Home Refinance Archives - MortgageDepot.com

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.

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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.

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Non-Prime Cash-Out Refinancing

We give our borrowers the boost they need by adding Non-Prime loans to our product mix of offerings, great for those looking to refinance higher loan balances. Cash-out gives our clients a little financial breathing room while possibly lowering their monthly payment and interest rate as well.

NON-PRIME CASH-OUT REFINANCE PROGRAM HIGHLIGHTS

Primary and second home refinancing
Loan amounts up to $1.5 million
Minimum credit score of 500 (75%)
Maximum 80% LTV with no MI
Recent credit events OK
Non-warrantable condos OK
Investment properties OK
30-year fixed, 5/1 and 7/1 ARMS
Maximum cash-out is $500,000

Contact us for more information about this cash-out refinancing program.

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

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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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Stated Income Loans

As a mortgage broker that knows stated income loans we specialize in the self-employed borrower who is looking for financing. Below you will see guidelines for our stated income loans.

Our Programs:

Up to 75% LTV
Credit: 650+
30 yr Amortization
No income verification
No Tax Returns
No Pay Stubs
No seasoning
No verification of Funds
Unlimited Cash Out
From $100k to $5 Million

Our primary focus is in the quality of loan structuring to avoid the uphill battle of endless documentation needed to satisfy traditional and extra conservative conforming underwriting.

Our specialty:

Investment SFR 1-4 Units Multi-Family, (Primary allowed only in NY state)
Commercial Mixed Use or Office
Retail Warehouse
Self-Storage
Auto Service

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

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*This product is not regulated by the New York State Department of Financial Services

Fannie Mae HomeStyle Renovation Update

Fannie Mae has made some changes to their HomeStyle renovation program removing all underwriting overlays and now allowing 3-4 unit options on purchases and refinances of a primary residence.

Fannie Mae also made it possible to offer adjutables rates such as the 3/1, 5/1, 7/1 and 10/1 on conforming loan limits for this renovation program.

To get more information about the HomeStyle renovation program please contact our office and one of our licensed loan officers will be happy to discuss in further detail about this HomeStyle renovation program.

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

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