modepoadmin, Author at MortgageDepot.com

Non-QM Mortgage Closing with Yury

Every client that seeks the services of MortgageDepot presents us with a unique set of circumstances when applying for a home loan. This scenario was precisely the case for two separate clients that recently closed home mortgages with mortgage loan officer Yury Gokhberg. Each of these families was seeking what is formally known as a Non-QM (Qualifying Mortgage) loan for a single family home and a two-family residence as investment properties.

Finding and matching the right bank for these Non-QM loans for these clients was critical. In spite of having been denied by three previous banks, and being offered a much higher rate from one that was declined by the client, we were able to match the best offer for our client’s needs. One proposal was seeking at least 70 percent financing with an interest of 5 percent. This offer was far from favorable terms for our client, and that offer was declined on their behalf.

Although each of these clients was seeking mortgage loans, their circumstances differed in that one secured a personal mortgage, the other obtained their mortgage under a corporate name. Typically, Non-QM loans require numerous requests for paperwork despite not always resulting in receiving a loan. Our goal here at MortgageDepot is to match the appropriate loan product based on each client’s financial needs. In this case, bank statements were used to resolve this issue. When you’re looking for finance a new, existing or investment home, contact us here at MortgageDepot we’ll help you secure the best loan for the home of your dream and your family’s needs.

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

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Take advantage of the benefits of a reverse mortgage

MortgageDepot has come up with a solution for homeowners of the baby-boomer generation to access the equity in a home without taking on the burden of a monthly mortgage payment. We work with members of the baby-boomer generation to take advantage of the many benefits offered by reverse mortgages. Our loan officers have all of the information a senior homeowner needs, but here is a brief introduction to our reverse mortgage program.

Borrowing without incurring a monthly mortgage payment

A reverse mortgage allows borrowers receive tax-free payments each month from a lender based upon the equity in a home. The lenders we work with at MortgageDepot determine the equity available in a home and calculate how much of it can be made available to the homeowner through one of the following methods:

A tenure option offers equal monthly payments for life as long as the borrower continues to occupy the home as a primary residence.
Borrowers may elect to receive a monthly income for a fixed term instead of for life.
A line of credit option is available for borrowers who prefer having the ability to access the available equity in the home only when they need it.
Borrowers may elect to take the available equity in the form of lump-sum payment.

Borrowers working with our loan officers can combine the available payment options to develop one that meets a specific need.

Eligibility and repayment guidelines

All borrowers must be at least 62 years of age to qualify for a MortgageDepot reverse mortgage. Unlike other types of mortgages, reverse mortgages do not have income or credit requirements for eligibility. The primary criteria for eligibility are the age of the borrower and the amount of equity in the home. Borrowers can elect to pay title insurance, credit reports, appraisal fee and other costs related to the loan from the proceeds of the reverse mortgage.

Repayment of a reverse mortgage usually occurs when the borrowers no long occupy the home as a primary residence. The surviving spouse of a deceased borrower does not have to repay the reverse mortgage until the home is no longer occupied as a primary residence.

Benefits of a reverse mortgage

Reverse mortgages offer many benefits for senior homeowners, including:

The ability to remain in the home while receiving supplemental income each month.
No repayment of the loan as long as the home remains occupied as the primary residence of the borrower or a surviving spouse.
The equity in the home becomes available for use by the borrowers for any purpose they choose.
Title to the home remains in the name of the borrowers.

Borrowers receive a tax-free payment while maintaining full control over their home. Any equity in excess of the amount of the reverse mortgage belongs to the borrowers or their heirs upon sale of the property.

Contact MortgageDepot

MortgageDepot is a mortgage broker company, so our loan officers can help borrowers find the best lender for their reverse mortgage needs.

Contact us at 800-535-0270 or email us by clicking here.

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Meet Lisette Espinoza

I’d describe my role at MortgageDepot as a processor, and additionally I’m also a skilled underwriter who performs pre-qualifications as needed. Before joining the staff six years ago, I worked in bookkeeping and accounting.

Each of my work days begins with email and attention to the priority files based on their urgency. I’m very methodical in my approach, and I start each day with a daily task list. I was fascinated by the mortgage process; and as a bookkeeper, I wanted to learn more. I have the advantage of possessing a natural affinity for numbers, and I enjoy working with them, so it was a seamless progression for me. Excellent client service is when your customers are so happy that they refer others to you!

The most critical change I’ve experienced in this industry is how digital technologies have transformed processes completely. If I could have one wish granted, it would be to see quarterly information sessions that allow professionals such as myself to keep abreast of the constant changes in the mortgage industry.

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Meet Irina Trofimova

My role here at MortgageDepot is as a Loan Officer’s assistant. Before joining MD three years ago, I secured financing for Title 9 Autos as an automotive loan clerk for car purchases. My typical day consists of processing applications, checking for updates and making additions of required documents.

Although I was doing auto financing, I always really wanted to learn the mortgage business. And it’s a big plus that my job is very near my home, NO commute! It’s cool when clients return to conduct additional business with us and refer their friends and family! What’s changed in the mortgage industry is how technology has made information more accessible for consumers and now that’s the standard.

I’m looking forward to a day when collaboration is the focus, and everyone can do their jobs effectively no matter what their role is in the mortgage process.

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CEMA can save you thousands in closing costs

Each person seeking a mortgage at MortgageDepot presents us with a unique set of financial circumstances. MortgageDepot’s Loan Processor Irina Olivieri recently explained in depth how closing a mortgage refinance in certain instances can become very complicated. In New York state clients can obtain a Consolidation, Extension and Modification Agreement, or what is called a CEMA loan when they are looking to refinance their mortgage loan.

A CEMA loan is attractive because clients only have to pay taxes on the amount of the new loan that is above and beyond their current unpaid principal balance, such as closing costs or cash out. CEMA loans are only available on conventional, jumbo and FHA refinances. VA loans are not available.

The CEMA loan can help to reduce the amount of money a borrower pays in New York state mortgage taxes. CEMA can save you a lot of money on a refinance in New York State. Most clients looking for cost-effective refinancing should find that a CEMA loan makes perfect sense. However, it’s vital to know what to expect in terms of fees and closing times.

One thing to note is that CEMA loans have some additional fees involved that could make it less advantageous to some borrowers. Fees vary for individual loans but can range anywhere from a few hundred dollars to a few thousand dollars. These fees typically cover CEMA assignment fees, closing fees, and processing fees.

Although CEMA can save you money in most cases, it isn’t the quickest process. The state of New York and any previous lender must sign off to get the mortgage and title transfers processed under CEMA regulations, allowing you to pay taxes only on the new money in the transaction rather than the full principal balance. Understand that any CEMA refinance is going to require more patience than your average refinance. It may take anywhere between 60 and 90 days to close your loan. However, they’ll keep you updated throughout the process. If for some reason you need your loan to close quickly, you can take a look at regular refinances. Just be aware that you could pay additional taxes in exchange for that speed.

New York homeowners can get CEMA refinancing now at MortgageDepot.com today! If you’d prefer to get started over the phone, you can talk to one of our Mortgage Loan Officers by calling (718) 268-9000.

To contact us by phone call (718) 268-9000 or email us by clicking here.

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