• 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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Give Back Gala Event

Give Back Gala Event

MortgageDepot Loan Officer Tariq Bailey is a proud sponsor of the Keller William-Bronx “Give Back Gala” event on Friday, Nov. 7th, at 6 pm at the Villa Barone Manor located at 737 Throgs Neck Expressway. This elegant evening is a fundraiser dedicated to supporting the not for profit organization Services For the Underserved. This gala event will include a cocktail hour, passed hors d’oeuvres followed by a formal dinner and silent raffle.

MortgageDepot is honored to support Keller Williams in the Bronx. Mortgage Loan officer Tariq Bailey’s tax-deductible sponsorship will help Services For the Underserved provide high-quality, essential services tailored to each individual’s complex circumstances. These efforts on behalf of the community are meant to transform lives, improve communities, and to break the cycle of poverty for future generations.

MortgageDepot is committed to communities and to the people that live in them. Whether you’re a first-time homebuyer or a business owner looking for a “brick and mortar” space, the entire staff of MortgageDepot is here to help you realize your dream.

Contact us today for all your real estate financing needs at 800-535-0270 or email us here.

Roman Kaziev’s Closing

Roman Kaziev’s Closing

MortgageDepot’s Loan Officers always go above and beyond to serve our clients that seeking a mortgage for the purchase of a home or business. Mortgage Loan Officer Roman Kaziev worked very closely with a first time home buyer with particular circumstances to secure a mortgage for the home of their dreams.

In this case, the first time home buyer was a foreign national that was seeking a home mortgage while her “green card” status was still pending. This process would have discouraged the typical borrow, but having a dedicated Mortgage Loan Officer from MortgageDepot made all the difference. With Roman’s expert guidance, MortgageDepot was able to structure the loan to accommodate the closing of the mortgage for the client.

MortgageDepot secured a mortgage for a residential property located on Staten Island for $520,000 for a 30-year high balance at a rate of 3.875%! This was an excellent result for the first time home buyer! Each client’s needs are unique when they’re seeking a mortgage, and here at MortgageDepot, we pride ourselves on achieving the goal of homeownership for each of our clients, no matter their unique circumstances. If you’re looking to buy a home, a business or to refinance your exisiting home or commercial property, call Roman  today at (718) 407-8888.

Qualify with 1099 Income Only!

Qualify with 1099 Income Only!

As a leader in the non-conforming mortgage market, we are always looking for ways to make sure that our borrowers get financing no matter what the scenario is. 

We now offer a mortgage program that was designed for borrowers that collect payments as a sole proprietor or a contract individual. We calculate income based on the 1099 and not the W2 giving the borrower the opportunity to obtain financing based on their gross income and their net income as is required in mortgage calculations. We use the income that is reported on IRS 1099 form and the borrower’s schedule C, NO tax returns required which shows the net income.

Min FICO: 660 | Max LTV: 75% | Max Loan Amt: $1m

Features :

  • 1099s for the most recent 2 years are provided
  • 1099s are from the same single employer for the past 2 years
  • 1099s validated with a wage and income transcript from the IRS
  • Year-to-date earnings are verified via a YTD paystub or other equivalent third-party documentation

Regarding this 1099 ONLY mortgage program, contact our office to speak to a loan officer who can guide you through the process and explain the program further.

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

Boris Bast Commercial Closing

Boris Bast Commercial Closing

MortgageDepot Loan Officer Boris Bast successfully assisted a client with the purchase of a 15,680 Square foot fully occupied shopping center featuring fourteen retail stores with additional commercial, office, and restaurant space. Located in Ballston Spa, New York, in Saratoga County, and it was secured with a mortgage of $715,000.

As with most lengthy negotiations, terms are subject to change, and this was the case with securing this particular mortgage loan. During the loan process, mortgage rates fell and were re-negotiated. Add to that fact, and there was also a separate structure that needed extensive rehab included in the total square footage of the property.

Boris was successful in his efforts to renegotiate the mortgage and secured a 30 year fixed rate loan with no adjustable-rate and no balloon payment. The lender required no reserves, and the buyer was able to obtain this mortgage without presenting tax returns or financials to the lender and was qualified based on the current leases held by the retail spaces located within the property.

And this complex loan process was initiated with the nominal flat fee of $500! This nominal fee is standard for every loan application started by the Mortgage Loan Officers of MortgageDepot. Contact us today to secure that mortgage for your business or new home.

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

Can I pay off a VA Loan early?

Can I pay off a VA Loan early?

Many military borrowers of VA loans often wonder if they can pay off their loan early. With conventional loans, you can pay off your loan early but there is a huge pre-payment penalty. The penalty is usually 20 percent of the original principal balance. Traditional VA loans do not work that way, there is no penalty for paying off your loan early or having another military veteran assume your loan. The focus lies in the benefits of paying off your loan early and how you can save thousands of dollars on your fixed rate 30 year loan.

How to Benefit From Paying Off Your Loan Early

If you have a traditional 30 year fixed rate VA loan, you can expect to pay tens of thousands of dollars in interest. You can also expect to pay more if you stay in the home for the full 30 years. One way to shave off thousands of dollars in interest is to pay a little extra on your mortgage payment. If you can pay anywhere from $50 to $100 on your mortgage payment each month it leads to you paying off your loan early and saving thousands of dollars. Just notify the lender on your payment that the extra funds are to reduce the principal balance of the loan or they will put the funds in an escrow account. Keep that in mind when you are paying extra on your mortgage.

Where to Find Help for Your Early Pay Off

If you have questions about paying off your VA loan early, do not hesitate to contact us. We are a professional mortgage service firm based out of New York with a strong reputation for helping people with their mortgages. We guide you by the hand throughout the entire mortgage process.

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

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