• 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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Mortgage Interest Rates

Mortgage Interest Rates

In today’s economy, financial markets fluctuate constantly, and mortgage rates change often, sometimes 2 or 3 times a day! To get the most current rates, take a few moments to complete our questionnaire. Tell us about the type of loan you are looking for, and your current financial situation. Please answer each question as accurately as possible because the details you provide will ensure the most successful search results.

Or better yet, call us today at 800.535.0270 for a Free in-depth interest rate quote and an overview of current mortgage market conditions that are affecting the mortgage market from one of our licensed mortgage consultants.

And, remember, your privacy is our first priority. MortgageDepot is protected with state-of-the-art security, so the information you submit is completely confidential. It will only be shared with the MortgageDepot participating lenders we identify as the most appropriate match for you.

No credit apps are submitted or credit reports obtained until you find the rate you like, therefore your credit history is not affected by multiple applications. Once you complete our questionnaire, you will receive a reply by phone or by e-mail — along with a current rate bid — within just 24 hours!

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

Related Information:
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  2. FHA Annual Mortgage Insurance Premium “Reduction” 2017
  3. Find the Best Mortgage rates!
  4. Fresh Start Mortgage Program
  5. Great Rates and Competitive Pricing!
Jumbo Mortgage

Jumbo Mortgage

When a home buyer is looking for a large, luxury or expensive home in a high-income area, they often need to borrow a Jumbo Loan. These mortgages are much larger than the typical loan issued by government agencies Fannie Mae and Freddie Mac which currently limit the size to $417,000. Jumbo loans are great tools for buyers who do not have enough cash yet want to make a large home purchase.

We at MortgageDepot have an exceptional reputation for providing high-value loans to interested home buyers. We can provide up to an amazing $25 million in funds for:

  • A new condo
  • Townhouse or home
  • Including a 1 or 2 unit primary home
  • Or 1 to 2 unit secondary home.

We can provide a loan to value ratio (LTV) of 80% up to $1.5 million. That means that if the total value of the home is $1.8 million, the company can provide up to $1.44 million with the remaining cash paid by the buyer. In addition, the buyer can cash-out with a reverse mortgage up to $750,000 if the home is already owned. Usually, banks or lenders will not provide that much capital against the value of a home.

Borrowers can accept funds for the loan in several different forms.

  • They can take a fixed 15 or 30-year loan.
  • They may also accept 5, 7 or 10 adjustable rate mortgages (ARMs) depending on preference.

However, buyers must have credit scores above 700 and the debt to income ratio should be around 40%.

For buyers that are in the market for a home, but need a loan above the federally conforming $453,100, MortgageDepot is the best choice for procuring the much needed jumbo loans.

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

3.5% Down Payment for First Time Home Buyers

3.5% Down Payment for First Time Home Buyers

As the home market continues to go higher and higher, more buyers are getting into the action. While first time home buyers may feel a bit of apprehension at taking the plunge, there are some firms out there that are especially helpful.  We at MortgageDepot walk our first time home buyers through the entire process and makes sure that they are extremely comfortable before the purchase. Furthermore, we offer an incredible 3.5% down payment option to purchase a home.

Imagine, purchasing your own house with only 3.5% of the cash. The most important criteria is that your credit score must be above 580. Most home buyers that have been making regular credit card payments and do not have any bankruptcies should easily clear that hurdle. Home buyers with a 550 credit score can still buy a house with 10% down payment.

In addition, there are no restrictions on gift funds and no overlays with DU eligibility. There are also no minimum trade lines.We at MortgageDepot want to help all prospective buyers and is hosting a number of free webinars to educate people. Our dedicated consultants will explain the ins and outs of buying a home. They will explain how financing works and the amazing terms that we can provide. In addition, we will give you an overview of the market and recommendations on things to look out for when making the first purchase.

Overall, rates are extremely favorable for new buyers and the 3.5% down payment offer is exceptional.

Contact us at 800-535-0270

Stated Income Mortgages

Stated Income Mortgages

Overview

After the economic crisis of 2008, the mortgage rules and regulations across the industry changed quickly. At one time, there were stated income mortgage products where a potential buyer would simply have to state how much money they made without proving it with a form of work. These no income check mortgage products made it so people who were making less than what was stated could buy houses that they had no business buying because they could not afford the monthly payments.

Return of Stated Income Mortgage Products

Over the past couple of years, as the real estate market has continued to improve, there have been several no income check mortgage products return to the industry. Although these are easier on potential home buyers, there are some drawbacks to these mortgage products in the long run if they are not handled correctly. Anyone who signs up for one of these products needs to ensure that they can afford the monthly payments and expenses that go along with owning a larger house.

Home Prices

After the real estate crisis several years ago, home prices have continued to increase every year. As home prices continue on this upward trend, there are going to be many people who can no longer afford to buy a house with the standard way of financing, and these no income check mortgage products are probably going to increase in popularity. It is important to remember that even if a person qualifies for a mortgage, that does not necessarily mean that this is the best route to go when buying a home. However, it can also be a very convenient option for a person who does not want to bring a bunch of paperwork together for buying a home.

Benefits

Although there are some downsides to the no income check mortgage, there are also some benefits for those that are responsible. First of all, it will save in closing costs on a home because the financing institution will not have to pay for an income or credit check. In addition, time is saved by both the borrower and lender not having to go through hundreds of forms in order to get approved for financing. There are many people who may own dozens of homes as a real estate investor and carry around all of that information in one place would be a daunting task. As long as both the borrower and lender are responsible in how they execute these deals, there are many things to like about the no income check mortgage.

Warnings

At the end of the day, this is still a risky transaction for the lender and the borrower. A borrower needs to review the state of their finances carefully before they decide that they can afford to buy a home using this type of financing. A foreclosure is a terrible thing for anyone to go through and that pain can be prevented by doing homework ahead of time.

Please contact us for more information. Call (800)535-0270.

Co-op Refinance in New York

Co-op Refinance in New York

Thousands of New Yorkers live inside coop buildings. Coops tend to be cheaper than condos, and they allow residents to become a shareholder. There are tax benefits to coops as well, making them even more appealing financially. If you live in a coop, your shareholder status means that you may have a say when it comes to maintenance decisions and other matters.

Residents can buy a coop mortgage at no cost to themselves. However, if they already have a mortgage, refinancing is an excellent option. If you are a resident of a coop building in New York, you may want to consider a refinancing loan.

Many property owners choose to refinance their mortgages. There are several advantages to doing this, including earning an improved interest rate, attaining a fixed rate, or receiving a cashout. It is important to consult an experienced loan officer when considering a refinance.

We can help you determine if the money that you will save will justify the cost of the new loan. We shop the right program and rates with different lenders and find the one with the most appealing terms and rates. Coops are usually run by a board composed of people who reside there. You should get approval from your board before proceeding.

At MortgageDepot you can trust us to help you find the right coop refinance loan for you. Our trusted, knowledgeable New York staff will assist you every step of the way. We are confident that you will agree that we are your best option. Contact us today if you are interested. We are the top coop refinance loan company in New York.

Click here for our Approved Coop Buildings list.

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

MortgageDepot Announcement

MortgageDepot Announcement

One of the most valuable benefits of doing business with MortgageDepot is having access to our Elite rates for your most qualified clients. To help make our relationship even stronger, we have some exciting news to share: we’ve lowered our Elite requirements from 760 to 740 FICO. That means more of our best clients are eligible for our best rates – and gives us a real competitive advantage. Details are below and feel free to reach out to us if you have any questions.

Exclusive rates for your 740+ FICO borrowers (previously 760+)

  • Includes Conventional, High Balance and ARMs
  • Loan amounts from $250,000 up to county loan limits
  • Property Inspection Waivers honored
  • Up to 80% LTV

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

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