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New construction extended rate locks

New construction extended rate locks

Build with confidence

You as a customer benefit from locked in rates

We help our customers gain peace of mind in a changing market with the Extended Rate Lock program. You can lock down a range of interest rates with a required, non-refundable extended rate lock fee.

How it works

If interest rates go up, our customers are protected from 5 to 24 months, depending on their loan type

If interest rates go down, our customers may qualify for a one-time float down option to a lower rate or different loan program. Talk to us about this possibility.

If our customers feel confident knowing their interest rate range won’t change, they can feel confident building a home for them.

Protect your interest rate on spec projects

As you market and sell your spec properties, consider a short-term interest rate lock-in through our Lock-in program. You can lock-in for up to 120 days, giving you more time to market and sell your property.

Supporting you

Let’s connect about working together to help you.

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

 

Self Employed – ONE YEAR TAX RETURNS – Jumbo Loans to $3.5mm

Self Employed – ONE YEAR TAX RETURNS – Jumbo Loans to $3.5 million.

A common request as of late has been Self Employed Borrowers only wishing to provide their most recent tax returns covering a one year period, so yes, WE CAN OFFER THIS AMAZING NICHE to our clientele.

The Self-employed Program which goes as high as $3.5 million in guideline, allows for a Self Employed Borrower to partake of this aspect with the following needs

1. The borrower has been Self Employed for at least 2 years;
2. The borrower provides their most recent tax filings for their Personal & Business Tax Returns with all schedules;
3. An unaudited Profit & Loss is provided from the tax year end to current date.
4. An unaudited Balance Sheet is provided from the tax year end to current date.

Once it’s determined by comparison review that the income is stable, positive and trending; borrower can proceed as a Full Doc loan under the Self-Employed Program

• 85% to $1.5mm loan amounts.
• 80% to $3.0mm loan amounts.
• 65% to $3.5mm loan amounts.
• Unlimited Cashout.
• Gifts allowed.
• Can close in the name of an LLC.
• Interest Only.
• Can be an ARM or Fixed rate mortgage.
• Cashout Proceeds can be used to satisfy the Reserve Requirement

Should you have any questions or comments, please feel free to reach out to us

No Income Check Loans

Many of our clients would like to unlock the equity in their home or buy an investment property.

No income verification loans are for owner-occupied and investment properties.

They are for 1 – 4 family homes as well as condominiums.
They are for refinances and for purchases.
There is NO prepayment penalty of any kind.
The rate is exactly the same regardless of credit score, type or use of the property.

65% Loan to Value may be borrowed on any property up to 1 million dollars with 700 credit score.
60% may be borrowed with credit score of 660 – 699
55% may be borrowed with credit score as low as 600.

There are many unique financing issues that have prevented our clients from borrowing loans.

Income verification is just one of many issues preventing loans from being approved.
This loan program does not require the verification or sourcing of income.

Eligible borrowers: US citizens; green card holders; A-5 & A-10 Employment Authorization Document holders;
Eligible Visa are: E-2; H-1B; L-1; L-2; R-1

We also want to make you aware of the availability of stated income loans for commercial properties, mixed-use & multifamily properties.

This program allows for both owner-occupied and investment purposes.

Contact us for more information about our no income check loans.

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.