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Counsel Mortgage Group, LLC
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SBA: LOANS

The SBA is the Small Business Administration and offers business loans. The most common types refer to Sections 504 and 7(a) of the Small Business Act.

If you’re looking for a small business loan to purchase commercial real estate or heavy machinery/equipment, then the 504 loan is the best choice.

If you are purchasing a business or getting working capital, then the 7(a) loan is preferred.

The 504 loans are typically structured with a participating lender covering up to 50% of the total project costs, SBA providing 40% of the total project costs, and the borrower contributing 10%.

504 loans are used for fixed assets including the purchase of existing buildings, land and land improvements, and construction of new facilities. The benefits for small business is that 504
loans allow 90% financing, longer loan amortizations, no balloon payments, fixed-rate interest rates and savings that result in improved cash flow for small businesses.

7(a) loans can be used to purchase new land (including construction costs), repair existing capital, purchase or expand an existing business, refinance existing debt, and purchase machinery, furniture, fixtures, supplies or materials. The loan repayment varies from 7 to 25 years.

The specific terms of fees, interest rates, and percentage of guarantee for an SBA loan are negotiated with the lender.

If you are interested in purchasing a business and the land that comes with it, contact us and we can help you.

We offer a variety product services, ask us how we can assist you today:
Counsel Mortgage Group®, LLC
www.counselmortgage.com
480-502-1000
NMLS #178927
AZ MB #0909580
CA DBO #60DBO43873

Copyright © 2018 Counsel Mortgage Group®, LLC.

#CounselMortgage #CPA #MortgageBroker #self_employed #SBA_loans #commercial #lender #loanapproval #SBA #Attorney #Mortgage #Arizona #California #Scottsdale
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PAYING DOWN A MORTGAGE: EXTRA PAYMENT TO PRINCIPAL

Everyone knows if you make extra payments on your mortgage, you can pay it off sooner, but, how much quicker do you pay it off by making the extra payments?

We have a calculator on our website which shows you how much quicker you can payoff the mortgage by making an extra payment.

Here is the link:
http://counselmortgagegr.loandiscovery.com/loancenter-calculators-extrapmt.aspx

Example: If you have a $200,000 mortgage and a 4% 30-year fixed mortgage rate, your monthly principal and interest payment is $954.83. However, if you paid an extra $100 per month, you could cut approximately 4 years off of the mortgage; if you paid an extra $200 per month, you could cut off approximately 7 ½ years off of the mortgage.

Many people like to set up bi-weekly payments with their lender where the mortgage payment is automatically drawn from their account every other week; lenders may assess a small charge for this service.

Alternatively, you can make one extra payment per year and it would have the same effect, i.e. 13 mortgage payments per year, either way, you save approximately 4 years on the mortgage.

By making the one extra payment per year, you may be able to avoid the small fee, and would have control over the payment. That is, you can choose when to make the extra payment rather than having a lender take the money out of your account. This also makes it easier to cancel, if needed.

If you are trying to payoff your mortgage quicker, and have questions, let us know.

We offer a variety of products and services, ask us how we can assist you today:
Counsel Mortgage Group®, LLC
www.counselmortgage.com
480-502-1000
NMLS #178927
AZ MB #0909580
CA DBO #60DBO43873

Copyright © 2018 Counsel Mortgage Group®, LLC.

#CounselMortgage #CPA #MortgageBroker #information #good_to_know #principal #payments #SBA #Attorney #Mortgage #Arizona #California #Scottsdale
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INVESTMENT PROPERTY PURCHASE – QUALIFICATION

If you can afford your own home, you can likely afford an investment property.

If you are going to purchase an investment property, you want to make sure the rental income covers the mortgage payment. In addition, you should budget a cushion, i.e. rental income that more than covers your mortgage payment and gives you some profit each month. You can put the profit aside and keep it in a fund for repairs that may become necessary over time, or pocket it.

When lenders qualify you, they make the same considerations. They will take the market rental income as determined by the appraiser and use that amount to offset the mortgage debt. Thus, the payment is nullified for pre-qualification purposes. So, if your debt-to-income ratio is enough to cover your home, you will likely be able to get qualified for an investment property, provided you do not have much other debt.

We routinely qualify people for investment properties. We can help you with yours. Contact us.

We offer a variety of products and services, ask us how we can assist you today:
Counsel Mortgage Group®, LLC
www.counselmortgage.com
480-502-1000
NMLS #178927
AZ MB #0909580
CA DBO #60DBO43873


Copyright © 2018 Counsel Mortgage Group®, LLC.

#CounselMortgage #CPA #MortgageBroker #second_home #assets #Investment #good_to_know #investment_property #SBA #Attorney #Mortgage #Arizona #California #Scottsdale
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PLEDGED ASSETS

With the way the stock market is running, many people do not want to liquidate their accounts to make a large down payment on a home.

They are conflicted because they want to make a large down payment to get a better interest rate, but do not want to sell the assets in their investment accounts and pay taxes on any gains.

By pledging their assets to the lender, they will be able to keep money in the market and be given credit for a large down payment.

Example, a couple is looking to purchase a $700,000 home, and want a conforming loan amount of $400,000 to take advantage of the better rates. They have $500,000 invested in mutual funds that are making a very good return, and $100,000 in a checking account. The pledged asset program allows them to borrow up to 90% of the value of the home, so they can borrow $400,000 from the mortgage lender, pledge $230,000 of the assets in their mutual fund to the lender, and make a $70,000 down payment from their checking account. This allows them to have the lower loan amount while keeping their investments in the market and avoiding tax.

Contact us if you want to consider this or other creative financing for your home.

We offer a variety of products and services, ask us how we can assist you today:
Counsel Mortgage Group®, LLC
www.counselmortgage.com
480-502-1000
NMLS #178927
AZ MB #0909580
CA DBO #60DBO43873

Copyright © 2018 Counsel Mortgage Group®, LLC.

#CounselMortgage #CPA #MortgageBroker #pledge #assets #choices #good_to_know #rates #tax #SBA #Attorney #Mortgage #Arizona #California #Scottsdale
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WHY WORK WITH A COUNSEL MORTGAGE BROKER

Why is it beneficial to work with a mortgage broker and why a Counsel Mortgage broker? As you can see from our website, the professional experience of the loan originators at Counsel Mortgage is unmatched in the industry. When I looked for a mortgage loan the first time I purchased a home, I did not know there were a variety of different options to get a mortgage loan. I went to a mortgage broker, and since then have obtained all of my loans through a mortgage broker. Below you will see many examples of how working with a mortgage broker is in your best interest as a home buyer:

MORTGAGE BROKERS

Mortgage brokers provide consumers with a choice. Brokers have relationships with many lenders and are aware of their rates and products. The broker is able to obtain mortgage products and rates for you at wholesale, which typically result in lower rates and costs. If not for mortgage brokers, you would be left with going to different banks yourself, selecting from typically higher retail rates and costs, and trying to determine on your own which bank’s rates, costs, and products are best for you. A mortgage broker does this work for you.

Further, loan originators who work for mortgage brokers must be licensed in order to originate your mortgage loan. The requirements for licensure can be found in our blog on loan originator licensing.

LOAN OFFICERS WITH A BANK

Many people like to go to their bank for a loan and work with a loan officer. However, the products and rates at a bank are limited to only those offered by that bank. The rates are at retail, which are usually higher than wholesale. Furthermore, loan officers who work at a bank do not have to be licensed. Thus, by going directly to a bank, you have limited options and work with an unlicensed loan officer.

MORTGAGE BANKERS

Another option is to work with a mortgage banker. They market themselves as offering the convenience of a bank with on-site underwriting and funding for a quick close, plus the ability to broker outside of the mortgage bank to another lender. Nevertheless, in many instances, mortgage bankers work with their bank, rather than brokering the loan. One of the main reasons why this occurs is because they make more when they fund their own loans, thus they have an incentive not to broker.

Mortgage bankers need to meet similar documentation requirements to get a loan approved as a mortgage broker or loan officer. So, their promotion of on-site underwriting implying a quicker process is a distinction without a difference. We, at Counsel Mortgage, actually have close relationships with lenders and underwriters and can underwrite and fund loans quickly, and in many instances more quickly, than a mortgage banker or bank. Furthermore, we do not have any ties to a bank and therefore are not compelled to send loans to one bank.

BROKERS MUST DISCLOSE COMMISSIONS, BANKERS DO NOT

The only loan originator that has to disclose their commission is the mortgage broker. Loan officers at a bank and mortgage bankers do not have to disclose their commissions. But, mortgage brokers, like every other entity in a real estate transaction, i.e. real estate agents, title companies, appraisers, etc., must disclose their commission. In fact, many mortgage brokers became mortgage banks for the simple fact that they did not have to disclose their commission. You will know what the loan originators at Counsel Mortgage make on every transaction as we disclose our commissions.

WORK WITH A COUNSEL MORTGAGE BROKER

As described above, mortgage brokers provide choices for their customers to help them find the products that suit them. They must broker the loan, and do not have the option of keeping it in house to avoid disclosure of their commission. Further, they must search the market for the best product for their customers in order to be competitive. Counsel Mortgage originators work hard at customer service and educate our customers about the process to keep them informed of the transaction; you can see the experiences of some of our customers in the testimonials section of our website.

We look forward to the opportunity to work with you and to show you how we care about you and your loan. Please contact us and we will be happy to help you.

We offer a variety of products and services, ask us how we can assist you today:
Counsel Mortgage Group®, LLC
www.counselmortgage.com
480-502-1000
NMLS #178927
AZ MB #0909580
CA DBO #60DBO43873

Copyright © 2018 Counsel Mortgage Group®, LLC.

#CounselMortgage #CPA #MortgageBroker #benefits #why #choices #good_to_know #commission #SBA #Attorney #Mortgage #Arizona #California #Scottsdale
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JUMBO LOANS IN ARIZONA

Jumbo financing is available in Arizona. In order to qualify, you will have to meet the factors in the ACIDsm test, which I blogged about here: http://counselmortgagegroup.com/qualifying-acronym/

Gone are the days of stated income and no income verification. Today, if you want a jumbo loan, you will have to provide full documentation and demonstrate an income. Even if you can pay for the home in cash, if you want a loan, you must still have verifiable income. For self-employed individuals, that means providing your last two years tax returns. If you are salaried, providing your paystubs and W-2. If you can qualify, there are very good rates and programs.

A jumbo loan in Arizona is a loan amount of more than $453,100. The programs and rates for these products vary depending on the down payment and your credit score. Jumbo loans today can be made for as little as 5% down. Contact us for details. A variety of products are available, including 30-year, 20-year, and 15-year fixed rate loans, as well as adjustable rate mortgages, including 5/1, and 7/1 ARMS.

Rates and programs can change daily, so visit our website to stay current. If you have any questions, or specific scenarios, please contact us and we will help you.

We offer a variety product services, ask us how we can assist you today:
Counsel Mortgage Group®, LLC
www.counselmortgage.com
480-502-1000
NMLS #178927
AZ MB #0909580
CA DBO #60DBO43873

Copyright © 2018 Counsel Mortgage Group®, LLC.
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JUMBO LOANS IN ARIZONA

Jumbo financing is available in Arizona. In order to qualify, you will have to meet the factors in the ACIDsm test, which I blogged about in April, and can be reviewed below.

Gone are the days of stated income and no income verification. Today, if you want a jumbo loan, you will have to provide full documentation and demonstrate an income. Even if you can pay for the home in cash, if you want a loan, you must still have verifiable income. For self-employed individuals, that means providing your last two years tax returns. If you are salaried, providing your paystubs and W-2. If you can qualify, there are very good rates and programs.

A jumbo loan in Arizona is a loan amount of more than $417,000. The programs and rates for these products vary depending on the down payment and your credit score. Our news scroll on the home page updates the rates and down payments for various scenarios every day.

Go to: www.counselmortgage.com to view today’s rates and scenarios. In general, be ready to make at least a 20 – 25% down payment. Rates are scenario specific, and if you do not see your scenario in the news scroll, contact us and we will be happy to find it for you. A variety of products are available, including 30-year, 20-year, and 15-year fixed rate loans, as well as adjustable rate mortgages, including 1/1, 3/1, 5/1, 7/1, and 10/1 ARMS.

Rates and programs can change daily, so visit our website to stay current. If you have any questions, or specific scenarios, please contact us and we will help you.

We offer a variety product services, ask us how we can assist you today:
Counsel Mortgage Group®, LLC
www.counselmortgage.com
480-502-1000
NMLS #178927
AZ MB #0909580
CA DBO #60DBO43873

Copyright © 2018 Counsel Mortgage Group®, LLC.

#CounselMortgage #CPA #MortgageBroker #rates #jumbo_loans #downpatment #good_to_know #ACIDsm #SBA #Attorney #Mortgage #Arizona #California #Scottsdale
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DOWN PAYMENT: WHAT CAN YOU USE?

Many lenders will try to sell you no money down loans, or down payment assistance loans, but it is likely that these loans will have higher interest rates and more costs.

If you can come up with a down payment, in some instances as little as 1% of the sales price, you may be able to get the lower rates and costs.

Here are some ideas of allowable down payment sources:
1. Cash from your own accounts
2. Borrow from your 401k plan
3. Gift from a relative
4. Co-signer on the loan
5. Gift of equity if purchasing from a family member
6. Bonus from your employer

A gift from a non-relative or a contribution from the seller cannot be used for down payment. The seller, however, can contribute to your closing costs.

Contact us if you have any questions or need help qualifying for a loan with a down payment.

We offer a variety product services, ask us how we can assist you today:
Counsel Mortgage Group®, LLC
www.counselmortgage.com
480-502-1000
NMLS #178927
AZ MB #0909580
CA DBO #60DBO43873

Copyright © 2018 Counsel Mortgage Group®, LLC.

#CounselMortgage #CPA #MortgageBroker #downpayment #bonus #gift #good_to_know #lottery #retirementsavings #SBA #Attorney #Mortgage #Arizona #California #Scottsdale
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PAYOFF



If you have a loan and are looking to pay it off, make sure you obtain the payoff statement.



This is a document provided by the lender which contains the final amount to be paid to release their lien. It contains the principal balance, interest up to the date of closing, penalties (if any), and other charges the lender may charge to obtain the payoff, such as a processing fee; if there is a pre-payment penalty on the loan, it would show up here.



More here: http://bit.ly/2JrLQUi



We offer a variety of products and services, ask us how we can assist you today:

Counsel Mortgage Group®, LLC

www.counselmortgage.com

480-502-1000

NMLS #178927

AZ MB #0909580

CA DBO #60DBO43873





Copyright © 2018 Counsel Mortgage Group®, LLC.



#CounselMortgage #CPA #MortgageBroker #payoff #woohoo #debtfree #good_to_know #wow #inspection #SBA #Attorney #Mortgage #Arizona #California #Scottsdale
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STUDENT LOANS - DOCTORS APPLYING FOR MORTGAGES

Student loan debt coming out of medical school could take many years to payoff. Lenders recognize this fact, and have come up with programs to help doctors qualify for mortgages without regard to this debt.

Lenders know it may take several years for doctors to reach their full earnings potential. As a result, they are willing to work with new doctors to qualify them for higher loan amounts in expectation of these increased earnings.

If you are a doctor who just completed a residency program or a medical clinical fellowship program, and your student loans are in deferment or forbearance, lenders may exclude your student loan payment in the debt-to-income ratio, thereby allowing you to qualify for a higher priced home.

Contact us and we can help you figure out what you can qualify for.

We offer a variety of products and services, ask us how we can assist you today:
Counsel Mortgage Group®, LLC
www.counselmortgage.com
480-502-1000
NMLS #178927
AZ MB #0909580
CA DBO #60DBO43873

Copyright © 2018 Counsel Mortgage Group®, LLC.

#CounselMortgage #CPA #MortgageBroker #student_loan #loans #debt #principal #wow #potential #payoff #SBA #Attorney #Mortgage #rate #Arizona #California #Scottsdale
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