We offer you a great advantage in working with so many great lenders. Most lenders such as a big bank will offer one option or maybe just a few. Their employees are often unlicensed or sometimes simply unaware of other choices. With this path your options are limited. Not only do we have to be competent with the state licensing requirements, we also have to understand the multiple lenders and their multiple options can be best tailored to meet your goals.
Lending in America changed in the 1930's after people withdrew their cash from banks in the face of great uncertainty during the Great Depression. Banks had nothing in their vaults to lend so President Roosevelt had to step in to get the economy going again and this is how Ginnie Mae and later Fannie Mae and Freddie Mac got started. These institutions injected liquidity into the Banks for them to lend to homeowners. Unlike the government, bank's cannot create money and to keep inflation under control for every dollar of deposits they are limited to lending approximately ten dollar based upon the concept of fractional lending. Institutions such as Ginnie Mae, Fannie Mae and Freddie Mac buy these mortgages and sell them to investors such as pension funds, annuity funds or even foreign governments and provide them with a safe investments in the form of asset backed securities providing a fixed rate of return for a certain period of years. These investments are even safer when they are backed by equity in the home or by FHA mortgage insurance in the case of Ginnie Mae loans and private mortgage insurance in the case of Fannie Mae and Freddie Mac loans. As part of this circle of money these government institutions often hire the original bank to become a servicing agent and collect the interest on the new investor behalf. These servicing agents are in most cases the party who provide our revenue at the time of origination of the loan, dependent on the terms of the loan. As well as working with the large government organizations we work with portfolio lenders who do not sell your loan to these agencies and will often continue to service your loan after it has closed. Fundamentally our prime directive is to seek the best and most appropriate terms for you and it is important to understand the many paths this make take to achieve.
HOW TO HELP YOU DETRMINE THE BEST LOAN PROGRAM FOR YOU
You have to ask your self a series of questions. As a general rule we always encourage people to consider the shorter term mortgage as an old fashioned common sense way to build personal wealth faster. We appreciate that no two clients are the same. When consider terms it is important to consider how long you will keep the home. If you are will keep the loan for a short term or are looking for the best cash flow and adjustable rate mortgage may be the appropriate option. When considering adjustable rate mortgages we recommend long term arms and it is always important to consider the length of the adjustment period, for example five years, in the context of where we are at in the economic cycle. If you are unsure about the future cash flow or income then a long term fixed rate mortgage may be the best option. Terms are typically five years in increment and can be for 10, 15, 20, 25 or 30 years. If you need to bounce some ideas of us we can easily be reached any time between 9 am and 9 pm Monday through Saturday at 630 405 6070.
NEW HOME PURCHASES AND PREAPPROVALS
You may be a veteran or a first time home buyer but in either case we appreciate the level of stress involved. Our job is to inform and educate you on all the options and new terminology and to work with your selected real estate professionals to make this the best and most stress free experience that you can possibly have. There is a lot on your plate and our goal is to have your back and free you up to focus on other areas of your purchase.The mortgage preapproval and approval process will ensure that you are not buying a home that is too expensive, too risky or is being overpriced through the appraisal process.
It is important to consider your income and how much you can afford. Mortgage means literally "death pledge" and initially you will go through a form of payment shock. We want you to be able to cope with this and not be overwhelmed. Generally we encourage people to think about a less expensive homes and consider a short term mortgage. It may not be the biggest house on the block but unlike your neighbors it will give you the biggest bank account when you retire if you have paid it off in 15 years. If you have other obligations or may not keep the home forever and prefer a longer term loan we understand. We will analyze the transaction including your 2 years of tax returns, one month of paystubs and 60 days of bank statements and provide your with all your options.
It is important to consider also down payment and seller credits towards costs that free up your money to provide a larger down payment. Most people are unaware of this fact but with good credit you don't always need 20% down to avoid mortgage insurance. Mortgage insurance can be "bought out" at closing or rolled into a higher rate that may mean a cheaper monthly payment that an extraordinary low rate with mortgage insurance. Call us anytime for a more details analysis if this option is suitable for you. Apply Now !!!
TRADITIONAL REFINANCING OPTIONS
Like a roller coaster interest rates periodically go up and down according to the economic cycles and patterns. The goal of our governments since 1980 has been to reduce inflation and keeping interest trending downwards for the past three decades has been part of this macro economic policy. We realize that most people will change their loans every few years to take advantage of these low rate opportunities. We do not encourage you to pay large closing costs to do this as they will often never be recouped. We offer the customer low or no closing options based on loan size and terms. We hope that will little costs and aggravation we are developing a trusted relationship that will last for life and not just one transaction. Our goal is to be comfortable enough to reach out to you anytime we can see that the market can work for you and save you money. Even if you are unaware always let the market work for you at Market Place Mortgage.
Refinance now and pay off that loan faster, lower that monthly payment, consolidate those high interest credit cards and possibly even skip a mortgage payment !!!
NO EQUITY REFINANCING
Like many Americans you may not be sure that you have any equity in your home at the moment. Until our politicians, population growth or new immigrations solves the major problems we may have a solution for your own personal economy.
FHA also know as Ginnie Mae loans often do not need an appraisal with the streamline process. The loan amount without an appraisal is kept to a fixed formula used by FHA therefore it is important that we keep your closing costs low because the loan amount cannot be raised to roll these in and most people do not have large reserves to bring to closing to pay costs. We can help in these situations keep costs down and successfully take advantage of low current rates.
For Fannie Mae and Freddie Mac loans we can go online and see if your loan is owned by these institutions. If so you may be eligible to refinance to 125% of the current value of your home. Sometimes no appraisal is required. Guidelines are expanding in the future to go beyond even 125% of the current value.
HOME EQUITY LOANS
If you are simply looking for a line of credit that you can use flexibly we offer adjustable and fixed rate terms. These can also be used in conjunction with a first lien mortgage to avoid paying mortgage insurance. These are great in an emergency or used to pay off credit cards, fund temporary obligations, pay medical bills or tuition or simply to take a nice vacation.
If you are 62 and have equity in your home then it may be time to enjoy your retirement. The government wants you to stay in your home. It is cheaper than to fund a retirement home for you and in return they offer a loan backed by FHA which may will allow you to pay off your current loan or cash out equity from your home. Your credit and income is not considered in evaluating eligibility. You can be in a foreclosure, bankruptcy or have low income and bad credit and still qualify for this loan. You can choose a fixed rate option that never changes or an adjustable option if you prefer. There are no prepayment penalties so you can make interest and principal payments if you choose. You do not have to defer interest if you do not want to. Often this is a way to get a lower rate than your current rate if you would not qualify for a traditional forward mortgage based on your income and credit and still treat it like you would a forward mortgage. You do not loose the title to your home. Your children can inherit title and equity if it exist at the time. They have one year in practice to make arrangements. We encourage borrowers to save what they would normally make in mortgage payments and in some case over a period of five or ten years customers have saved more money in their bank account than they have lost in equity resulting in a larger inheritance for their children. Call today for more information so you can make an important educated and informed decision.
Use the Reverse Mortgage to alleviate stress by eliminating monthly mortgage payments, medical bills, tax bills, high rate credit cards. Use it to fund a savings accounts or to purchase a reliable vehicle, home improvements or take a nice vacation. Call today !!!!
THE LOAN PROCESS
We encourage you to call today and speak with one of our licensed representatives. Based upon geography we will get together and discuss your situation in a no obligation setting and learn about yourself and your goals. We will evaluate your financial situation and make recommendations.
After taking an application the next step involves preliminary underwriting through licensed software programs tied to large institutions such as Fannie Mae or Freddie Mac that all lenders adhere in determining uniform evaluations of risk. Then we assign your loan to one of the many lenders we work with based upon the particular circumstances of the loan with the overriding goal of getting you the best terms on the market.
One of our representatives will call you or respond to your calls as we clear approval conditions from the underwriter. Upon successful completion of underwriting your loan package will be sent to the title company and a notary will come to your home if you like and complete your closing. We want you to be completely satisfied as like you we have invested time and money in the successful outcome of the process. There is no obligation and there is a three day waiting period for your loan to fund. We hope you are satisfied to the point where we will see you again in the future and you even refer friend s and family member to us saving them thousands of dollars by going to less competent mortgage lenders.
We wish you luck in your mortgage adventure and ask you to call us anytime and keep in touch with us. Thank you and make it a great day !!!