• 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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Meet Lisette Espinoza

Meet Lisette Espinoza

I’d describe my role at MortgageDepot as a processor, and additionally I’m also a skilled underwriter who performs pre-qualifications as needed. Before joining the staff six years ago, I worked in bookkeeping and accounting.

Each of my work days begins with email and attention to the priority files based on their urgency. I’m very methodical in my approach, and I start each day with a daily task list. I was fascinated by the mortgage process; and as a bookkeeper, I wanted to learn more. I have the advantage of possessing a natural affinity for numbers, and I enjoy working with them, so it was a seamless progression for me. Excellent client service is when your customers are so happy that they refer others to you!

The most critical change I’ve experienced in this industry is how digital technologies have transformed processes completely. If I could have one wish granted, it would be to see quarterly information sessions that allow professionals such as myself to keep abreast of the constant changes in the mortgage industry.

Meet Irina Trofimova

Meet Irina Trofimova

My role here at MortgageDepot is as a Loan Officer’s assistant. Before joining MD three years ago, I secured financing for Title 9 Autos as an automotive loan clerk for car purchases. My typical day consists of processing applications, checking for updates and making additions of required documents.

Although I was doing auto financing, I always really wanted to learn the mortgage business. And it’s a big plus that my job is very near my home, NO commute! It’s cool when clients return to conduct additional business with us and refer their friends and family! What’s changed in the mortgage industry is how technology has made information more accessible for consumers and now that’s the standard.

I’m looking forward to a day when collaboration is the focus, and everyone can do their jobs effectively no matter what their role is in the mortgage process.

CEMA can save you thousands in closing costs

CEMA can save you thousands in closing costs

Each person seeking a mortgage at MortgageDepot presents us with a unique set of financial circumstances. MortgageDepot’s Loan Processor Irina Olivieri recently explained in depth how closing a mortgage refinance in certain instances can become very complicated. In New York state clients can obtain a Consolidation, Extension and Modification Agreement, or what is called a CEMA loan when they are looking to refinance their mortgage loan.

A CEMA loan is attractive because clients only have to pay taxes on the amount of the new loan that is above and beyond their current unpaid principal balance, such as closing costs or cash out. CEMA loans are only available on conventional, jumbo and FHA refinances. VA loans are not available.

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The CEMA loan can help to reduce the amount of money a borrower pays in New York state mortgage taxes. CEMA can save you a lot of money on a refinance in New York State. Most clients looking for cost-effective refinancing should find that a CEMA loan makes perfect sense. However, it’s vital to know what to expect in terms of fees and closing times.

One thing to note is that CEMA loans have some additional fees involved that could make it less advantageous to some borrowers. Fees vary for individual loans but can range anywhere from a few hundred dollars to a few thousand dollars. These fees typically cover CEMA assignment fees, closing fees, and processing fees.

Although CEMA can save you money in most cases, it isn’t the quickest process. The state of New York and any previous lender must sign off to get the mortgage and title transfers processed under CEMA regulations, allowing you to pay taxes only on the new money in the transaction rather than the full principal balance. Understand that any CEMA refinance is going to require more patience than your average refinance. It may take anywhere between 60 and 90 days to close your loan. However, they’ll keep you updated throughout the process. If for some reason you need your loan to close quickly, you can take a look at regular refinances. Just be aware that you could pay additional taxes in exchange for that speed.

New York homeowners can get CEMA refinancing now at MortgageDepot.com today! If you’d prefer to get started over the phone, you can talk to one of our Mortgage Loan Officers by calling (718) 268-9000.  

To contact us by phone call (718) 268-9000 or email us by clicking here.

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Non warrantable condos

Non warrantable condos

When it comes down to purchasing condos and co-ops, it isn’t just your creditworthiness the lender takes into consideration. Your mortgage lender must also verify the fiscal and physical health of the entire condominium development into which you’re buying.

Fortunately, with the housing market doing well and condo values climbing, mortgage lenders allow looser guidelines — even low-down-payment home loans occasionally.

Common non-warrantable properties include condo-hotels, timeshares, fractional ownership properties, and other projects which require owners to join an organization, such as a golf club.

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Manufactured housing such as houseboats and motorhomes and other developments that are not legally considered real estate are also excluded from warrant-ability. When buying a condo, ask your real estate agent or lender about the building’s warrant-ability before you go any further.

In general, a condo or co-op unit is considered non-warrantable if: the project has yet to complete construction. Or its developer has not turned over control of the HOA/Board to the owners. Or that the development allows short-term rentals. Additionally, a condo or co-op is non-warrantable if a single person or entity owns more than 10% of all units or if It’s in a project where the majority of units are rental units occupied by non-owners.

Also, a condo unit in a development project involved in litigation of any kind is usually “non-warrantable.” It doesn’t matter if the development is the plaintiff or the defendant in the suit.

Non-warrantable condo financing is unavailable via Fannie Mae and Freddie Mac, the FHA or the VA. To get a non-warrantable condo mortgage, you’ll need to talk with a specialist mortgage broker such as MortgageDepot. Each mortgage loan provider has different rules and stipulations regarding financing for a condo.

Fannie Mae and Freddie Mac each have a set of requirements that every condo association has to meet – such as the minimum amount of funds the association has in reserves, the number of tenants past due on their homeowner’s association fees, the number of units that are rentals or investment properties, review these variables very carefully.

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

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Rental Property Program for Investors

Rental Property Program for Investors

We offer a 1-4 Unit Rental Property program specifically designed for the real estate investor. We bridge the gap between agency and private money, helping investors manage their single-family property investment portfolio with the purchase of additional properties or with refinancing existing loans.

  • Loan amounts from $75K to $2M
  • Rates starting at 6.125%
  • No tax return or bank statement programs available
  • LTV’s up to 80%
  • Credit Score 550 (500 case-by-case)
  • Fully amortizing terms up to 30 years

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

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