• Ask about our bank statement program which eliminates the use of tax returns and we just use the deposits in your bank account to calculate income.
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Super Conforming

Super Conforming

We are committed to helping each of our valued clients set up an affordable loan, but we understand that some of our clients have had trouble finding a loan program that is suitable for their needs. Some lenders and brokers only work with standard loan programs, and the unfortunate reality is that not every borrower’s loan request fits neatly into a box. Our Super Conforming loan program is just one of many types of loans that we offer, and it may be the ideal program for you.

Our Super Conforming loans are ideal for residential property types, but there are many unique guidelines in place that may make this the right program for your situation. Some of the special guidelines and requirements that are in place for these mortgages include:

  • With a 620 or higher FICO, the maximum loan amount is $679,650
  • Up to 90 percent LTV on a purchase or rate/term refinance
  • Up to 80 percent LTV on a non-owner-occupied property or a second home purchase
  • Up to 75 percent LTV on a non-owner-occupied property or up to 80 percent LTV on a rate/term refinance on a second home
  • Up to 65 percent LTV on a cash-out refinance on a non-owner-occupied property or a second home
  • Blended ratios acceptable

It is rarely simple and easy to find the right loans for your needs, and this can be even more complex and challenging when you are dealing with a second home or an investor property that is not owner-occupied. If you are challenged by trying to find the right loan program for your needs, simply reach out to the team at MortgageDepot.com for assistance. We strive to help you achieve your goals through our extensive range of loan programs, and we also offer personalized attention so that you can get your questions answered about the different options.

The ability to set up affordable financing is critical if you want to achieve your real estate goals, and we go the extra mile to help with your needs. If you are shopping around for an affordable loan program for your conforming loan needs, now is a great time to speak with one of our representatives about our Super Conforming loan program and our other financing options that may be right for you.

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

Mortgage Depot Welcomes Eddie Kaziyev To Our Team

Mortgage Depot Welcomes Eddie Kaziyev To Our Team

I’m Eddie Kaziyev, and I began my career in the Mortgage and Real Estate industry in 2004. Throughout my career, I’ve developed expertise in securing financing for coops and condominiums ultimately led me to work at JP Morgan Chase as a manager in the condo/coop department which specialized in getting condos and coops throughout the U.S. approved for financing with FNMA/FHLMC and JP Morgan.

From the inception of my career, this specialty has distinguished my ability to assess the best mortgage no matter where a buyer wishes to buy their coop or condo property. As a real estate professional, I’ll ensure that no matter the state or location of your choice for that condo or co-op property, you’ll get the best, most affordable available mortgage option in the market place.

So if you’re dreaming as a first time home buyer, empty nest downsizer, or desire a vacation home, or you’re a retiree thinking of relocating, contact me. I’m here to answer any questions you may have regarding securing a mortgage for a co-op or a condo, so don’t delay. Moving into your dream condo could be a phone call away.

To see all our hires click here

Mortgage Depot Welcomes Cindy Chen To Our Team

Mortgage Depot Welcomes Cindy Chen To Our Team

Yanyue “Cindy” Chen began her career in real estate five years ago. As a mortgage loan specialist, her primary focus is securing specialized financing options that suit her clients personal home goals and needs.

Are you a first time home buyer in need of a No-income verification loan? Or are you a non-green card holder seeking to invest in NY real estate? Cindy can assist you in finding the perfect loan to secure the property or business that you want to own.

Whether you’re seeking a jumbo or a non-conforming loan, she can help you navigate the complex process of matching you with the right financial scenario that accommodates your particular home or business needs. “Cindy” is dedicated to creating opportunities for home ownership to her community.

By navigating the process of securing a mortgage for a business or a private home, in a less Intimidating manner, she empowers families and the communities where they live. So don’t hesitate to contact Cindy for your mortgage needs. With her experience, she’ll work hard to help you secure the home of your family’s dreams.

To visit Cindy’s personal page click here.

To see all our hires click here

What are Closing Costs

What are Closing Costs

CLOSING COSTS are fees that are earned prior to closing but are payable at or prior to closing and Fees that are required to be paid at closing to complete the loan transaction.

These Fees are itemized and estimated for you on the Good-Faith-Estimate now know as Loan Estimate which is provided within three business days of the filing of your application.

Closing costs can be divided into two broad categories. First, there are Fees required by your lender and/or mortgage broker as a condition of closing your loan. These Fees may include an application fee, appraisal Fee, Credit reporting Fee, interim interest until the end of the month, mortgage broker points and lender points ( a point is one percent of the principal loan amount ). Tax and insurance escrow’s will be discussed later. Second, there are Fees payable to third parties whose services are required by the lender as a condition of closing your loan. The most prominent of these Fees are related to the delivery of a title report and a policy of title insurance to the lender, to ensure its interest in the property securing the loan. In addition to collecting Fees for title insurance premiums, necessary searches and policy endorsements, the title company will collect from the borrower at closing an amount sufficient to pay the mortgage recording tax (0.80% in New York State, 1.80% in the five boroughs of New York City, not applicable on Co-op’s) the fee to record the deed (in purchase transactions) the mortgage and any satisfactions, and an amount sufficient to pay any open taxes or assessments or any such charges that will become due within sixty days of closing.

Further third party Fees include charges for hazard and flood insurance (if applicable), flood certification, private mortgage insurance (if applicable), termite inspection, well water and cesspool inspections (if applicable), legal fees payable to the lender’s settlement agent, and survey charges (if applicable).

If your loan provides for the lender to escrow funds for the payment of taxes and/or insurance, an amount necessary to fund the escrow account will be collected at closing, so that there will be sufficient funds available, when combined with the amounts collected as part of your monthly payments, to pay these charges as they become due.

Closing costs may be paid out of the loan proceeds or they may be paid separately by the borrower, usually by certified check. Certain loan programs allow the borrower to finance the closing costs by increasing the loan amount in an amount sufficient to pay these charges or by adjusting the interest rate.

The Loan estimate (Good-Faith-Estimate) will estimate each of the above described charges that are applicable to your loan transaction, for you.

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

LPMI -Lender Paid Mortgage Insurance

LPMI -Lender Paid Mortgage Insurance

Mortgage insurance, or PMI, is typically required on residential mortgage loans with greater than 80 percent loan-to-value on the first lien. The purpose of PMI is essential to protect the lender in the event you default on the mortgage, and it is required for higher LTV loans because there is a greater risk of default on these mortgages. Mortgage insurance can be expensive, and in some cases, it can add hundreds of dollars onto your expenses each month. There are essentially two ways to obtain a higher loan-to-value mortgage without having to pay mortgage insurance. The first is to structure a combination loan with a first and a second lien. The second is to apply for a mortgage with Lender Paid Mortgage Insurance or LPMI.

What to Expect With LPMI

With an LPMI program, you generally will have a slightly higher interest rate than with a standard PMI program. You should keep in mind that the PMI is not tax deductible, but your mortgage interest charges are. Therefore, you can analyze both options to determine if the extra tax deduction from the LPMI option is a better solution for you from a financial standpoint. You can apply for a loan-to-value for up to 97 percent, which makes the program ideal for those who have minimal funds available for a down payment.

The Alternative of a First and Second Lien

Some may think that they can save money by avoiding PMI and the higher interest rate with the LPMI program altogether by setting up a first and second lien. For example, you may apply for an 80 percent LTV first lien and a 17 percent LTV second lien. This structure will eliminate the PMI payment and the higher rate associated with LPMI. However, the second lien interest rate is often several percentage points higher or more than a first lien. Therefore, there is a cost associated with this option as well.

If you are looking for the most affordable loans for your upcoming real estate purchase, it is wise to reach out to MortgageDepot. Each borrower and each loan scenario is unique, so there is not a single solution that is most affordable for everyone. When you work with our mortgage representatives, we will help you to explore all of the options so that you make the best decision about your mortgage. Contact MortgageDepot for mortgage information about our loan programs.

To contact us by phone call 800-535-0270 or email us by clicking here.

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