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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.

Fannie vs Freddie Max LTV

Fannie vs Freddie Max LTV

Mortgage Depot has years of experience obtaining mortgage loans for borrowers in need of financing to complete the purchase or refinance of residential and commercial properties throughout the country. We pride ourselves on our commitment of providing our borrowers with knowledgeable and trustworthy advice and guidance, including educating them about the workings of the mortgage industry.

How the mortgage markets work

Gone are the days when lenders kept mortgages for the entire life of the loan with borrowers making their monthly payments to the original lender. Today, mortgage loans are sold by lenders in a secondary market dominated by Fannie Mae and Freddie Mac.

The ability to sell loans in a secondary market and recover the money they lent allows banks and other lenders to make more loans. Fannie Mae and Freddie Mac are government-sponsored enterprises that buy mortgage loans, bundle them, and resell them to investors.

Differences between Fannie Mae and Freddie Mac

Both Fannie Mae and Freddie Mac have guidelines that mortgage lenders must follow to ensure the loan loans they make can be sold. One area in which the two enterprises differ is in the acceptable loan-to-value ratios for the loans being sold in the secondary marketplace.

The LTVs for different properties are as follows:

  • Primary residence: Properties with up to two units can have an LTV up to 85 percent for Fannie Mae and 80 percent for Freddie Mac. Properties with three to four units can have LTVs up to 75 percent for Fannie Mae and up to 80 percent for Freddie Mac.
  • Second homes: Fannie Mae LTVs can be up to 90 percent. Freddie Mac is up to 85 percent.
  • Manufactured homes: Fannie Mae has a maximum LTV of 90 percent while the maximum for Freddie Mac is 85 percent.
  • Investment properties: Only single-unit properties are permitted, and the maximum LTVS are 75 percent for Fannie Mae and 85 percent for Freddie Mac.

Contact Mortgage Depot today

The loan officers at Mortgage Depot have information about all types of financing.

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

Loan Closed in Under 10 Days

Loan Closed in Under 10 Days

Once again we have proven ourselves and closed a loan in 8 days. With the help of the borrower being very organized and had most of his paperwork prepared we were able to submit a loan get an appraisal done and clear the loan in just 8 business days, this is a record for us, we normally do things in 15 days but we have beaten that record.

If you are looking for speed and accuracy than we are the go-to mortgage company. Give us a try.

Find a loan officer by clicking here.

Purpose for Refinancing

Purpose for Refinancing

How Can a Mortgage Refinance Help Me?

A mortgage refinance can be a very beneficial decision for certain borrowers. Before making that important decision, you must have a clear view about how a mortgage refinance can really help you. If you fall within the following groups, you should find out more about refinancing your mortgage.

You currently have and adjustable rate mortgage (ARM)

The interest rate and mortgage payment of this type of mortgage can change any time. It can either increase or decrease. If you want peace of mind of having a steady monthly payment, you might consider refinancing your mortgage for a fixed rate mortgage. This will give you the certainty that your mortgage payment will not increase due to the market condition.

You can afford to make bigger payments

If you got a raise or simply you have more money than before, you can change your type of mortgage. If you have a 30-year mortgage, you could change it to a 15 or 20-year mortgage. How this can help you? You will be able to pay off your mortgage sooner, saving you a lot of money on interest. It is amazing how much money you can save by decreasing your mortgage term.

Your credit score got better

Sometimes after paying on time your mortgage during a few years, your credit score gets better. With a better credit score, you can get a better interest rate in mortgage loans. If this is the case, your mortgage payment can get lower.

Saving money is the biggest reason why you should consider a mortgage refinance. You can save money by lowering your monthly payments, or by paying off your mortgage
sooner. Just think about every thing that you will be able to do with extra cash in your pocket every month. How nice it would be if you pay your mortgage 10 or 15 years earlier.

If you think, you can benefit from a mortgage refinance, or want to find out whether or not you qualify, give us a call. We are a reputable mortgage company located in the New York area and can help you with any of your mortgages needs.

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

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