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Category | Loan Programs

Refinancing a Coop in New York

Coop living in New York is attractive because it allows you to buy “shares” in a building. Coop mortgages allow you to buy these shares without spending a dime from your own pocket. However, if you have an existing mortgage, you can choose to refinance it. Why Refinance a Coop Mortgage in New York? You […]

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Expanded No Income Check Program

There are constant changes when it comes to no income check loans and that is because the issue of occupancy. Lenders are not allowed to make no income loans on primary residences. The property must always need to be an investment property. So there are always lending guideline changes. The most recent one is that […]

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PayOff Revolving Debt to Qualify

It is with great news that we share that we have updated the guidelines with regards to Fannie Mae Loans and Paying Off Debt to Qualify. Effective with 2015-06, FNMA has reversed their position on revolving debt payoff and will no longer require a revolving debt to be paid in full to also be closed. […]

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Reduction of annual MIP

Effective Monday January 26 FHA will reduce the annual MIP ( Mortgage Insurance Premium) to make it more affordable for people to use FHA loans.   The following table shows the existing and the new annual MIP rates by amortization term, base loan amount and Loan to Value (LTV) ratio. All New MIP amounts set forth in this table are […]

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FHA PMI Removal

FHA Mortgage Insurance Update We have a freshly updated database of 583,746 FHA homeowners that should no longer be paying Mortgage Insurance (PMI). These homeowners are prime candidates for conversion to conventional financing to eliminate their PMI burden. There are many more FHA borrowers <95% that could see substantial savings by converting to a conforming […]

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QM Jumbo Advantage Vs. Non-QM Home Buyer Power

Are You on the Fence of Which Program to choose if you are a High Income, Jumbo Qualified Borrower? Take a Look at This Scenario: Annual Income: $300,000 Loan Amount: $1,000,000 Rate: 4.125% Monthly P&I: $4846.50 Other debts % of Income: 20% Jumbo Advantage won’t work here: DTI is over 43% Choose Interest Only Non […]

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Banking v. Brokering of Mortgages – Myths and Facts

4 Myths Debunked: 1. Mortgage Banks offer the same or better products 2. Mortgage Banks can “get things done” since they have direct Underwriting access. 3. Mortgage Banks can obtain better pricing 4. Mortgage Banks are a cleaner option from a compliance and experience perspective. Facts: 1. Mortgage Brokers have access to an array of […]

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Fixed Rate Loans

If you are buying a home, looking into fixed rate loan just makes sense. This approach provides a number of benefits that will make managing the loan much easier. Here are some tips that will help you determine if mortgages in New York with a fixed rate are right for you. One of the main […]

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Non-QM Products

Understanding non-QM Products, and how to get Them The Qualified Mortgage or QM in short, requires you to fulfill some requirements to qualify. However, many borrowers don’t fit into the QM category, which led many lenders to start trading in non-QM products. Non-QM loans are suitable if your financial or property profile falls outside the […]

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Refinancing a Coop

Refinancing A Coop Mortgage While a coop refinance makes sense financially, especially in New York, the original terms of the coop mortgage need to be carefully examined as well as the reasons for the refinancing. If the reason is to get a lower interest rate, weigh the pros and cons before making any final decision, […]

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