreasing your mortgage term.

Your credit score got better

Sometimes after paying on time your mortgage during a few years, your credit score gets better. With a better credit score, you can get a better interest rate in mortgage loans. If this is the case, your mortgage payment can get lower.

Saving money is the biggest reason why you should consider a mortgage refinance. You can save money by lowering your monthly payments, or by paying off your mortgage
sooner. Just think about every thing that you will be able to do with extra cash in your pocket every month. How nice it would be if you pay your mortgage 10 or 15 years earlier.

If you think, you can benefit from a mortgage refinance, or want to find out whether or not you qualify, give us a call. We are a reputable mortgage company located in the New York area and can help you with any of your mortgages needs.

Contact us today for a FREE consultation at (800) 535-0270 or email us here.

Splitting Escrows

Splitting Escrows

This is really never been heard of before but we now offer borrowers the ability to split paying escrows. Meaning that borrowers have the flexibility to either escrow for taxes or insurance. Before borrowers only had the choice of impounding both taxes and insurance or none at all and now borrowers have the ability to choose one or the other.

For more information contact our office.

Related Information:
  1. 2016 Qualifying Income
  2. Apartment Lending*
  3. Are you tired of non-performing hard money lenders?
  4. Avoiding Unreimbursed Employee Expense
HOT THIS WEEK

HOT THIS WEEK

Our Exclusive! Appraisal Waivers Now Available

We have partnered with a wholesale lender to give us a big advantage over our competition: appraisal waivers. This means we run the loan through Fannie Mae or Freddie Mac and receive a waiver for the appraisal, which means that no physical appraisal is needed saving borrowers money in appraisal fees.

Fannie Mae Enhancements

Fannie Mae is changing a number of guidelines to make lending easier. Below are the changes for loans submitted to underwriting effective immediately:

  • Student Loans
    • Monthly payments will now be based off of the amount showing on the credit report or 1% of the remaining balance.
    • Student loan debts may be paid off to qualify and classified as a rate/term refinance.
  • Condominium Reviews
    • Fannie to Fannie rate/term refinances up to 80% LTV, will no longer require a condo review.
    • Eligible in all 50 states
  • Debts Paid by Others
    • Non-mortgage debts paid by non-borrowers can now be excluded from the debt ratio calculation with 12-months canceled checks.
  • Properties Listed for Sale in the Previous Six Months
    • Cash-out refinances will no longer be capped at 70% LTV when the subject property has been listed for sale in the previous six months. With this update, properties that were listed for sale must be taken off the market on or before the disbursement date of the new loan.
  • Truncated Asset Account Numbers
    • Truncated or masked account numbers for bank and portfolio or investment accounts where at least the last four digits are displayed are now allowed on asset documentation.

Contact us today for a FREE consultation at (800) 535-0270

Non-Conforming Jumbo Mortgages

Non-Conforming Jumbo Mortgages

We have a non-agency jumbo product that allows someone with a FICO as low as 700 to get up to 80% financing!

At Mortgage Depot we are constantly looking for mortgage programs that will meet our borrowers’ expectations. For those luxury home-buyers, we have assembled a fantastic portfolio of Jumbo products that will suffice any borrower situation.

Prior to today, the minimum credit score requirement for Jumbo loans up to 80% financing was set at 740 and now one of our wholesale lenders lowered that requirement to a credit score of 700. So if you are looking for a Jumbo mortgage and have scores between 700 and 739 then contact us we have a loan for you.

ALSO available through our company are other Jumbo programs which are listed below:

  • Jumbo Condo & co-ops allowed!
  • Jumbo 2-4 family financing available
  • Jumbo Cash-out allowed!
  • Jumbo 2nd home & Investment properties allowed
Related Information:
  1. 2016 Qualifying Income
  2. 203K Loans
  3. 3.5% Down Payment for First Time Home Buyers
  4. 5% Down All Gifts Funds Allowed
  5. Apartment Lending*
Communication and honesty: The mark of a good loan officer

Communication and honesty: The mark of a good loan officer

When home buyers set out to find the home of their dreams, the key players working with them are their real estate agent and loan officer. The fact that most residential home purchases require mortgage financing makes the relationship between the loan officer and the real estate agent a determining factor in the success of the transaction.

The relationship between agents and loan officers is one derived from economic necessity. Real estate professionals need a knowledgeable and skilled financing expert to work with their buyers, and loan officers need real estate agents as a source of business referrals.

According to Johnny Quinn, a mortgage broker with MortgageDepot, the development of a good working relationship between real estate professionals and loan officers takes time and effort on the part of both parties. In his experience, communication and honesty are the two most important qualities real estate agents look for in a loan officer.

Communication and transparency

Once they have helped a buyer to find a home and agree upon the terms of the purchase, a real estate agent depends upon a loan officer to take over and handle the financing. Buyers, particularly those purchasing a home for the first time, have questions about financing the purchase, including:

  • How does the process work?
  • What paperwork and documentation will they need?
  • How long will it take to be approved for the mortgage?
  • What interest rate will they pay?
  • What costs are associated with the loan?

A loan officer who is unwilling or unable to ease the fears and concerns of buyers places the real estate agent in the uncomfortable position of having to deal with telephone calls and visits to the office from irate buyers. “It is our primary job as loan officers to be there for our borrowers,” said Johnny Quinn. “MortgageDepot has procedures in place to ensure open communication between our mortgage brokers and the borrowers and real estate professionals with whom we work.”

Quinn emphasized how he reviews the application, disclosure agreements and other documents with his borrowers to address any questions or concerns they might have about them. This is in sharp contrast to some companies that routinely send documents to borrowers who must wade through them on their own.

Honesty

Real estate agents understand how problems can arise when buyers apply for financing. A buyer’s credit score, income or debt can create challenges. According to Quinn from MortgageDepot, no one wants to deliver bad news to a buyer or to the buyer’s real estate agent, but the worst thing a broker or loan officer can do is not be honest about problems.

A professional mortgage broker can help

Our mortgage brokers at MortgageDepot work with home buyers to find the best lender for them. We guide our borrowers through the lending process and are with them at every step of the way to answer their questions and address their concerns.

Contact us today for more information at (800) 535-0270

New Loan Amount Limits 2017

New Loan Amount Limits 2017

As of January 2017 the national loan amounts for both conventional and FHA loan types have increased. This shows that home prices are rising and the loan limits need to be adjusted to reflect that. At MortgageDepot, we make sure that our loan officers are always kept up to date with industry changes and always have the knowledge the structure the deal properly so it benefits the borrower and not the lender. Contact us for more information about refinancing or getting pre-qualified for a new home purchase.

2017-loan-amounts

Related Information:
  1. 2016 Qualifying Income
  2. Apartment Lending*
  3. Are you tired of non-performing hard money lenders?
  4. Avoiding Unreimbursed Employee Expense
  5. Brokering vs. Banking of Mortgages