We are committed to assisting our valued customers with all of their home financing needs. In addition to providing those who are buying a new home with competitive mortgage programs for their purchase, we also can help existing homeowners to tap into their equity. Home equity can grow from an increase in property value as well as a reduction in your mortgage principal with each payment you make. You may want or need to use this equity, and you may be wondering how you can access it.
If you have equity in your home that you would like to pull out, a cash out refinance mortgage may be ideal for you. There are different reasons why you may want to tap into the equity you have accumulated in your home. For example, you may want to renovate your home, buy new furnishings or even pay off other debts that have a high-interest rate.
With a cash out refinance a mortgage, you generally can borrow up to 80 percent of the value of your home, provided you qualify based on current lending guidelines. When you contact our office to discuss your current needs, we will help you to determine the loan amount that you may qualify for as well as the amount of equity that you may be able to access if you apply for a cash out refinance loan.A cash out refinance loan is just one of several ways that you may be able to access the equity in your home. For example, you may also be able to open a home equity line of credit. By contacting us for assistance with your refinancing needs, you can receive personal assistance from a knowledgeable, hardworking team. We are available to begin helping you with your refinancing plans, so contact us by phone or through our website today.
To find out more about Cash out Refinance please call us at (800)535-0270.
At MortgageDepot, our clients often asked us about the potential impact on their financial picture from short sales. Sometimes we have a client who’s considering short selling a home, and they simply want to know what their financial outlook might look like in the aftermath of such a scenario.
The reality is it’s difficult to answer this question. Every consumer is unique. Years of history go into every FICO profile, and there are 3 different companies that report FICO scores, each of which has its own method of calculating scores. While a short sale is never a positive thing for someone’s credit scores, the exact impact depends largely on the individual factors of each consumer’s history.
That said, we have ample data from which to calculate the average range of effects short sales have had in the past on the credit scores of consumers.
There are 2 types of short sales. In one, the seller negotiates a listing price with the bank then finds a buyer willing to pay that price. This is called a short sale with no deficiency balance. In the other, the seller negotiates a sales price with the bank but is unable to find a buyer willing to pay that price. In that scenario, the bank takes an even deeper loss, and it’s called a short sale with a deficiency balance.
Here’s the average effect each of these types of short sales has on consumer credit scores:
In short sales with no deficiency balance:
*Consumers who previously had a FICO of 780 drops to between 655 and 675.
*Consumers who previously had a FICO of 720 drops to between 605 and 625.
*Consumers who previously had a FICO of 680 drops to between 610 and 630.
In short, sales where there is a deficiency balance:
*Consumers who previously had a FICO of 780 drops to between 620 and 640.
*Consumers who previously had a FICO of 720 drops to between 570 and 590.
*Consumers who previously had a FICO of 680 drops to between 575 and 595.
If you’ve had a short sale or a foreclosure, that doesn’t mean you can’t be qualified for another mortgage. At MortgageDepot, we’re experts on helping all types of borrowers find loan options. If you’d like information on getting a mortgage loan, even if you’ve had a short sale or a foreclosure in the past, contact us at (800) 535-0270 today!
Our wholesale lenders will be issuing the Loan Estimate on behalf of all mortgage brokers. In order to facilitate this, we MUST submit our entire loan submission by 5 PM the first business day following the date of application. Our loan submission must include all disclosures required to be issued by us. Submission received later than 5 PM the business day following the date of application will be rejected.
We are strongly encouraged to follow-up with our borrowers regarding the consent to E-sign documents. Consent to E-sign will be emailed to the borrower(s) when an initial loan submission is received. E-sign Consents that are not returned will have paper files sent in order to remain within compliance guidelines.
Initial Loan Submission
The following items are REQUIRED in order for us to send the Loan Estimate to Borrowers:
*NEW* Loan Submission Sheet
1003 signed and dated at a minimum by Loan Officer
Credit report (if applicable)
Any Broker required disclosures (signatures not required at time of initial submission).
Intent to Proceed
Once borrower(s) indicate intent to proceed, Broker can submit appraisal order.
Underwriting Submittal Requirements
Required in order for the loan to be submitted to the Underwriting Department for review. Please note, Broker cannot require verification documents from Borrower until Borrower indicates intent to proceed.
*NEW FORM* Closing Fee Breakdown Sheet
The Closing Fee Breakdown Sheet will be an underwriting condition. It is required to be completed prior to a closing being scheduled. The fees provided will be used to prepare the Closing Disclosure; inaccuracies may result in a delay of closing.
We strive to maximize the chance that each of our clients will be able to buy the home of their dreams. That’s why we recommend that before going home shopping, you take time to get pre-approved for a loan.
Three Reasons Why You Should Get Pre-Approved
1. Identify underwriting challenges early
The pre-approval process mimics the final loan approval process and lets you know early if there’s any action you need to take in order to secure financing. Once you make an offer on a house it’s too late to clear up credit issues, liquefy assets, and improve debt-to-income ratios or season funds for a down payment.
2. Identify your price range
The home shopping process can be daunting. You and your buyer’s agent only have so many hours available for showings. The best way to focus your efforts is to clarify your price range. If your range tops out at $500,000 and you want a 3-bedroom, 2-bath home, that narrows down which neighborhoods and which types of homes might be a fit.
3. Legitimize your offer
When the time comes to make an offer on a home, negotiate from a position of strength. By showing the seller that you have a clear path to financing, the biggest barrier to closing the sale is lifted. This gives your agent the chance to negotiate the best price possible on the home and to have a strong negotiating position throughout the inspection and the mortgage process.
Now that you see why it’s so important to get pre-approved, take time to get prepared by accumulating all the necessary documentation to start the process.
When you call us for a mortgage pre-approval, the first thing we do is fill out a basic loan application. For that, we need your name, your social security number and your employment information. Next, we verify your income and assets, which requires 2 recent pay stubs, the past 2 months’ bank statements, the past 2 years’ tax returns, and proof of funds for down payment and closing cost expenses. If you’re self-employed or in need of non-conventional financing, additional documents may also be needed.
If you’d like to get pre-approved for a mortgage, contact us at today! One of our experienced mortgage professionals will quickly analyze your financial picture and help you eliminate all potential obstacles between you and success, so you can go home shopping with confidence.
To contact us by phone call 800-535-0270