• 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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MortgageDepot strengthens its relationship with Partner Maspeth Federal Savings

MortgageDepot strengthens its relationship with Partner Maspeth Federal Savings

MortgageDepot recognizes the power of building community. We are committed to communities and local neighborhoods. We always endeavor to align ourselves with others who share that mandate. And we actively seek like-minded businesses that consider themselves an invaluable resource to the people of the communities that they serve.

Maspeth Federal Savings is one of our newest community partners. Under the leadership of Richard T. Maher, Senior Vice President, and Chief Lending Officer, Maspeth Federal brings 70 years of continuous positive community engagement to their banking customers. Maspeth Federal has as its stated mission, “to provide their customers with positive banking experience and to remain committed to being a partner with other small businesses and organizations within the community.” As a real estate banking professional, Richard T. Maher has conducted real estate valuations and appraisals since 1984, and he joined Maspeth Federal Savings seven years ago ascending to the position of Senior Vice President in 2015.

Considered a “mutual thrift” as defined by banking regulations, Maspeth Federal Savings is a financially sound, well-capitalized community bank that has never “gone public” and is a partnership between its board of directors and its depositors. To that end, in 2018, Maspeth Federal launched a first time buyers initiative and expanded its community events calendar to include educational workshops for the first time home buyer.

Maspeth Federal Savings is the “neighborhood bank” you can trust. As our partner, MortgageDepot is pleased to offer our clients the opportunity to obtain home mortgage financing for residential no income check loans, multi-family, or commercial property via Maspeth Federal Savings.

Contact us today at MortgageDepot to refinance or finance a new rental or commercial property. 

You can reach us at 800-535-0270 for more information or email us here.

What to look for after closing

What to look for after closing

Congratulations, your loan has funded! Thank you for choosing MortgageDepot. Here are a few important notes about servicing communication for our Borrower(s):

Post-Close Correspondence
Several similar-looking letters may be received by the Borrower post-close containing information regarding:

  • Servicer changes
  • Payment address changes
  • Loan number changes
  • It is extremely important that they read each correspondence individually in date order and follow the instructions on the most recent communication

First Payments
Borrowers should refer to the first payment letter that is in their closing package for their first payment due date.

  • If you did not receive a statement in the mail prior to their first payment date, payment should be remitted to the address on the first payment letter
  • If you do receive a statement in the mail prior to their first payment date, payment should be remitted to the address on the statement
  • Due to statement delivery rules, borrowers may receive two statements for the same payment. In this case, they should read all correspondence individually and follow the instructions on the most recent communication
    If the borrower is unsure, they can direct questions to 800-535-0270 or send an email to support@mortgagedepot.com.

Thank you for choosing MortgageDepot.

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

Do I need my tax returns to apply for a VA Loan?

Do I need my tax returns to apply for a VA Loan?

When you are providing documentation to a private lender who handles VA Loans, you must familiarize yourself with the income documentation requirements. If you are asking yourself whether or not you need tax returns to qualify for a VA Loan, you must look at how you earn your income. Consider things like self-employed income, contract work income or generating income from a traditional job. So here is a list of things to consider while asking yourself whether you need at least two years of tax returns:

Income Documentation Verification

  • You will need copies of your most recent pay stub, two years of W-2’s and some lenders require a minimum of 12 months bank statements. The bank statement requirement varies among lenders. Some require the statements and some lenders do not require the statements
  • Two years of business bank statements are required if you are self-employed. If you generated any income from rental properties, you will need your Schedule E showing positive or negative rental income. You must also provide two years of 1040 filings over the past two years.
  • If you are a 1099 contract employee, you must show two years of 1099’s. Then you must provide a minimum of two years of tax returns that clearly shows how much gross income you made pre-tax. This is used to ensure that you can continue to generate a freelance income.

Working with MortgageDepot

We are a leading mortgage service based out of New York. We specialize in working with veterans who are struggling to come up with the right income documentation. If you feel overwhelmed, or do not know how to obtain various income docs, then MortgageDepot is who you should look to for support. Our team of mortgage professionals guides you throughout the process all the way to the VA Loan closing. Do not hesitate to call today.

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

MortgageDepot Welcomes Joe Reilly To Our Team

MortgageDepot Welcomes Joe Reilly To Our Team

MortgageDepot is proud to welcome our newest Sales Manager Joe Reilly! Joe Reilly has the distinction of bringing his vast leadership skills to our team here at MortgageDepot, beginning his career as a customer service rep at the now-defunct Republic National Bank twenty plus years ago.

We have the good fortune to have garnered a true leader with a proven track record, whose style incorporates the best practices of integrity and providing the highest level of customer service when engaging every potential customer.

By utilizing his highly developed set of interpersonal people skills, and his ear for the needs of each individual, he has forged successful relationships as a colleague, peer, and mentor to many throughout his career. “It matters to me that I help people in my capacity as a sales manager. When my efforts result in an opportunity for someone, I feel I’ve done my best work,” Joe added.

It is this winning mindset of service to others, that distinguishes Joe Reilly as a Sales Manager. His passion for not only the work but also for the staff and the people that are clients of MortgageDepot makes him our latest Most Valued Person (MVP)!

If your goal is to join a winning team and you want some direction as a mortgage loan originator, know that Joe Reilly and the staff here at MortgageDepot is here to provide you with the support and services that you need. We aim to support the originator because their success is our ultimate goal. Contact us today at MortgageDepot at 800-535-0270 to discuss the possibilities of joining our winning team, with the expert guidance and assistance of Joe Reilly.”

Kew Gardens Hills Gets A New Daycare Center

Kew Gardens Hills Gets A New Daycare Center

Frequently clients come to MortgageDepot with specific financial needs that accompany their ambitious goals of home or business ownership. Such was the case when a client wanted to finance a newly constructed commercial property that is a daycare center. Mortgage loan originator Ruben Benjaminoff sourced a unique financing opportunity for the client.

This unique financing opportunity was necessary to overcome the many factors that could have been obstacles to obtaining a mortgage for the property, located on Main St. in Kew Gardens Hills, Queens, NY. Principally, the fact that there were no tenants in the newly constructed building was its first challenge. Add to the fact that the appraisal came back at a maximum amount of 6.5 million dollars. And critically, there’s the issue of liability for this space as it’s a daycare center for minor children.

Ruben was able to successfully secure a commercial mortgage by structuring and presenting the loan accurately to the lender, addressing all their benchmarks for the client to qualify for the mortgage in the final amount of $2.2 million dollars.

The professional efforts of a mortgage loan consultant on your behalf may determine whether or not you’re able to obtain a mortgage that suits your needs. We here at MortgageDepot will work diligently to match your financial circumstances with the best mortgage product available to suit your needs. When you need a commercial mortgage; contact us, and we’ll do what we can to pre-qualify the property.  

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

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