• 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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FHA Annual Mortgage Insurance Premium “Reduction” 2017

FHA Annual Mortgage Insurance Premium “Reduction” 2017

As per FHA Mortgagee Letter ML2017-01, the Annual MIP rates have been lowered, for mortgages with a Closing/Disbursement date on or after January 27, 2017.  Closing/Disbursement date refers to the later of the date of the signing of the Mortgage, or the date of disbursement of the loan proceeds, as is entered in FHA Connection.  With this revision to the annual MIP rates for FHA Title II forward mortgages, FHA is eliminating the distinction in rates based upon the base loan amount.  See the following:

Keep in mind we also have new loan amounts, see below:

Express Renovation Loans

Express Renovation Loans

Anyone who has ever gone house hunting knows that no house is perfect. But many houses could be perfect if a few changes could be made; if some repairs could be done or if a new kitchen or an additional bath could be put in.

In fact, today more than ever before the housing market is flooded with homes that are undervalued, either due to neglect or because they aren’t up to date with what modern buyers want. Why not take advantage of the equity tied up in those undervalued homes by getting a home renovation loan?

MortgageDepot’s Express Renovation Loans are the perfect solution to help you unlock the potential in the undervalued real estate! What do they offer?

  • An affordable, convenient way to borrow funds to renovate or repair a property
  • A Way to save a deal threatened by repair contingencies
  • An alternative to a second mortgage or home equity line of credit
  • Options for purchases or rate and term refinance
  • Options for primary residences, secondary residences or investment properties
  • Options for individuals, non-profits or municipalities
  • Options for 1-4 unit properties
  • Loans based on the value of the home “as-completed”

Our MortgageDepot Express Renovation Loans come in two options: The Fannie Mae Renovation Loan and the FHA Renovation Loan.

Each has its benefits depending on the needs of the borrower.

Benefits of the Fannie Mae Renovation Loan:

  • Available for 2nd homes and non-owner occupied properties
  • Borrower can choose the contractor
  • If the repairs are less than $15K, no consultant is required
  • Lender Paid Mortgage Insurance (LPMI) is allowed
  • Can be used for the repair or installation of luxury items, such as a pool, additional bathrooms, kitchen renovations or additions to the structure

Benefits of the FHA Renovation Loan:

  • Available for primary residences only
  • Available to borrowers with FICO credit scores as low as 620
  • If the repairs are less than $35K, no consultant is required
  • Available for new purchases or Rate & Term refinances
  • Available with only w-2 transcripts
  • Amortized for either 30 or 15-year fixed rate terms

Don’t let the opportunity pass you by! MortgageDepot is a leading expert on renovation home loans. If you’d like to unlock the potential of an undervalued property that you own, or if you’d like to purchase a home that’s in need of repairs either to use as your own residence or as an investment property, contact us at MortgageDepot today!

To contact us by phone call 800-535-0270

Conventional Refinance Loans in New York

Conventional Refinance Loans in New York

A conventional mortgage is one that is not insured by a government program, such as the VA or FHA. When you refinance into a conventional loan in New York or elsewhere, the process is pretty simple, but there are some things you have to keep in mind.

Requirements

When you do a conventional refinance, there are some requirements you will have to meet that may be different than what you faced if you were in a government insured loan program. For example, such programs often have low down payment requirements and may allow borrowers to have lower income levels and lower credit scores than conventional loans. If your credit score is not above 720, for example, you may not qualify for the best interest rate, and if you don’t have 20 percent equity in your home, you may not be able to refinance without taking on mortgage insurance.

Considerations

One of the biggest things to consider when thinking about a refinance is how it will benefit you financially. If you will lower your mortgage rate by at least 1 percentage point, then a refinance may be a good idea. Refinancing into a conventional loan might also let you get rid of mortgage insurance if you have enough equity in your home. Even if those conditions are met, however, there are still things to consider. For example, the closing costs on a conventional refinance are about the same as they are on a purchase, and in New York, the costs are among the highest in the nation. You need to make sure you will remain in your home long enough to recoup those closing costs.

Feel free to give us a call and speak to a refinance specialist who will guide you in the right direction.

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

Condo Refinance in New York

Condo Refinance in New York

Refinancing any kind of home can sometimes be a challenging process. However, condos seem to have an additional layer of difficulty subject to approval by the Federal Housing Administration along with Freddie Mac and Fannie Mae before these organizations will back financial loans on them from banks. In order to successfully refinance your condominium, you need to determine if it meets the standard lending qualifications established by these key organizations and also if you can qualify for the loan itself.

Here’s what you need to know when it comes to refinancing condos.

1. Determine your current payoff amount on the loan.

First, contact your mortgage lender regarding the remaining balance on your current condo loan. This is the actual amount you need to refinance. Also, you’ll need to determine the current value of your condo since one key number regarding the financing is the LTV (loan-to-value) ratio and is measured according to a percentage overall.

2. Contact us and inquire about current rates.

We try to find the best rate possible for you given the significant amount of money you need to refinance. Keep in mind that the current interest rates change quite often. Many people use online interest rate calculators to help them determine the monthly payment of their loan. In fact, if your current mortgage loan is backed by either Freddie Mac or Fannie Mae and was securitized prior to June 1, 2009, you may actually qualify for a loan from HARP, also known as a Home Affordable Refinance Program.

3. Fill out a new loan application and apply with us.

Finally, apply for a loan with us as we are a preferred New York mortgage broker when it comes to financing condos in NY. You will need all the necessary detailed information concerning your condo as well as the condo community itself along with your current debt information and income. If your particular condo community isn’t eligible for financing, your mortgage broker will let you know the reasons why.  We are well versed in non-warrantable condos, so be self-assured that we can find a program for you.

Contact us at (800) 535-0270 for more details about Condo Mortgages.

Consolidate Your Debt with a Cash out Refinance

Consolidate Your Debt with a Cash out Refinance

Whether you have credit card debt, student loans, personal installment loans or other types of debt, you may be tired of making many payments to different lenders. You may also be looking for a way to lower your total monthly payments, make it easy to manage your finances or even reduce your outstanding balances more quickly. While there are several options available for accomplishing some or all of these goals, a top option to consider is to consolidate your debt with a new loan through MortgageDepot. A cash out refinance mortgage is a great option to consider, and our loan representatives can guide you through the loan application process.

Learning More About the Options

If you want to consolidate your debt with a cash out refinance a mortgage, you should first review the equity that you have available in your home. Consider the outstanding balance on your existing mortgage debt and the current property value. When you contact us to explore the options available, these are some of the first questions we will ask. There are several cash out refinance programs available, and we can help you to learn more about the amount of money that you will be able to pull out of your home based on these factors.

Completing the Loan Application

Through MortgageDepot you can get prequalified for your new mortgage very quickly. Prequalification will enable our loan representatives to determine if you meet all of the underwriting guidelines for the cash out refinance a mortgage that you are thinking about applying for. It can also determine what loan amount you qualify for. This is important information because it will tell you how much of your debt can be consolidated through this process.

It is easy to feel as though your debt is controlling your life. It may be interfering with your ability to save for the future, take vacations and complete other plans you may have that require additional money. By consolidating your debt, you may be able to lower your total monthly payments, pay your debts off more quickly or achieve other important benefits. If you have been looking for a way to improve your financial situation with the reduction or elimination of debt, consolidating debts with a cash out refinance mortgage is a great option to consider. You can learn more about how viable this option is for helping you to achieve your goals when you contact us for further information about refinancing your mortgage.

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

 

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