• We now offer a 40-year loan with the first 10 years as interest only, enjoy a low monthly mortgage payment!!!
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Introducing 100% Financing – Cross-Collateral Program

Introducing 100% Financing – Cross-Collateral Program

MortgageDepot recognizes that financing the purchase of a property based on the sale of another can be a challenge in this competitive sellers’ market. We offer a cross-collateralization financing option to achieve higher LTVs. It allows borrowers to leverage their equity in departing residences, investment properties or second homes as down payment.


Lending Details
  • Primary residences, second homes, investment property types
  • Purchase and Refinance transactions
  • Available only for Wholesale Portfolio Products

100% Financing when the following conditions are met:

  • Purchase transactions
  • Combined LTV is at least 5% below the published guidelines
  • 12 months reserves


The MortgageDepot Difference
  • Common sense UW approach
  • True Non-QM portfolio products
  • Wholesale and Correspondent delivery
  • Commercial and Income Property Lending
  • Loan amounts to $25M
  • High DTI ratios considered
  • Interest-only options
  • Privacy Mortgages
  • Vesting in trust, sub S corporation, LLC and partnerships

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

Jumbo Financing for Non-Warrantable Condos

Jumbo Financing for Non-Warrantable Condos

We are pleased to announce that we now offer financing for non-warrantable condos on jumbo loans. So, if you are in the market to purchase a condo or refinance an existing condo unit that does not meet Fannie Mae or Freddie Mac guidelines than you’ve come to the right place.

Simple qualifications

  • 680 minimum credit score
  • 4-months reserves required
  • No one entity can own more than 15% of the total units
  • 50% owner-occupied

Give us a call we are here to help.

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

Home Equity Refinance

Home Equity Refinance

The mortgage professionals at MortgageDepot don’t want homeowners to be shocked when the time comes to file 2018 federal income tax returns. The interest deduction people routinely take each year could be a thing of the past. The new tax law could end up hurting homeowners who don’t prepare now by refinancing existing home equity loans into existing first mortgages. As the premier mortgage brokers, we can help homeowners preserve the interest deduction, but homeowners need to act quickly.

How does the tax law affect the mortgage interest deduction?

The new tax law made two changes affecting the ability of a homeowner to deduct mortgage interest. The first is a $750,000 limitation on how much mortgage debt is eligible for the interest deduction. The second change is limiting interest deductions to mortgage loans where the money borrowed is used to purchase or improve the home.

Using home equity loans to pay credit card debt, buy a new car or finance a child’s college tuition continues to be possible, but the tax law now prevents a borrower from claiming a tax write off for the interest paid on the loan. The deduction is preserved for money borrowed and used to improve the home or to purchase the home on which the equity loan is a lien.

MortgageDepot offers a solution for people with home equity loans

A possible solution to the loss of the home equity interest deduction is to refinance an existing first mortgage loan in an amount sufficient to incorporate the satisfaction of the home equity loan. We work with lenders throughout the country, so finding the right refinancing terms for a borrower is not a problem.

Contact us today

We help borrowers find solutions to their mortgage financing challenges. Call us today to learn more about how a mortgage broker from MortgageDepot can help.

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

MortgageDepot lowers the cost of financing a home

MortgageDepot lowers the cost of financing a home

The closing costs associated with purchasing or refinancing a home can really add up, but we don’t believe it has to be that way. At MortgageDepot.com, we’ve reduced our underwriting fee to only $399 instead of the $1,500 charged by some lenders and brokers offering mortgage financing.

Closing costs, those expenses borrowers pay to obtain mortgage financing, include:

  • Points: A point is usually 1 percent of the principal balance paid at closing to reduce the rate of interest on the loan.
  • Appraisal fee: Payment to a professional who does an appraisal to determine a property’s current value, so the lender will know how much it can lend.
  • Document preparation: Lenders charge a fee for the preparation of the promissory note, mortgage and other documents required to close on the loan.

There are other closing costs charged by lenders, so borrowers need to be careful when shopping for a mortgage.

Reducing the underwriting fee to $399 is only one of the ways we are working to make mortgage financing affordable. Find out more about what MortgageDepot is doing for our borrowers by calling us today at (800) 535-0720 to speak with a mortgage broker.

Contact us for more info today at (800) 535-0270 or email us by clicking here.

Fix and Flip

Fix and Flip

Flipping an investment property? Here’s what you need to know.

So, you’ve been inspired by Chip and Joanna and have decided to find your very own fixer upper to flip as an investment. You’re not alone. The boom in home makeover shows has inspired a new wave of budding real estate investors to get into the business of flipping houses.

What they don’t show you is what happens behind the scenes. Before the fabulous new granite countertops, shiplap ceilings, or rainfall showerheads, there’s one small detail you can’t overlook – securing the funding to make it all happen. It’s important to take a step back and consider the cost of flipping a home with the purpose of resale in mind. On average, you should expect to add about 20-30% (sometimes more!) to the initial purchase price of the home. Here’s a couple things you need to know about funding your investment before diving headfirst into the world of house flipping.

You probably won’t be able to get a traditional home loan
And that’s okay — you probably won’t want to go through a bank anyway, especially when time is of the essence. Traditional mortgages can take well over a couple of months to close, meaning the prime property you had your eyes on will probably be long gone before you can secure funding.

However, time constraints aside, the biggest issue most flippers face with requesting a traditional mortgage loan from a bank is this; banks usually don’t lend on an investment property whose purchase price or requested mortgage amount is more than the appraised value. This means the amount of money you’d need to “fix” your investment property wouldn’t be covered, which defeats the point.

More problems arise if you’re a novice flipper. Banks are looking for very strong credit and want proof (think W-2s and pay stubs) that you’re good for the money they’re lending you. But don’t be discouraged! The majority of fix and flip/rehab loans are funded by private loaners, often by way of hard money loans. Which brings us to our next point…

Hard money loans are your best bet
Hard money loans (also known as rehab loans or “fix and flip” loans) are short-term, interest-only loans. While traditional lenders (read: banks) are looking for strong credit scores, income availability, and overall debt to income ratio, hard money lenders have a different approach: collateral-based lending.

Unlike traditional mortgage loans, these types of loans come from private lenders who take into consideration the “big picture”—the property’s purchase price, the scope and price of the work that needs to be done, and the projected resale value of your property post-flip. It also means if something goes wrong and you’re not able to repay the loan, the lender can take the property as collateral and make their money back.

Another key differentiator is that rehab/fix and flip loans typically don’t have early repayment penalties, meaning you don’t have to worry about getting dinged by a lender should you be able to pay off your loan in advance.

Contact us for more info today at (800) 535-0270 or email us by clicking here.

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