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Meet Lawrence Harounoff

Meet Lawrence Harounoff

“I’d describe my role here at MortgageDepot as the Lead Generation Processor. It’s not an official title, but it aptly describes my daily duties. I predominantly process leads for commercial, no income investment products. Occasionally I do handle some residential inquiries, but those are few and far between. Before joining the firm two and a half years ago, I was an account executive for a luxury high-end jewelry company.

My average day consists of checking my email continuously for leads and following up via email and by phone. My efforts build business for my colleagues daily. And since I’m a numbers person and I enjoy sales, this position is an excellent fit for me.

Excellent customer service requires building a rapport and trust with any potential client while gaining their confidence about the process of securing a non-conforming loan. I haven’t seen ay dramatic changes that impact the role that I play in the industry. The change that I’d like to see would be that no-income investment products could have coverage in all states or where interest rates could drop off a bit for non-conforming loans.”

See Lawrence’s page here

Meet Orlando Segundo Jarrin

Meet Orlando Segundo Jarrin

“My role here at MortgageDepot is that as a Loan Officer. Before joining the staff here thirteen years ago, I worked for another firm called Olympic Mortgage. I just happened to fall into the mortgage industry by chance. I was very young, and I intended to buy a used car, but I kept seeing open house signs in the vicinity where I was shopping, and on a whim, I also decided to attend the open house. Instead of the car, I purchased my first property!

This one purchase opened my eyes to a possible career in real estate. I’m excited about each workday as I was during my first real estate purchase. I don’t sell my clients rates. I try to be as versatile as possible and offer them an excellent product; I pride myself on being a savings expert for my clients. And my clients are extremely pleased with the service that I provide to them! They consistently make new business referrals, send thank you gifts and make phone calls thanking me, and they leave glowing reviews on my webpage regularly.

When the financial crisis of 2000-2006 happened, it was the result of insufficient income verifications for people seeking mortgages. The best thing to change in the mortgage industry has been the introduction of new mortgage programs offering flexibility to borrowers. If I could wish for one big thing, I’d like to see legislation that permits the hard-working young people designated as DACA, be afforded the privilege of homeownership.”

Zara Admin Assistant

Zara Admin Assistant

I have a dual role here at MortgageDepot, while I provide essential administrative assistance, I’m also a licensed real estate agent. So my days are a mix of both depending on what is the priority on my to-do list. Before joining the staff here at MD four…

FHA 203k Rehab Loan

FHA 203k Rehab Loan

The home of your dreams could be in need of some costly renovations before a lender will provide the financing to purchase it. The professional loan officers at Mortgage Depot have a solution with our home repair escrow programs. We work with a variety of lenders to find the loan that suits your needs and budget.

FHA 203k loans

Traditional mortgage financing provides borrowers with the funds needed for the balance of the price of a home based upon its appraised valuation. The property being purchased must be in livable condition for it to be capable of being appraised.

The FHA 203k program provides funding for the acquisition of a property that is in less than pristine condition. The key feature of the loan program is the availability of funds to complete the purchase of a home based upon its appraised value after completion of repairs required to make it livable. Program features include:

  • Buyers may borrow the funds needed to complete repairs and make the purchase.
  • Borrowed funds may be used to finance temporary housing while repairs are completed.
  • Repairs and renovations must be completed within six months.

Part of the application process for an FHA 203k loan includes preparation of a list of repairs that must be completed to increase the value of the property to an amount required to satisfy underwriting guidelines. The money to fund those repairs is placed in escrow after the closing on the purchase of the home and disbursed as the work is completed.


Alternative programs to FHA 203k

Some of our lenders offer alternatives to FHA 203k loans for homes that do not require extensive renovations. Features of these alternative loans include:

  • Funding to acquire the property.
  • Up to $5,000 in escrow to pay for repairs.
  • Up to 15 days to complete the work.
  • Repair requirements based upon estimate from a licensed contractor.

Home repair escrow loans are available on FHA, VA and other types of loan products.

Contact us today

Learn more about our financing options by contacting Mortgage Depot. A loan officer is available by calling us.

To contact us by phone call 800-535-0270 or email us by clicking here.


Real Property Transfer Tax Increases

Real Property Transfer Tax Increases

New York increases transfer and mansion taxes Owners, buyers and developers of high-end luxury properties will be helping state officials in New York balance the budget for 2019-2020. A substantial increase in the state tax on real estate transfers takes effect on July 1, 2019. Property owners in New York City and other cities throughout the state with populations of at least one million people got more bad news with the announcement of an increase in the so-called “mansion” tax on transfers of properties valued at $1 million or more, which also goes into effect on July 1.

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New York State transfer tax

The state transfer tax has been in place in New York for decades. It is a tax levied on the sale of real property located within the state. The tax rate before the most recent action by the state legislature was 0.4% calculated on the amount paid by a buyer or grantee as consideration for the conveyance. Responsibility for payment of the transfer tax falls on the grantor or seller.

Under the new law, the 0.4% tax rate remains for residential properties, including single-family homes, condominiums and cooperative apartments, sold for up to $3 million. The tax rate increases to 0.65% for residential properties sold for $3 million or more.

Sellers of commercial properties will also be subject to an increase in the state transfer tax. The current tax rate of 0.4% increases as of July 1, 2019 to 0.65% on commercial properties sold for $2 million or more.

Mansion tax increase

The conveyance of residential property in cities in New York with populations of one million or more, such as New York City, for consideration of $1 million or more has been subject to a transfer tax equivalent to 1% of the amount paid. The new transfer tax law imposes a higher tax based upon a progressive scale that gradually increases the tax rate from 1% on transfers for at least $1 million but less than $2 million. Rate goes up to 3.9% on conveyances for $25 million or more.

Other points to keep about mind about the new transfer taxes

The effective date of July 1 for the new tax rates can be misleading. Transfer taxes are paid at the time of the conveyance of the property, which would normally be the date of closing of title. The new law grants sellers some relief if they signed a contract to sell their property on or before April 1, 2019.

Another aspect of the new law is that both the buyer and seller are jointly and severally liable for payment of the mansion tax. Learn more about how transfer taxes could affect your real estate transaction by calling us at Mortgage Depot.

Contact us today at 800-535-0270 for more information or email us here.

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