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Bankrupt Church

Bankrupt Church

The economy has been stabilizing this year, and interest rates have even dropped over the past few months. While that makes it a prime time for churches to seek financing, there are many churches out there that simply won’t qualify for traditional financing.

MortgageDepot does not want these churches to fall through the cracks. If a church can’t find financing for their needs, then they may start to lose congregation members, their sanctuaries, or even end up closing their doors. The trickle-down effect of these events spreads to their local communities as well. We identified the need for alternative financing for churches in trouble 10 years ago. We knew that these churches needed another option.

So, the question becomes: What churches qualify for private money loans? Churches with bad credit, churches facing bankruptcy or foreclosure, and churches with payroll taxes owed are all excellent candidates. Since launching the private money program, we have saved churches from imminent bankruptcy, foreclosure, even IRS seizure.

One of our recent private money loans was in Ohio to help a church that was suffering from a domino effect. They had fallen behind on payroll taxes, which led to past-due taxes. They also fell behind on their mortgage. During all of this, the mortgage had ballooned, which drove up to their interest rate and payment. They needed help before they lost their sanctuary and that is when they heard about our private money loan program. We got to work and helped them negotiate huge debt forgiveness with their lender. We provided an interest-only loan to give them their desperately needed fresh start.

We also closed a private money loan in North Carolina for a church that did not have the funds to finish the construction of a gymnasium. They needed a quick closing to meet deadlines which they could not meet with a traditional lender. This was due to the fact that they did not have all of the financial information prepared or accessible needed for underwriting.

No matter what the reason is for a church to fall into financial crisis, we understand. As a matter of fact, most of us have faced troubled times in our personal lives so the same can and does happen to churches. Our private money loan programs offer an alternative to churches faced with losing their property. If your church falls into this category or your church is looking for a low-priced regular loan with long-term fixed rates.

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

Non-QM Mortgage Closing with Yury

Non-QM Mortgage Closing with Yury

Every client that seeks the services of MortgageDepot presents us with a unique set of circumstances when applying for a home loan. This scenario was precisely the case for two separate clients that recently closed home mortgages with mortgage loan officer Yury Gokhberg. Each of these families was seeking what is formally known as a Non-QM (Qualifying Mortgage) loan for a single family home and a two-family residence as investment properties.

Finding and matching the right bank for these Non-QM loans for these clients was critical. In spite of having been denied by three previous banks, and being offered a much higher rate from one that was declined by the client, we were able to match the best offer for our client’s needs. One proposal was seeking at least 70 percent financing with an interest of 5 percent. This offer was far from favorable terms for our client, and that offer was declined on their behalf.

Although each of these clients was seeking mortgage loans, their circumstances differed in that one secured a personal mortgage, the other obtained their mortgage under a corporate name. Typically, Non-QM loans require numerous requests for paperwork despite not always resulting in receiving a loan. Our goal here at MortgageDepot is to match the appropriate loan product based on each client’s financial needs. In this case, bank statements were used to resolve this issue. When you’re looking for finance a new, existing or investment home, contact us here at MortgageDepot we’ll help you secure the best loan for the home of your dream and your family’s needs.

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

Take advantage of the benefits of a reverse mortgage

Take advantage of the benefits of a reverse mortgage

Take advantage of the benefits of a reverse mortgage

MortgageDepot has come up with a solution for homeowners of the baby-boomer generation to access the equity in a home without taking on the burden of a monthly mortgage payment. We work with members of the baby-boomer generation to take advantage of the many benefits offered by reverse mortgages. Our loan officers have all of the information a senior homeowner needs, but here is a brief introduction to our reverse mortgage program.

Borrowing without incurring a monthly mortgage payment

A reverse mortgage allows borrowers receive tax-free payments each month from a lender based upon the equity in a home. The lenders we work with at MortgageDepot determine the equity available in a home and calculate how much of it can be made available to the homeowner through one of the following methods:

  • A tenure option offers equal monthly payments for life as long as the borrower continues to occupy the home as a primary residence.
  • Borrowers may elect to receive a monthly income for a fixed term instead of for life.
  • A line of credit option is available for borrowers who prefer having the ability to access the available equity in the home only when they need it.
  • Borrowers may elect to take the available equity in the form of lump-sum payment.

Borrowers working with our loan officers can combine the available payment options to develop one that meets a specific need.

Eligibility and repayment guidelines

All borrowers must be at least 62 years of age to qualify for a MortgageDepot reverse mortgage. Unlike other types of mortgages, reverse mortgages do not have income or credit requirements for eligibility. The primary criteria for eligibility are the age of the borrower and the amount of equity in the home. Borrowers can elect to pay title insurance, credit reports, appraisal fee and other costs related to the loan from the proceeds of the reverse mortgage.

Repayment of a reverse mortgage usually occurs when the borrowers no long occupy the home as a primary residence. The surviving spouse of a deceased borrower does not have to repay the reverse mortgage until the home is no longer occupied as a primary residence.

Benefits of a reverse mortgage

Reverse mortgages offer many benefits for senior homeowners, including:

  • The ability to remain in the home while receiving supplemental income each month.
  • No repayment of the loan as long as the home remains occupied as the primary residence of the borrower or a surviving spouse.
  • The equity in the home becomes available for use by the borrowers for any purpose they choose.
  • Title to the home remains in the name of the borrowers.

Borrowers receive a tax-free payment while maintaining full control over their home. Any equity in excess of the amount of the reverse mortgage belongs to the borrowers or their heirs upon sale of the property.

Contact MortgageDepot

MortgageDepot is a mortgage broker company, so our loan officers can help borrowers find the best lender for their reverse mortgage needs. 

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

Rental Property Program for Investors

Rental Property Program for Investors

We offer a 1-4 Unit Rental Property program specifically designed for the real estate investor. We bridge the gap between agency and private money, helping investors manage their single-family property investment portfolio with the purchase of additional properties or with refinancing existing loans.

  • Loan amounts from $75K to $2M
  • Rates starting at 6.125%
  • No tax return or bank statement programs available
  • LTV’s up to 80%
  • Credit Score 550 (500 case-by-case)
  • Fully amortizing terms up to 30 years

To contact us by phone call 800-535-0270 or email us by clicking here.

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Reverse mortgage purchase loans

Reverse mortgage purchase loans

Reverse mortgages have traditionally been the method used by senior homeowners to access the equity in their homes without incurring a monthly mortgage payment. Payment of the debt created by a reverse mortgage is deferred until the property ceases to be the borrower’s primary residence. At Mortgage Depot, we offer senior borrowers the ability to use a reverse mortgage to purchase a home through our reverse mortgage purchase program.

Reasons a reverse mortgage purchase loan makes sense

The home a couple lived in while raising a family might not be the best option for retirement. Some of the reasons for selling the family home include:

  • Downsizing now that the children have moved out.
  • Reducing repairs and maintenance costs with a newer home or condominium.
  • Accommodating physical limitations.

Reverse mortgage loans give seniors the chance to buy a new home without adding a monthly payment.

Features of our reverse mortgage purchase loans

Among the features of a reverse mortgage purchase loan are the following:

  • Loans are available for the purchase of existing single-family homes and properties with up to four units.
  • Borrowers must take occupancy as a primary residence within 60 days following the closing.
  • Amount borrowed is determined by the age of the borrower, interest rate on the loan and appraised value of the property.

The difference between the amount borrowed and the purchase price of the home usually comes from the equity from the sale of the borrower’s current residence, but it could also come from other sources, including savings and retirement accounts. Funds making up the difference between the reverse mortgage purchase loan and the cost of the property cannot come from refinancing a second home or investment property.

Contact us today

Speak to one of our loan officers about a reverse mortgage purchase loan today. 

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

What are Closing Costs

What are Closing Costs

CLOSING COSTS are fees that are earned before closing but are payable at or before closing and fees that are required to be paid at closing to complete the loan transaction. These fees are itemized and estimated for you on the “Good-Faith-Estimate” now known as the “Loan Estimate” which is provided within three business days of the filing of your application.

Closing costs are typically divided into two broad categories. First, there are the fees required by your lender and mortgage broker as a condition of closing your loan. These Fees may include an application fee, appraisal fee, credit reporting fee, interim interest until the end of the month, mortgage broker points and lender points (a point is one percent of the principal loan amount). Tax and insurance escrows would be discussed later. Second, there are Fees payable to third parties whose services are required by the lender as a condition of closing your loan. The most prominent of these Fees are related to the delivery of a title report and a policy of title insurance to the lender, to ensure its interest in the property securing the loan. In addition to collecting fees for title insurance premiums, necessary searches, and policy endorsements, the title company will collect from the borrower at closing, an amount sufficient to pay the mortgage recording tax (0.80% in New York State, 1.80% in the five boroughs of New York City, but isn’t applicable on co-ops), the fee to record the deed (in purchase transactions) the mortgage and any satisfaction, and an amount sufficient to pay any open taxes or assessments or any such charges that will become due within sixty days of closing.

Further third party fees include charges for hazard and flood insurance (if applicable), flood certification, private mortgage insurance (if applicable), termite inspection, well water and cesspool inspections (if applicable), legal fees payable to the lender’s settlement agent, and survey charges (if applicable).

If your loan provides for the lender to escrow funds for the payment of taxes and/or insurance, an amount necessary to fund the escrow account will be collected at closing, so that there will be sufficient funds available, when combined with the amounts collected as part of your monthly payments, to pay these charges as they become due.

Closing costs may be paid out of the loan proceeds or they may be paid separately by the borrower, usually by certified check. Certain loan programs allow the borrower to finance the closing costs by increasing the loan amount in an amount sufficient to pay these charges or by adjusting the interest rate.

The Loan estimate (Good-Faith-Estimate) will estimate each of the above-described charges that are applicable to your loan transaction, for you.

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

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