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MortgageDepot Welcomes Regina To Our Team

MortgageDepot Welcomes Regina To Our Team

MortgageDepot welcomes our latest hire, Regina Bronstein. As a mortgage loan processor, her professional career has spanned twenty years.

Regina started her career in real estate by becoming an assistant to a loan officer at Chase Manhattan Bank in 1999. In her capacity, the focus was on retail mortgages, including mixed-use properties in addition to commercial and residential properties.

Having garnered years of experience during her tenure, she spent five years from 2010-2015 at PNC Bank as a Mortgage Loan Officer. Consequently, she then took her expertise as a mortgage loan officer to Citizens Bank in 2016 through 2018.

Playing to her administrative, organizational strengths, Regina joined the staff here at MortgageDepot to focus solely on the requisite administrative paperwork associated with the successful completion of a loan application. By having intimate knowledge of how involved the mortgage application process is, she chose to focus her energies and efforts there exclusively.

When asked why she does this type of work in the real estate industry, Regina replied, “I love paperwork and documentation administration. I love paperwork, and organization is my thing,” adding that “disorganization” is THE central crazy aspect of the work.

Regina Bronstein takes great pride in her work because mortgages are unique based on each client’s individual needs; and it’s a fact that mortgage products can range broadly from A-Z. There is a deep sense of satisfaction derived from seeing the process evolve successfully from beginning to end administratively.

Whether you’re a home buyer or seller, and you’d like to find your starter home or upgrade your current residence, if your interest is in obtaining a mortgage for a business, condo or co-op, we here at MortgageDepot can assist you in this process. Contact us today at 800-535-0270.

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

Can I have more than one loan at a time?

Can I have more than one loan at a time?

Qualified applicants who apply for a VA Loan can obtain more than one loan within their lifetime. However, it is important to look at some of the areas that determine a qualified applicant. Those who can qualify for multiple VA Loans include veterans of the U.S. military, spouses of veterans who were killed in the line of duty and veterans who received an honorable discharge under the character of service box listed on the DD 214. If you are missing your DD 214, the VA will pull up another copy and send it to you.

Qualifying for More Than one Loan

Veterans are usually restricted from obtaining multiple loans at one time. However, if the borrower obtained a VA Purchase Loan and paid off the loan, they are then eligible for another VA Loan program. A veteran who qualifies for a VA Loan can use this benefit as many times as they see fit; only if they pay off the debt that is owed on the home they purchased. It is possible for a veteran to obtain one loan and purchase two properties with the funds that are allocated. However, two properties is the maximum amount of properties a borrower can obtain with one VA Loan.

The Power of Using MortgageDepot

Although trying to obtain more than one VA Loan at a time appears complicated, we actually break it down into very simple terms. We specialize in working with veterans who are looking at various VA Financing Programs. Whether we are first time home buyers or looking to refinance an existing loan into a lower rate, we can and will help. Our professional staff that is based out of New York prides itself on being one of the best mortgage providers in New York.

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

Adding a little more to monthly mortgage payments pays off

Adding a little more to monthly mortgage payments pays off

People know of us as a leading mortgage broker company, so it may come as a surprise to be reading about how MortgageDepot helps borrowers to payoff their mortgages early and reap substantial benefits. Making extra payments toward the principal balance of a mortgage not only reduces the interest homeowners pay, but it also increases their equity in the home, which could have the added benefit of early elimination of monthly private mortgage insurance premiums. We’ve made it easy by creating a calculator borrowers may use to see the effect of extra payments on a mortgage loan.

Benefits of making extra payments

We’ll get to the methods our borrowers can use to make extra payments toward their mortgage, but regardless of how a homeowner chooses to do it, the benefits include:

  • Reducing the length of time a homeowner has a mortgage on the property. The extra payments reduce the principal balance of a loan making it possible to be free of mortgage payments much faster than the loan’s original 30- or 15-year term.
  • Reducing the amount of interest paid over the life of the loan. The interest a borrower pays each month is based upon the principal balance at the time of the payment. Extra payments toward principal result in a lower principal balance on which to pay interest.
  • Eliminate monthly premiums for private mortgage insurance. Reducing the principal balance of a mortgage through extra payments increases the equity a homeowner has in the property. A reduction in the loan-to-value ratio permits a homeowner to request elimination of private mortgage insurance.

Extra mortgage payments will not change the amount of a person’s monthly mortgage payment, but the benefits that a person can realize make it worthwhile.

Using a mortgage-payoff calculator

Our mortgage-payoff calculator is easy to use and only requires that a borrower or homeowner have the following information to enter into it:

  • Date of the first mortgage payment that was due on the loan.
  • Original loan amount or the current principal balance if the borrower has already made extra payments toward principal.
  • The original term of the mortgage expressed as the number of years until it would be paid in full.
  • Annual interest rate expressed as a percentage.
  • The amount of the extra payment a homeowner or borrower wishes to make and the frequency of the payment.

Users of the mortgage-payoff calculator have an unlimited number of options for the amount and frequency of extra payments. Some people prefer to pay the same amount each month. Others might prefer a one-time payment or a lump-sum payment at a predetermined time each year. For example, a homeowner might wish to make a single payment toward principal and schedule it for about the time the person expects to receive an income tax refund.

Borrowers who have used the mortgage-payoff calculator to see how their loans could be affected by making extra payments have been shocked by the results. For example, if one of our borrowers purchases a home with a $400,000 mortgage payable over 30 years, paying an extra $500 a month will save $70,305 in interest over the life of the loan and shorten the payoff time by seven years and seven months.

MortgageDepot can help

Homeowners with existing mortgages or buyers in search of a new home will benefit from the expertise and mortgage industry experience of our loan officers. We’ve built our reputation as a leading mortgage broker through the knowledge and information we make available to all MortgageDepot customers.

Learn more about making extra payments toward a mortgage by visiting us at MortgageDepot.com.

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

Need a mortgage? Don’t let self-employment stand in the way

Need a mortgage? Don’t let self-employment stand in the way

As a leading mortgage broker company, our loan officers at MortgageDepot have successfully worked with all types of borrowers to obtain mortgage financing. Most borrowers have no problem satisfying lender requests for pay stubs and other financial documents to prove income and assets. Modern technology makes submission of scanned documentation as easy as sending a fax or an email, but technological advancements have done little to help self-employed borrowers who find it difficult to explain or document income sources. We have a solution to meet the challenges faced by self-employed individuals in need of financing to purchase a home.

Challenges faced by self-employed borrowers

Our experience in the mortgage industry tells us that some people with self-employment income may not realize the challenges it presents when purchasing a home. Someone working for a company or organization and regularly drawing a paycheck for the work performed usually receives a W-2 at the end of the year showing their earnings.

On the other hand, self-employed individuals may be unable to show a consistent stream of income over the course of a year because they do not receive a W-2. Self-employed individuals might receive a 1099-MISC from someone for whom they did work over the course of the year, but a single 1099 may not reflect the person’s total income from all sources.

Many self-employed people receive income from operating their own businesses, but other sources of income may include the following:

  • Rental income
  • Payments for freelance work
  • Income from investments

multi family

Underwriting guidelines traditionally used by lenders require applicants for mortgage financing to prove they have an income and its source. For a salaried employee, a W-2 and some pay stubs along with recent income tax returns satisfy the underwriters. Life is not as simple for self-employed borrowers whose income may vary each week and each year, but entrepreneurs and others not drawing a steady paycheck can qualify for a mortgage.

Documentation requirements for self-employed applicants

The documentation lenders request from a borrower with non-traditional sources of income usually includes the following:

  • Bank statements for business and individual accounts 
  • Two years of personal income tax returns
  • Two years of business tax returns
  • Business balance sheet
  • Earnings statement or report
  • Letter from an accountant

Lenders look for income stability from both salaried and self-employed borrowers. Someone without a traditional job may have short-term income fluctuations, but two years of personal and business income tax returns showing income stability helps to prove consistency.

Borrowers with declining incomes or wide fluctuations in income from one year to the next may need to offer an explanation in a letter from a certified public accountant. If a borrower operates a business, the balance sheet and earnings statement for the current year can be used to satisfy lender concerns about a continuing flow of income through self-employment for the current year.

Changing careers, such as going from being a salaried employee to owning your own business, may prevent a borrower from producing two years of tax returns for the new business. Some lenders will accept one year of tax returns provided the new business venture relates to a borrowers previous line of work and the income remains about the same. Applicants should keep in mind that underwriting requirements may differ from one lender to another and could be affected by the type of business and other factors.

What should self-employed borrowers do?

Working as mortgage brokers allows us to get to know the underwriting guidelines of a number of lenders. Following are a few things to help borrowers who are self-employed

  • Don’t wait until after making an offer on a home to apply for a mortgage. Getting preapproved before starting to look at homes saves time and makes a borrower more attractive to a seller.
  • Gather all business and personal financial records, including income tax returns, before applying for a mortgage loan.
  • If changes in income or employment are anticipated, try to apply for the loan before the changes occur.

Any borrower benefits from being prepared and having a clear understanding of the process before applying for a loan to purchase a new home or to refinance an existing mortgage. At MortgageDepot, we welcome questions from all borrowers, including individuals with self-employment income.

A consultation with one of our knowledgeable and experienced loan officers lets a borrower know the types of loan products best suited to their particular circumstances and how to best meet lender underwriting conditions. Learn more by calling us at (800) 535-0720 or email.

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

Can someone else sign on the loan with me?

Can someone else sign on the loan with me?

Can Someone Else Sign on the Loan With Me

Not every VA loan has a single borrower. Many times the mortgage transaction will entail the use of a co-signer, co-borrower or joint applicant. The transaction is usually not as complicated with any scenario if they are a veteran of the U.S. military, or the spouse of a veteran. The transaction rules and regulations are the same as using the single borrower transaction guidelines. However, the co-signer or joint applicant scenario has different rules than the traditional borrower, co-borrower scenario. Therefore, it is important to understand some of the rules involved.

Co-Signer and Joint Applicant Information

Here is an example of a situation of a veteran who may need a little help with the use of a co-signer. If you have a son or daughter who are veterans and do not meet the eligibility requirements, you can help out as a co-signer. In this instance, the rules for co-signers require that your credit is satisfactory and the combined income of both applicants will be considered. Normally, there are very little restrictions on a traditional VA loan where the veteran meets all of the eligibility requirements. However, there is help to those veterans who do not quite have the credit and income strength. If you and your children are both veterans, it now becomes a joint application and your credit and income levels need only be marginal.

Looking to MortgageDepot for Help

If you are uncomfortable with the above scenarios, then contact us.We are a respected mortgage firm based out of New York. We have answers to all your questions related to VA Loans. There is a professional team standing by ready to help guide you by the hand through the loan process. Give us a call today and find out why we are so respected throughout the state of New York.

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

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