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Co-op Mortgages, Co-op Loans

Co-op Mortgages, Co-op Loans

If you have decided to purchase a co-op or you have plans to refinance a co-op, you may be actively searching for a great interest rate and competitive loan terms on coop mortgages. Co-ops generally are not acceptable property types for many types of traditional home loans, so it can seem frustrating to shop for a new mortgage with great loan terms for a co-op. However, you do not need to look beyond MortgageDepot to find the right financing solution for your buying or refinancing needs.

We have great rates on co-op loans, and our experienced loan consultants can answer your questions about the program and can help you to get pre-qualified.

We are your best source for all types of co-op financing needs, and this is because we are a New York mortgage broker that offers coop mortgages for properties that will be owner-occupied as well as investor-owned. Our loan programs are suitable for properties throughout the entire state of New York, as well as in select areas beyond this. We understand that each of our valued clients has unique needs with regards to financing a co-op, and we offer highly competitive terms that can help you to achieve your financing goals. With our competitive interest rates as well as with a loan term that may be as long as 30 years, you can structure affordable payments. This means that you can enjoy affordable co-op ownership for a primary residence or a better overall return on investment for an investor property.

At MortgageDepot we understand that you may feel anxious about finding competitive coop loans as well as about getting pre-qualified for the coop mortgage that you need. If you are thinking about purchasing a new property or refinancing your existing loan, simply complete our quick loan request form online. Within a matter of minutes, your information will be submitted to our loan consultants for review. We will carefully yet quickly analyze the information you provide to us and will be in touch with you shortly to explain your financing options in detail.

As a leading mortgage broker company in New York, MortgageDepot is the company you want to turn to for all of your financing needs. While we have competitive loan programs for coop mortgages, we also have great terms on traditional residential loans, commercial property loans and more. Regardless of what your current financing needs are, reach out to MortgageDepot for affordable solutions.

Click here for our Approved Coop Buildings list.

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

Why Choose a Non QM Program with MortgageDepot?

Why Choose a Non QM Program with MortgageDepot?

There are many reasons why choosing us, MortgageDepot, for your NON-QM loans makes a whole lot of sense. Well, we have been around for decades and nonqualified mortgage ( Non-QM) programs is what we are best at.

We are not here to compete in the “whats today’s interest rate” market, there are plenty of big banks out there that can offer you a great rate but we are here to close the gap between conventional and non-conventional borrowers.

We are the leading mortgage broker that handles non-conforming loans such as stated income, bank statement program, asset based loans and etc. Below are just a few other Non-QM loans that make us the popular choice.

  • Non-Permanent Resident Alien
  • Foreign Nationals
  • Inter-Vivos Revocable Trus
  • Non-Occupant Co-Borrowers
  • Limited Partnerships, general partnerships, corporations, LLC (Personal Guarantor Required)

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

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.

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