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.