• We now offer a 40-year loan with the first 10 years as interest only, enjoy a low monthly mortgage payment!!!
(800) 535-0270
Select Page
Refinance Loans

Refinance Loans

Most people forget about their mortgage except for when they write a check each month to make a payment. At MortgageDepot.com, we know that a mortgage refinance prove to be a money-saving measure for some borrowers.

When should a borrower refinance a loan?

It is a good idea for owners of residential, commercial, and other types of property to periodically review the mortgages on those properties to determine if a loan refinance could save them money. Our loan officers suggest refinancing an existing mortgage loan if one or more of the following situations exist:

  • Adjustable-rate mortgage: Borrowers with an adjustable-rate mortgage are at the mercy economic conditions in the country and policy decisions by the Federal Reserve. An increase in interest rates in general eventually results in an increase in what borrowers with adjustable-rate mortgages pay each month. Refinancing an adjustable rate mortgage with a fixed-rate loan offers borrowers the peace of mind of knowing their interest rates will not change for the life of the loan.
  • Ability to make larger monthly payments: For many people in the market to purchase a home, the only way to afford the monthly payments on a mortgage is by spreading them out over 30 years. A raise or a new and better-paying position at work could offer a borrower the opportunity to save money by refinancing a 30-year mortgage with a loan offering a shorter term. A 15- or 20-year mortgage provides a significant savings in the amount of interest a borrower pays over the life of the loan as compared to a 30-year mortgage.
  • Improved credit: A borrower’s credit score affects the interest rate charged by a lender. Making monthly mortgage payments on time may result in a borrower’s credit score improving to the point that refinancing the mortgage loan could result in a lower interest rate and a decrease in the monthly payment. If the improved credit score allows a borrower to refinance at a lower rate of interest and for a shorter term, such as 15 years instead of 30, the interest saved could be significant.

Lowering a borrower’s interest rate is only one reason a person might consider refinancing a loan.

Reasons to refinance loans

Refinancing mortgage loans offer borrowers the opportunity to obtain money to use for other purposes, including the following:

  • Paying off high-interest rate credit cards
  • Consolidating personal debt
  • Making repairs and improvements on a home
  • Paying college tuition

A loan refinance gives borrowers the ability to access the equity in their homes to be used for whatever purposes they wish to use them.

Contact MortgageDepot

Speak to one of our loan officers at MortgageDepot for more information about loan refinances.

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

Who sets the VA Loan guidelines, the VA or my lender?

Who sets the VA Loan guidelines, the VA or my lender?

Many new borrowers who inquire about a VA Loan often wonder who sets the guidelines, the lender or the VA. It may seem confusing at first, but the truth of the matter lies in the fact that the guidelines set forth are administered by the VA, and the lender must follow a strict set of guidelines. A VA Loan is designed and developed by the Veterans Administration and the lender must comply with the VA in order to sell the loans.

Why the VA Does not Offer Loans Directly

In simple terms, the VA does not have time to administer a loan from application to final closing. That is why the VA builds the loan program from scratch including all the loan guidelines and leaves the administering of the loan to private lenders. However, private lenders are not free to pick and choose who qualifies and who does not qualify. They must follow a strict set of guidelines laid out by the Veterans Administration or face losing their ability to offer a VA Loan. This could cost the lender millions of dollars in business if they are no longer able to offer any type of VA Financing.

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

MortgageDepot strengthens its relationship with Partner Maspeth Federal Savings

MortgageDepot strengthens its relationship with Partner Maspeth Federal Savings

MortgageDepot recognizes the power of building community. We are committed to communities and local neighborhoods. We always endeavor to align ourselves with others who share that mandate. And we actively seek like-minded businesses that consider themselves an invaluable resource to the people of the communities that they serve.

Maspeth Federal Savings is one of our newest community partners. Under the leadership of Richard T. Maher, Senior Vice President, and Chief Lending Officer, Maspeth Federal brings 70 years of continuous positive community engagement to their banking customers. Maspeth Federal has as its stated mission, “to provide their customers with positive banking experience and to remain committed to being a partner with other small businesses and organizations within the community.” As a real estate banking professional, Richard T. Maher has conducted real estate valuations and appraisals since 1984, and he joined Maspeth Federal Savings seven years ago ascending to the position of Senior Vice President in 2015.

Considered a “mutual thrift” as defined by banking regulations, Maspeth Federal Savings is a financially sound, well-capitalized community bank that has never “gone public” and is a partnership between its board of directors and its depositors. To that end, in 2018, Maspeth Federal launched a first time buyers initiative and expanded its community events calendar to include educational workshops for the first time home buyer.

Maspeth Federal Savings is the “neighborhood bank” you can trust. As our partner, MortgageDepot is pleased to offer our clients the opportunity to obtain home mortgage financing for residential no income check loans, multi-family, or commercial property via Maspeth Federal Savings.

Contact us today at MortgageDepot to refinance or finance a new rental or commercial property. 

You can reach us at 800-535-0270 for more information or email us here.

What to look for after closing

What to look for after closing

Congratulations, your loan has funded! Thank you for choosing MortgageDepot. Here are a few important notes about servicing communication for our Borrower(s):

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 they 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 did not receive a statement in the mail prior to their first payment date, payment should be remitted to the address on the first payment letter
  • If you do receive a statement in the mail prior to 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, they should read all correspondence individually and follow the instructions on the most recent communication
    If the borrower is unsure, they can direct questions to 800-535-0270 or send an email to support@mortgagedepot.com.

Thank you for choosing MortgageDepot.

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

Do I need my tax returns to apply for a VA Loan?

Do I need my tax returns to apply for a VA Loan?

When you are providing documentation to a private lender who handles VA Loans, you must familiarize yourself with the income documentation requirements. If you are asking yourself whether or not you need tax returns to qualify for a VA Loan, you must look at how you earn your income. Consider things like self-employed income, contract work income or generating income from a traditional job. So here is a list of things to consider while asking yourself whether you need at least two years of tax returns:

Income Documentation Verification

  • You will need copies of your most recent pay stub, two years of W-2’s and some lenders require a minimum of 12 months bank statements. The bank statement requirement varies among lenders. Some require the statements and some lenders do not require the statements
  • Two years of business bank statements are required if you are self-employed. If you generated any income from rental properties, you will need your Schedule E showing positive or negative rental income. You must also provide two years of 1040 filings over the past two years.
  • If you are a 1099 contract employee, you must show two years of 1099’s. Then you must provide a minimum of two years of tax returns that clearly shows how much gross income you made pre-tax. This is used to ensure that you can continue to generate a freelance income.

Working with MortgageDepot

We are a leading mortgage service based out of New York. We specialize in working with veterans who are struggling to come up with the right income documentation. If you feel overwhelmed, or do not know how to obtain various income docs, then MortgageDepot is who you should look to for support. Our team of mortgage professionals guides you throughout the process all the way to the VA Loan closing. Do not hesitate to call today.

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

MortgageDepot Welcomes Joe Reilly To Our Team

MortgageDepot Welcomes Joe Reilly To Our Team

MortgageDepot is proud to welcome our newest Sales Manager Joe Reilly! Joe Reilly has the distinction of bringing his vast leadership skills to our team here at MortgageDepot, beginning his career as a customer service rep at the now-defunct Republic National Bank twenty plus years ago.

We have the good fortune to have garnered a true leader with a proven track record, whose style incorporates the best practices of integrity and providing the highest level of customer service when engaging every potential customer.

By utilizing his highly developed set of interpersonal people skills, and his ear for the needs of each individual, he has forged successful relationships as a colleague, peer, and mentor to many throughout his career. “It matters to me that I help people in my capacity as a sales manager. When my efforts result in an opportunity for someone, I feel I’ve done my best work,” Joe added.

It is this winning mindset of service to others, that distinguishes Joe Reilly as a Sales Manager. His passion for not only the work but also for the staff and the people that are clients of MortgageDepot makes him our latest Most Valued Person (MVP)!

If your goal is to join a winning team and you want some direction as a mortgage loan originator, know that Joe Reilly and the staff here at MortgageDepot is here to provide you with the support and services that you need. We aim to support the originator because their success is our ultimate goal. Contact us today at MortgageDepot at 800-535-0270 to discuss the possibilities of joining our winning team, with the expert guidance and assistance of Joe Reilly.”

© 2019 www.mortgagedepot.com. All Rights Reserved.
Licensed By The Following State Regulatory Agencies:
New York State Department Of Financial Services
Florida Office Of Financial Regulation.
Website Authorization By The New York State Department Of Financial Services Is Approved.
*Registered Mortgage Broker — New York State Department Of Financial Services – All Mortgage Loans Are Arranged Through Third (3rd) Party Providers’ NMLS # 1133788