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How We Do Business

How We Do Business

We have made a huge change in our Conventional Pricing.

We also came out with a new MortgageDepot program MDExpress. This will allow for a better rate enhancement to the price for W2’d Borrower, 1 Family Home. Purchase, Rate & Term Refinance as well as a Refinance Cash Out. We will now allow this for borrowers with multiple homes as well using rental income on schedule E. With this program you will have 24 Hour Approvals if not same day.

Service Levels / Abilities

  • We have minimal overlays on all our programs. We would say 95% if not more we follow the Fannie Mae & Freddie Mac as well as HUD.
  • Ability to speak directly to a processor as well as Team Lead & Office Manager if need be. That goes for Files In Process, Loan Scenario, Etc. I will do a 3-way conference call with any of the above as well as Fannie, Freddie or HUD for any reason we need to speak with them.
  • We have been at 24 Hour Turn for conditions for all files now for over a year and we will keep to this with no exception.
  • Loan Estimate and all disclosures are done by us. We don’t want your disclosures at all. Date on your disclosures does not interfere with us at all since we don’t use them. This speeds the loan set-up process
  • Closing Disclosure Goes Out Early. Once File is Approved, Appraisal Signed Off On and Rate Is Locked Initial CD is sent for E-Sign or Wet Sign.

Our Technology

  • Email Notifications at each touch of the file with notes as well to all involved in the file.
  • Ability to see any document that was uploaded by my inside team.
  • Ability to order Both Verification of Income as well as Verification of Assets (Bank statements), speeds the process.
  • Appraisal as well as 4506 and any other items needed can be ordered in our system.

We look forward to working as a Team with you all. Our Team is here to help you close your loan as easy as possible in this crazy business. We want to Earn Your Business.

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

Stated Income Loans

Stated Income Loans

As a mortgage broker that knows stated income loans we specialize in the self-employed borrower who is looking for financing. Below you will see guidelines for our stated income loans.

Our Programs:

  • Up to 75% LTV
  • Credit: 650+
  • 30 yr Amortization
  • No income verification
  • No Tax Returns
  • No Pay Stubs
  • No seasoning
  • No verification of Funds
  • Unlimited Cash Out
  • From $100k to $5 Million

Our primary focus is in the quality of loan structuring to avoid the uphill battle of endless documentation needed to satisfy traditional and extra conservative conforming underwriting.

Our specialty:

  • Investment SFR 1-4 Units Multi-Family, (Primary allowed only in NY state)
  • Commercial Mixed Use or Office
  • Retail Warehouse
  • Self-Storage
  • Auto Service

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

*This product is not regulated by the New York State Department of Financial Services

Fannie Mae HomeStyle Renovation Update

Fannie Mae HomeStyle Renovation Update

Fannie Mae has made some changes to their HomeStyle renovation program removing all underwriting overlays and now allowing 3-4 unit options on purchases and refinances of a primary residence.

Fannie Mae also made it possible to offer adjutables rates such as the 3/1, 5/1, 7/1 and 10/1 on conforming loan limits for this renovation program.

To get more information about the HomeStyle renovation program please contact our office and one of our licensed loan officers will be happy to discuss in further detail about this HomeStyle renovation program.

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

Benefits of Home Ownership

Benefits of Home Ownership

For many people, buying a home is the biggest financial investment they will ever make. The advantages of owning as opposed to renting a home may differ from one person to another, but a few of the benefits most commonly associated with homeownership include the following:

  • Tax savings: Property taxes and mortgage interest continue to be deductible under the new tax law recently passed by Congress. Homeowners should check with an accountant or tax adviser to determine how the deductions apply to them.
  • Payment stability: Fixed-rate mortgages offer steady monthly payments for the life of the loan without the worry of yearly increases associated with renting a place to live.
  • Ability to build equity: A portion of each monthly mortgage payment goes toward reducing the principal balance of the loan to build equity accessible when the home is refinanced or sold. Owners can use the equity for retirement, a vacation home or for a child’s education.
  • Source of pride and personal satisfaction: Purchasing a home fosters a sense of accomplishment knowing a family has a solid foundation on which to build its future.

At MortgageDepot, our professional loan originators offer trusted advice and guidance for anyone ready to make the change from being a tenant to being a homeowner.

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

Piggyback Loans

Piggyback Loans

MortgageDepot is pleased to announce the roll-out of a Simultaneous Home Equity Line of Credit when combined with a First Mortgage loan for either conventional or high-balance loan. There are many reasons why a piggyback loan is the right choice for you. either its good to avoid paying PMI or avoid Jumbo interest rates the piggyback loan is a loan that is a solution for many.

We have partnered with a Bank to offer this product.

Please see below for the product overview.

Some highlights include –

  • HELOC Rate is current prime rate plus margin below:
  • CLTV > 80%: 1.99%
  • CLTV 70.01% – 80%: 1.49%
  • CLTV 70% and less: 0.99%
  • Draw Period: Years 1-10; interest-only payments required during draw period.
  • Repayment Period: Years 11-30; principal and interest payments amortized over the remaining term of the loan.
  • SFR, 2 Unit & Condos Accepted.
  • Second Home Accepted.
  • 1st Loan can be a Purchase or Refinance.
  • Minimum HELOC line amounts begin at $25,000. Maximum HELOC line amounts up to $500,000.
  • No additional document overlays.
  • Fico Scores as low as 700.
  • DTI as high as 45%
  • Gifts / Gift of Equity / Seller Concessions accepted.
  • No Prepayment Penalties.
  • No additional reserves required.

To find out more why this piggyback loan is right for contact our office for more clarification on the program and what it offers.

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

We could help you buy a home without an appraisal

Obtaining a mortgage to finance the purchase of a new home or to refinance a mortgage on an existing one is a pretty straightforward process. First, you get in touch with a mortgage broker from MortgageDepot to have all of your questions answered by one of our knowledgeable brokers. After we help you complete the mortgage application, we submit it to the lender offering you the best terms, and then we all wait for the appraisal to be completed.

Depending upon where the property is located, a borrower could wait weeks for an appraisal. Meanwhile, the lender and everyone else involved in the transaction must wait. If it seems as though there must be a better way to do things, there is, and Freddie Mac is ready to try it out.

Freddie Mac puts an end to the appraisal waiting game

The folks at Freddie Mac decided to follow the lead set by Fannie Mae and bow to the realities of modern technology by waiving appraisals when there is sufficient market data available on a particular property to permit them to determine its value. The two government-sponsored mortgage entities use algorithms and something Freddie Mac calls an automated collateral evaluation system.

The ACE system collects information from multiple listing services, public records and other data about homes bought and sold in a particular area and conducts an analysis. The result is a value estimate for the property being purchased or refinanced.

Time is not the only thing being saved by the new appraisal waiver program. Homeowners refinancing their existing mortgages and buyers purchasing will save the cost of the appraisal, which can be hundreds of dollars.

Eligibility guidelines for appraisal waivers

Expansion of the program refinance transactions to mortgages on home purchases required Freddie Mac and Fannie Mae to publish guidelines for eligibility, include the following:

  • Restricted to one-unit properties
  • Permitted for condominium unit purchases
  • Property must be used as primary or second home
  • Loan-to-value ratio up to 80 percent
  • Value of property cannot exceed $1 million

Appraisal waivers are not permitted for the following types of properties or loans:

  • Multiple-unit properties
  • Investment properties
  • Properties located in areas classified as disaster impacted
  • Construction loans
  • Manufactured homes

Property owners who refinance an existing loan will not be allowed to use the appraisal waiver program if the amount they are borrowing exceeds what is necessary to pay the current mortgage. So-called “cash-out” refinancing will still require an appraisal.

How MortgageDepot can help

Freddie Mac estimates that only 5 percent of the transactions it handles will be eligible for appraisal waivers. The brokers at MortgageDepot work for our borrowers to obtain the best deals in financing, including new loan programs. Whether through appraisal waiver programs, government-backed loans or conventional mortgage programs, we’ll find the loan and the program best suited to the specific needs of each borrower.

Our brokers specialize in finding solutions for borrowers presenting us with unique circumstances or situations. For the buyers whose dream home needs a lot of work, we have the FHA 203K loan program to given them the money they need to complete the purchase and to do the renovations after the closing. Contact MortgageDepot now for more information about appraisal waivers and the other loan programs we offer.

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

*This product is not regulated by the New York State Department of Financial Services

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