• 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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Your First Stop for Home Finance

Your First Stop for Home Finance

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 complimentary in-depth quote and overview of current market conditions affecting the mortgage market from one of our friendly professional mortgage consultants.

And, remember, your privacy is our first priority. MortgageDepot.com is protected with state-of-the-art security, so the information you submit is completely confidential. It will only be shared with our 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! Talk to you soon!!!!

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

 

Rates Have Dropped January 2016

Rates Have Dropped January 2016

The stock market had one of its worst days in 2016 dropping 249 points causing the interest rates to drop even lower than they already are. We are advising everyone who has not yet had a chance to refinance their property which is located in New York, (we are licensed in New York only for residential primary residence properties only), now is the best time to do so, interest rates for a 30 year mortgage dropped below 3.75% today. So once again, DO NOT hesitate and contact us immediately to start the refinance process. We have 10 licensed originators who are ready to help you achieve your goals. We are local, located in Queens.

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

 

Conforming Loan Limits

Conforming Loan Limits

For those looking to achieve a home loan in 2015, they should know nothing has changed for the upcoming year as the Federal Home Finance Agency has decided to leave the mortgage loan limit alone for the tenth straight year. It remains set at $417,000 for a single-family. By not touching this rate, it helps those who already have a loan refinance, giving people an opportunity to find a low rate.

 

Now You Can Get a Mortgage Without a FICO Score

Now You Can Get a Mortgage Without a FICO Score

If you have tried to get a mortgage recently, you may be aware that one of the first things a lender or mortgage broker will do is to pull your credit report. Your FICO credit score and credit history are critical to qualifying for most loan programs. In fact, if you do not have a minimum credit score required for most loan programs, your loan request will not be considered. There typically are no exceptions made, and lenders do not want to hear stories about why your FICO score may be low or why you may otherwise be a strong borrower. At MortgageDepot.com, we have loan programs available that do not rely on FICO scores for pricing or for loan approval, and these may be the loan programs that you are searching for at the present time.

The Problem With Relying on FICO Scores

In some cases, a strong FICO score does indicate that a person is financially strong and fiscally responsible, but a lower FICO score does not necessarily indicate otherwise. The reality is that life situations, such as divorce, the death of a loved one, unexpected job loss and more, can all have a negative impact on a credit rating. These are rough situations that ultimately could stress your finances in a number of ways, and such events can and do happen to most people at some point. These do not mean that the person was not responsible with their finances, but it means that life has thrown a series of curve balls at the person. In some cases, a lower FICO with a very long history of delinquency can indicate fiscal irresponsibility. However, if the delinquencies are focused within a short period of time and no blemishes were present before or after, this may be a sign that the borrower is otherwise strong.

Taking a More Comprehensive Approach

Some lenders will review all aspects of your financial situation before making a decision about how to proceed with your financing request. For example, they may look at your net worth and your available liquid assets. They may also look at how much debt you are currently carrying. If you have a bankruptcy or a foreclosure, they may take a closer look at the story behind these damaging credit events, giving you a chance to explain the situation. A low FICO score in itself may not be a reason for a loan request denial. If your credit and financial situation are otherwise strong, you may still be able to get approved for a loan.

Applying for a loan when you have a lower FICO rating is rarely something that is done without stress and anxiety, but MortgageDepot.com can help you to take the hassle and uncertainty out of the situation. We have a no FICO score loan program available that will look at other factors related to your finances during pre qualification and underwriting. If you are interested in this loan program or in other creative and flexible financing options we offer, contact MortgageDepot.com today.

To contact us by phone call 800-535-0270

Coop Mortgage Rates in New York

Coop Mortgage Rates in New York

We, at MortgageDepot, understand coop financing better than anybody else. We have years of experience in coop financing and with that experience it translates into the most competitive coop mortgage rates and coop loan programs. So let us walk you through the most important aspects of coop financing.

The first thing that you have to understand is that there are few companies offering coop financing. Most lending institutions offer only traditional mortgages. This is so because coop mortgages are more complicated than traditional mortgages.

They are more complicated in several ways:

  • First, Coop mortgages are more like shares of a corporation.
  • Each share entitles you to a unit which you cannot sell without the permission of the coop board.
  • This is why a coop – unlike condo – is not real estate. It is personal property.

Another aspect of coop financing that we walk you through here at MortgageDepot is the tax structure of coop financing. Because coops are considered personal property, taxes on them are very different from those on condominiums.

Through many years of working with coop financing, we understand what it takes to secure its approval. So we want to remind you that it is an extensive process which requires:

  • Interviews
  • Credit checks
  • Employment history checks
  • And many other procedures. 

Contact us today to talk with one of our highly educated specialists and you will be surprised at how low our coop mortgage rates NYC are!

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

How To Calculate Social Security Income

How To Calculate Social Security Income

Are you a retired individual who receives social security income? If so, you may have found it difficult to acquire a mortgage loan. Retirees often find that their debt to income ratio is not up to conventional lending standards, or that their social security income is difficult to track.

At MortgageDepot, we are the New York area’s leading experts in helping borrowers acquire nonconforming mortgage loans. Retirees are often the perfect candidates for a type of mortgage called a stated income loan. Stated income loans offer less stringent underwriting guidelines and can be perfect for borrowers with low income but high cash reserves, investment portfolios and retirement funds, or people who have non-traditional or hard-to-document sources of income.

If you’d like to acquire a stated income mortgage loan, and you’re currently on social security, get out in front of the challenges by learning how to track and calculate your social security revenue.

When we help our retired clients acquire a stated income loan, we ask for the following documentation of their social security benefits:

We ask for, A:
One of these forms of documentation in order to prove social security revenue is likely to continue:

  • An SSA Awards Letter, or;
  • An SSA Benefits Letter, or;
  • An SSA Benefit Letter

And we ask for B:
One of these forms of documentation in order to prove the amount of social security income:

  • A copy of your social security benefits statement (The SSA 1099/1045 form)
  • A copy of your federal tax returns
  • Your most recent bank statement showing all recent direct deposits from the Social Security Administration
  • A proof-of-income letter (called a Budget or benefit letter) demonstrating the amount of income you receive from the Social Security Administration

If a borrower can provide one of the required documents from Group-A, no additional documentation will be needed from Group-B. Also note that Social Security Disability and Supplemental income can also be taken into account as long as a borrower can provide at least one document from Group-B, along with an SSA Awards or Budget letter from Group-A, in order to confirm the likelihood of the continuation of this income.

If you’re a retiree currently enjoying social security benefits, and you’re in need of a mortgage loan, contact us at MortgageDepot. today. We’re experts in stated income loans for retirees. We look forward to helping you find the right mortgage loan to help you achieve your goal.

To contact us by phone call 800-535-0270

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