• 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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Boris closes a Non-Qualifying Mortgage

Boris closes a Non-Qualifying Mortgage

MortgageDepot prides itself on providing our clients with the very best mortgage products that we can match them with, that perfectly suits their financial needs. Boris Bast has expertly guided the purchase or refinancing of many properties in his role as a Mortgage Loan Officer (MLO) for MortgageDepot.

Recently Boris assisted a client by securing a Non-Qualifying Mortgage (Non-QM) for the purchase of a single-family residence. The challenge was in finding a mortgage for the client who had no regular employment income, and no tangible assets. By using rental income cash flow, the client was able to qualify for the Non-QM loan. Although it’s at a slightly higher interest rate of 6.00%, the client felt this was an excellent outcome considering their financial status, credit score, and other mitigating factors.

Boris is just one of the many expert mortgage loan officers at MortgageDepot that can assist you with finding the best mortgage product for your unique financial position as a potential home buyer.

Contact us today at MortgageDepot.com or at 800-535-0270 to work with one of our expert MLO’s to secure the home of your dreams.

First Time Home Buyer Mortgage With Immigration Issues

First Time Home Buyer Mortgage With Immigration Issues

Mortgage Loan Officer Roman Kaziev is among our Senior Loan Originators. In his capacity, he works with a wide range of individuals who are looking to secure a home mortgage. Each client has a unique financial situation and credit rating. But there are times when other mitigating factors can determine a client’s eligibility for a mortgage loan

Such was the case with a first home buyer that wanted to purchase a single-family residence in Staten Island, New York. Even though the client qualified for a traditional, conforming Fannie Mae mortgage loan, her pending immigration status put awarding her that loan in question.

With Roman’s guidance and expertise, all the required proper documents related to the mortgage that were needed were submitted promptly, facilitating the approval process to secure this first-time buyer’s mortgage loan. The first time home buyer was fortunate to obtain an excellent rate of 3.875% fixed for 30 years with zero points.

Every mortgage transaction is very involved. Frequently, a client’s personal or financial issues may arise during the mortgage application process. A seasoned Mortgage Loan Originator like Roman will work diligently with you to address any problem that may occur that can impact a client’s ability to get a mortgage loan. Attention to the details and procedures while working collaboratively with lenders and underwriters is key to helping clients when they want to qualify for a home loan.

Our mission at MortgageDepot is to help every client realize their dream of homeownership. Contact us today at 800-535-0270 or visit Mortgagedepot.com

MortgageDepot lowers the cost of financing a home

MortgageDepot lowers the cost of financing a home

The closing costs associated with purchasing or refinancing a home can really add up, but we don’t believe it has to be that way. At MortgageDepot.com, we’ve reduced our underwriting fee to only $399 instead of the $1,500 charged by some lenders and brokers offering mortgage financing.

Closing costs, those expenses borrowers pay to obtain mortgage financing, include:

  • Points: A point is usually 1 percent of the principal balance paid at closing to reduce the rate of interest on the loan.
  • Appraisal fee: Payment to a professional who does an appraisal to determine a property’s current value, so the lender will know how much it can lend.
  • Document preparation: Lenders charge a fee for the preparation of the promissory note, mortgage and other documents required to close on the loan.

There are other closing costs charged by lenders, so borrowers need to be careful when shopping for a mortgage.

Reducing the underwriting fee to $399 is only one of the ways we are working to make mortgage financing affordable. Find out more about what MortgageDepot is doing for our borrowers by calling us today at (800) 535-0720 to speak with a mortgage broker.

Contact us for more info today at (800) 535-0270 or email us by clicking here.

Fundamentally Changing The Face of Hard Money

Fundamentally Changing The Face of Hard Money

Since the deregulation in 1980 “Hard Money” loans have been a accepted alternative to bank financing. With or competitors current rates from 9% to 14%, points ranging from 2% to 5% and most loans being short term bridge loans, it is obviously the last resort on any borrowers mind.

Over the years MortgageDepot has tried to close the gap from what hard money currently looks like to what we think hard money should look like. Well we are proud to announce that with the new expanded guidelines on our business purpose subprime product we have achieved our goal of fundamentally changing the hard money landscape forever! we are very excited to offer to residential and commercial property owners financing that is long term (no more pesky balloon payments), rates from 6.875 to 9.99 all at NO POINTS!

Gone are the days of waiting for private investors to potentially lend you money. Here are the days of truly institutionalized and usable hard money product. We highly encourage to reach out to one of our friendly mortgage loan originators here at MortgageDepot. Let our team of professionals educate you on how we can bring a cheaper long term financing alternative to our borrowers that either can’t qualify or don’t want to wait around to qualify for bank financing for their investment properties. CALL TODAY 800-535-0270. Some bullet points on our new product is below.

  • All loans are “NIS/NIV” NO INCOME STATED/ NO INCOME VERIFIED!
  • UP TO 80% LTV
  • Purchase and cash out transactions available.
  • 100% gift funds acceptable!
  • FAST CLOSING are an everyday occurrence. Typical closing times less than 2 weeks with ability to close in 4-5 days!
  • SFR, Condos, Townhomes and 2-4 units.
  • 5+units (multifamily), Mixed use, Office and Retail.
  • 3/27, 5/25 and 7/23 products available.
  • NO balloon payments ever! 30 year fully amortized loans!
  • Easy to understand and simple underwriting guidelines!
  • Rates from 5.99% to 9.99%
  • No points!!!!!
  • Buy down options available.

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

Introducing High Balance Nationwide! Up To $679,650 Is Conventional

Introducing High Balance Nationwide! Up To $679,650 Is Conventional

Starting today every county in the country qualifies for High Balance up to  $679,650 regardless of the published loan limits.

Take advantage of our exclusive opportunity on conventional high balance loans to all of your borrowers  – even those outside of the counties eligible under Fannie Mae and Freddie Mac – instead of having to push them into a Jumbo loan. Details include:

  • Min 680 FICO
  • Max 80% LTV/43% DTI
  • Loan amounts from $453,101 – $679,650
  • Eligible for primary and second homes
  • Lower rates, easier guidelines, and fewer docs than Jumbo
  • No Manual underwrite
  • Fast turn times, averaging 15 days or less

What all this means is that with new loan limits for 2018 lenders are lending in certain counties with new set loan limits but we are now allowed to use these new loan limits in all counties.

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

 

How We Do Business

How We Do Business

We have made a huge change in our Conventional Pricing.

We also came out with a new MortgageDepot program MDExpress. This will allow for a better rate enhancement to the price for W2’d Borrower, 1 Family Home. Purchase, Rate & Term Refinance as well as a Refinance Cash Out. We will now allow this for borrowers with multiple homes as well using rental income on schedule E. With this program you will have 24 Hour Approvals if not same day.

Service Levels / Abilities

  • We have minimal overlays on all our programs. We would say 95% if not more we follow the Fannie Mae & Freddie Mac as well as HUD.
  • Ability to speak directly to a processor as well as Team Lead & Office Manager if need be. That goes for Files In Process, Loan Scenario, Etc. I will do a 3-way conference call with any of the above as well as Fannie, Freddie or HUD for any reason we need to speak with them.
  • We have been at 24 Hour Turn for conditions for all files now for over a year and we will keep to this with no exception.
  • Loan Estimate and all disclosures are done by us. We don’t want your disclosures at all. Date on your disclosures does not interfere with us at all since we don’t use them. This speeds the loan set-up process
  • Closing Disclosure Goes Out Early. Once File is Approved, Appraisal Signed Off On and Rate Is Locked Initial CD is sent for E-Sign or Wet Sign.

Our Technology

  • Email Notifications at each touch of the file with notes as well to all involved in the file.
  • Ability to see any document that was uploaded by my inside team.
  • Ability to order Both Verification of Income as well as Verification of Assets (Bank statements), speeds the process.
  • Appraisal as well as 4506 and any other items needed can be ordered in our system.

We look forward to working as a Team with you all. Our Team is here to help you close your loan as easy as possible in this crazy business. We want to Earn Your Business.

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

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