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Can the VA Loan help me lower my monthly bills?

Can the VA Loan help me lower my monthly bills?

A VA Loan does more than lower your monthly payment; it actually helps you save money over the long run because of the low interest rates. If you are a qualified veteran looking to purchase or refinance your existing VA Loan, then you should definitely learn more about the program benefits. The amount of money you save certainly speaks for itself, so it is important to learn more about saving money through the VA.

Ways to Save with VA Loans

One of the best ways to save money is through the down payment. Did you know that most of the loans require very little or no money down, talk about saving money, that is certainly a great way to save. You also save money at closing by paying very little closing costs and fees. Conventional loans are very expensive to fully close, and VA Loans are certainly the exception to that rule. The only thing you might have to pay is the loan funding fee, and often times that fee is waived. So you can see that you save a large amount of money in closing costs. Interest rates alone are a great way to save money. For the most part, the loan only consists of the prime rate, which at present is running around 3.5 percent. Conventional loans with less than perfect credit can run anywhere from 7 to 10 percent. You can plainly see there are huge savings in the interest rate alone.

Working with MortgageDepot

If you are looking into VA Loans and are not sure where to start, talk our experts. We are a respected mortgage firm in New York State. We have a team of professionals that help you to fully maximize your savings through VA based loans.

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

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How Complicated is VA Financing?

How Complicated is VA Financing?

It is important to understand some of the complications behind VA financing if you are a veteran looking for a mortgage loan. First and foremost, the entire underwriting process is quite easy. There are minimal restrictions set forth when it comes to qualifying for a VA loan. The loan program was set up to make sure that veterans have easy access to mortgage financing after they serve their tour of duty. Nothing has changed to this point, and the complications are minimal at best.

How a VA Loan Becomes Complicated

One of the biggest myths describes a VA loan as too complicated to qualify. In actuality, nothing can be further from the truth. There are minimal guidelines when it comes to credit scores and various ratios. Conventional loans are extraordinarily complicated with multiple guidelines, but VA loans are straight forward and to the point. The process is now streamlined for VA loans, which is defined as minimal paperwork, straight forward credit reporting, and loan terms that are affordable. The only complication might relate to the amount of time served on active duty, but that particular problem is easily resolved through the Veterans Administration. There are certain rules that borrowers must follow, but those rules do not define eligibility if you are working with mortgage professionals.

Looking to MortgageDepot for Guidance

If a veteran is looking to obtain mortgage financing, then it is important to speak with a VA loan expert. We guide the borrower through the process and find terms that are quick, easy and affordable. We are able to lock in an interest rate that is unheard of with conventional loan financing. Our reputation throughout New York speaks for itself, and we will help with specific VA financing, it is the best move any veteran can make.

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

MortgageDepot Piggyback Loan Closing

MortgageDepot Piggyback Loan Closing

Recently MortgageDepot Loan Officer Yury Gokhberg, with the expert assistance of mortgage loan processor Phoebe Bartholomew closed a complicated mortgage loan for a client with specialized financial needs.

The client’s financial needs required a “Piggyback or Combo” mortgage loan for a residence whose sales price was initially 760 thousand dollars — understanding that the structure of loan changes are established on Freddie Mac and Fannie Mae (Federal Mortgage programs) guidelines.

The initial loan offered was separated into two parts. Without this split, the qualifying criteria would have been more stringent based on federal government guidelines. By creating this split, the monthly mortgage price was substantially reduced, and the overall interest rate on the mortgage was also lowered significantly. Splitting these two loan products also eliminated the requirement for private mortgage insurance as well, resulting in thousands of dollars saved for the client.

By avoiding what is called a “jumbo loan” in the mortgage industry, substantial savings were achieved. MortgageDepot specializes in matching our clients with mortgage products that are best suited to their financial needs. Speak with a mortgage specialist at MortgageDepot to get pre-qualified on your home mortgage or to gain access to the equity in your home to pay off credit card debt, make repairs, renovations or to buy your first home. We’re here to help make those dreams a reality. Call us today; we’ll assist you in building your goal of homeownership into whatever you envision.

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

Mortgage Loans

About the FHA Loan

About the FHA Loan

For those who are looking to purchase a home, an FHA loan in New York may be the answer to your problems. At MortgageDepot, we have been able to help countless people just like you secure the financing they need to get on the path to home ownership in no time. When it comes to an FHA loan in New York, their mission is to help those who are in need get the money they need to qualify for a loan. They also help to assist lenders my minimizing the amount of risk involved with the loan.

If you have struggled from credit problems in the past, the FHA advises borrowers to go through a credit counseling program to prevent being denied your request for an FHA loan. When the paperwork is electronically submitted to the lender, they will go through and evaluate your credit risk to determine what options are available to you. Be prepared to fill out a lot of paperwork to get the loan approved, but it is well worth it in the end to own your own home. Since there are a number of different types of loans from the FHA, we will work to help you determine which one you are going to get approved for.

Purchasing a home can be both an exciting time and a troublesome time as well. Trying to learn all of the ins and outs associated with buying a home can be overwhelming, but we are here to help in any way we can. We want to help simplify the process for you and make sure you understand everything that buying a home can mean for you. Once you have the chance to speak to one of our professionals, you will gain an understanding of what the market holds in store for you.

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

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Popular FHA Loans in New York

Popular FHA Loans in New York

When it comes to getting the home of your dreams, you want to make sure you are getting the absolute best mortgage in the industry. Purchasing a home can be an overwhelming experience with all of the different mortgages in the industry. For those looking for an FHA loan in New York, one of the most popular options is that of the 203b FHA loan. This fixed-rate mortgage is one of the most widely used by the FHA for those who are buying their first home. When getting this type of loan, you will not have to worry about an extensive down payment.

Closing costs for the FHA mortgage in New York are reduced. Using this type of loan, the lender will finance up to 97 percent of your loan. You will need to qualify based on a debt-to-income ratio, but there are no minimum requirements for income. If you are not sure what your debt-to-income ratio is, one of our specialists at MortgageDepot can help go over everything with you. Our goal is to make sure you have a thorough understanding of the mortgage industry and make sure you know what you are getting yourself into.

Maximizing your credit ratio before applying for the FHA loan will help make sure you get the absolute best rates in the industry. Just because there are a number of other loan options in the industry, that doesn’t mean it has to be as difficult as you might think. Our team of professionals understands the importance of getting the mortgage you desire in the shortest amount of time possible. Regardless of whether you are looking for a 203b, ARM, fixed-rate or other type of loan, you can rest assured that we have someone available to help you get what you need.

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

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FHA Mortgage Insurance

FHA Mortgage Insurance

When it comes to FHA mortgage insurance, it is an insurance placed on your FHA loan in the event you were to default on the loan. Lenders are able to make a claim against the insurance. Any losses that are incurred from your defaulting on the loan are repaid to the lender. This particular type of insurance helps minimize the risk associated with lenders providing a loan to those who only have a small down payment.

At MortgageDepot, we work hard to make sure you understand what FHA mortgage insurance means for you. It is important that you know what you are doing when it comes to getting a mortgage, so we work hard to explain all of the ins and outs of the process to you. Our goal is to make sure you understand what is expected of you as the buyer. When you get an FHA loan, the mortgage insurance lets you place a minimal amount of money down on the purchase of the home. In return, you will be able to finance the mortgage insurance to help insure the loan.

Banks and other institutions can lend money to anyone who qualifies for the FHA loan knowing that if the loan defaults the loss will still be repaid. When you have mortgage insurance in place, it makes the loan appear more attractive to potential lenders. The loan can easily be sold to an investor, which will free up capital to the lender and make more loans available to those in need. Understanding the complexities of mortgages is difficult enough, but it doesn’t have to be that way with the help of our professionals at MortgageDepot. We will take the time to listen to what you have to say and explain the loan to you in detail.

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

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