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Boris Bast closes a commercial loan for a medical building

Boris Bast closes a commercial loan for a medical building

MortgageDepot’s Mortgage Loan Officer Boris Bast recently assisted a client in securing the financing for a single story, medical office building. The building is a total of 17,750 square feet with 3,708 square feet devoted to medical office space for a medical clinic and a medspa on the premises.

Boris was able to secure a commercial loan of $700,000 with a 30 year fixed rate by re-using the previously completed appraisal, no income, and with leases only. This single-story building was formerly owner-occupied and currently houses only two tenants. More importantly, this commercial loan was secured on behalf of the client in under 30 days! Boris was able to ensure the best financing option that left the entity in excellent standing overall.

Even the most unique opportunities in real estate can have specific challenges when one is attempting to secure funding. The Mortgage Loan Officers here at MortgageDepot are dedicated to matching you with the very best financial options available to secure your new home or business.


  • Property used as collateral
  • Property Cashflow
  • Rental Income counts as well
  • Income and assets of the guarantor
  • The credit of the borrower


  • Make sure your two most previous years – both personal and business – tax returns are completed and filed
  • Prepare year-to-date personal financial statements and business operating statements – no more than 60 days old
  • Locate your THREE most recent months bank statements – all pages
  • If you are refinancing a commercial mortgage loan: make sure you have your payoff statements, survey, title policy, and appraisal in hand.
  • If you are purchasing: the sales contract must be valid. If the contract will expire before the closing of your commercial real estate loan, get an extension in advance.
  • For investment properties, make sure all tenant leases are valid – ensure lease terms match the rent roll.
  • Put your accountant and lawyer on notice upfront that you are applying for a commercial loan. Inform them you will need up-to-date business and financial documentation immediately upon request.

Contact us at MortgageDepot 800-535-0270 when you want to obtain a commercial loan for your new or existing business or email us here.

Super Jumbo Loan Closing

Super Jumbo Loan Closing

Here at MortgageDepot, we assist our clients with the appropriate financing options for their mortgage needs. Often, traditional loans aren’t enough to buy the home you really want. A Jumbo Loan is a mortgage that exceeds Fannie Mae and Freddie Mac’s conforming loan limits of $484,350, or up to $726,525 in some high-cost areas. Also known as non-conforming loans, Jumbo loans, and Super Jumbo loans offer the flexibility of borrowing with fewer restrictions.

Recently mortgage loan officer Yuri Gokhberg assisted the Kotlyar family in obtaining a Super Jumbo Loan for a one-family residence on the waterfront in Brooklyn, NY. Initially, the family faced specific difficulties when attempting to secure a home mortgage loan. After being rejected by other financial institutions, with the support and expertise of a professional loan officer such as Yuri, the Kotlyar family was able to secure a 1.5 million dollar home loan for the purchase of the waterfront home of their dreams.

Jumbo loans are available for primary residences, vacation homes, or investment properties, and MortgageDepot can expertly guide you through the process of finding the best financial product to fulfill your dreams of home-ownership.


  • Flexible terms: Your loan, the way you want it, with loan options up to $15 Million
  • Ratios: Higher debt to income ratio allowed
  • non-occupying co-borrowers are permitted: A family member or friend who won’t be living in the home can co-sign to help you qualify
  • Options up to 90% LTV: We have a variety of programs available, get pre-approved today and start your home search immediately.
  • Fixed and ARM (Adjustable Rate Mortgage) programs available.


  • Loan amount may exceed the traditional loan limit of $484,350, or up to $726,525 in some areas
  • Low down payments: You won’t need a large down payment to get into the home of your dreams
  • Ratios: You can incur a higher debt to income ratio while still enjoying competitive interest rates and loan terms
  • Flexible terms: MortgageDepot offers several loan options based on your goals and qualifications.

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

Can I borrow more than the value of my home with a VA Loan?

Can I borrow more than the value of my home with a VA Loan?

Can I Borrow More Than the Value of My Home with a VA Loan

The good news for veterans who are VA Loan eligible is the VA does not place a cap on the amount of money you can borrow. However, many veterans ask if they can borrow more than the overall value of the home. Unfortunately, the VA will not back any extra money you obtain that is higher than the value of the home. If you want to obtain more than the house is worth, you will have to negotiate with the private lender without the backing of the VA.

Why Should I Obtain a VA Loan if I cannot Borrow More Than the House is Worth

One of the biggest reasons you should obtain a VA backed loan if you are a qualified vet is the amount of generosity afforded within the loan. The VA does not require that you put any money down on their loans. That is unheard of in the world of conventional loans. You are practically guaranteed the prime interest rate on your loan. The current prime rate stands at 3.5 percent. Most conventional loans for those with a marginal credit score the interest rates can run anywhere from 7 to 10 percent. You can also finance 100 percent of the home’s value with no down payment. This too is unheard of in the world of conventional loans.

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

MortgageDepot explains why it’s time to refinance your mortgage

MortgageDepot explains why it’s time to refinance your mortgage

Some people buy a home and make the monthly mortgage payments without ever giving a thought to refinancing. At MortgageDepot, a mortgage broker company, we’re committed to helping our clients get the best deal possible when refinancing an existing mortgage, but we understand that some people might be hesitant. That is why we’ve put together a list of some of the reasons why people refinance their mortgages.

Some of the reasons listed below might not apply to your particular situation, but we believe you will find a few things on our list to make you want more information about refinance programs. All you have to do is visit our website at MortgageDepot.com or call us at 800-535-0720 to speak to one of our knowledgeable loan officers.

Get a lower interest rate

Changes in the economy cause interest rates to rise and fall, including the interest rates on mortgages. Homeowners should periodically check their mortgage documents to see how the interest rate on their loan compares to what is currently being offered on a refinance.

We routinely assist borrowers with rate- and term-refinancing. Refinancing a 30-year mortgage to a 15-year loan allows a borrower to obtain the lower interest rate usually associated with shorter term mortgages. It also means the mortgage will be paid off sooner.

Eliminate high-interest credit card debt

MortgageDepot loan officers frequently receive calls from homeowners looking to refinance their mortgage loans because they just realized how much their debt from credit cards or unsecured personal loans was costing them. Many of our borrowers come to us for relief from monthly debt payments that primarily go toward interest with only small portion going toward payment of principal.

One of our cash-out refinance loans gives a borrower the money needed to pay off high-interest debt. The savings for a borrower can be substantial.

Get rid of mortgage insurance premiums

FHA mortgages offer borrowers short on cash to put down to borrow a higher percentage of the value of the home, but the catch is paying mortgage insurance for the remainder of the term of the loan. Instead of keeping an FHA loan and paying mortgage insurance, let us take a look at your current financial situation.

A combination of making monthly mortgage payments to reduce principal and an overall increase in home values due to market conditions could produce an increase in the owner’s equity in the property. Refinancing an FHA loan into a conventional mortgage without mortgage insurance could reduce a person’s monthly payment.

Many homeowners who do not have FHA loans may be paying each month for private mortgage insurance required by their lender because they borrowed more than 80 percent of the value of the property. A refinance that takes advantage of the increased equity built up through reduction of principal and an increase in a home’s market value can eliminate PMI.

Take advantage of improved credit scores

A borrower’s credit history and credit scores affect the interest rate offered by lenders. If you worked to clean up your credit history, we can take your new credit scores and use them to lower your interest rate through a refinance.

Shorten the term of the loan

Many people looking to purchase a home would love to be in a position to pay off their mortgage in 15 years, but they do not have the income required to make a larger payment each month and must settle for a 30-year loan. As years go by and their income increases or they pay off other financial obligations, homeowners should contact MortgageDepot about refinancing from a 30-year mortgage to one that will be paid off in 15 years. Another advantage of a 15-year loan is that it usually comes with a lower rate of interest than mortgages payable over longer terms.

Lengthen the term of the loan

A homeowner who changed careers and now makes less money or who took on additional financial obligations after closing on the purchase of a home might be struggling with the higher monthly payments of a 15-year mortgage. If a 30-year mortgage makes more sense based upon your current financial situation, we can help you to refinance and enjoy the benefit of lower monthly payments by extending the term of the loan.

Eliminate the uncertainty of an adjustable-rate mortgage

An adjustable-rate mortgage with a below-market introductory interest rate may have been a good option when buying a home, but it comes with uncertainty about what monthly payments will be once the introductory rate expires. A refinance into a fixed-rate mortgage eliminates the uncertainty of being tied to fluctuating interest rates.

Take advantage of low, introductory ARM interest rates

It may make sense to give up a fixed-rate mortgage to take advantage of incentives offered by lenders to encourage people to refinance. Homeowners with ARMs whose introductory rates have expired can refinance into a new ARM with a new introductory rate.

Ready access to working capital

There are many reasons to consider refinancing an existing mortgage to tap into the equity in a home, including:

  • Making repairs or doing improvements on the house.
  • Investing in a new or existing business venture.
  • Paying college tuition for children.
  • Purchasing a vacation getaway.

It does not make sense to take out a personal loan when there is equity available to access by refinancing.

Dealing with a divorce

When a couple divorces, the option for one of the parties to purchase the marital home can be facilitated through refinancing. A buyout refinance may also arise in situations other than divorces, such as when partners in an investment property decide to end their business relationship. Refinancing to buyout a co-owner or a spouse may also be an opportunity to lower the interest rate or shorten the term of the loan.

Contact us today

No matter what reason you have for refinancing the mortgage on your home, we can help with trusted, expert advice. Our loan officers stand ready to put their years of mortgage industry experience to the task of helping you to find a mortgage product that meets your refinancing goals. Contact us at MortgageDepot by visiting our website or by calling us at (800) 535-0720.

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

When purchasing a home, does the VA Loan allow for cash back options?

When purchasing a home, does the VA Loan allow for cash back options?

When you purchase a home through a VA Loan, there are options for you to choose from to obtain cash back. If the value of your home has increased since the purchase date, you now have positive equity in your home. However, if you are looking for cash back at closing during the buying process, this does not occur. You actually need to have “a little skin in the game” before the loan will close and fund. You can obtain cash back through traditional home equity loans offered by the Veterans Administration.

Cash Back from VA Loan Programs

There are two different loan programs offered by the VA that affects your current mortgage. You can apply for a VA Refinance after six months on ownership. This program allows you to basically trade one loan for another with a lower interest rate. It is normally referred to as a VA to VA loan. There is no cash back on the loan but you are obtaining a lower interest rate. You can also apply for a VA Cash Out Refinance. With this program, you can extract the equity in your home in the form of cash. It means you will have an entirely new loan with a new rate and term. The interest rates remain low and the cash out refinance does not require any money down on your part.

Using MortgageDepot for Help

We are a leading mortgage firm based out of New York. If you do not feel comfortable trying to negotiate with the lender, then you need to get us involved. We are mortgage experts with a professional team of loan experts. We guide you throughout the entire process, and rest assured you will receive all the benefits you deserve as a veteran.

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

What’s next after closing

What’s next after closing

Post Close Correspondence

Several similar-looking letters may be received by the Borrower post-close containing information regarding:

  • Servicer changes
  • Payment address changes
  • Loan number changes
  • It is extremely important that home-owner read each correspondence individually in date order and follow the instructions on the most recent communication

First Payments

Borrowers should refer to the first payment letter that is in their closing package for their first payment due date.

  • If you do not receive a statement in the mail before your first payment date, payment should be remitted to the address on the first payment letter
  • If you do receive a statement in the mail before their first payment date, payment should be remitted to the address on the statement
  • Due to statement delivery rules, borrowers may receive two statements for the same payment. In this case, you should read all correspondence individually and follow the instructions on the most recent communication

If the borrower is unsure, you can direct questions to 800-535-0270 or send an email to support@mortgagedepot.com

Thank you for choosing MortgageDepot.

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