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Wednesday, January 21, 2015

Time to Refinance? Our APR rates are still lower today than other lenders on Bankrate!


 


Don’t Overpay for your Mortgage!
Save Up To .25% or More on Your Rate Versus the Competition!

Having worked for a few of the large banks and mortgage banking firms prior to starting Mortgage Quest in May 2000, I learned how and why these mortgage companies need to mark-up their rates that are offered to the public: large overhead expenses including office salaries, commissions, large rent/office space, several layers of management, extra quality control costs due to large staffing, etc.

Mortgage Quest was established with a business model that has reduced these large expenses so that our operating margins are the lowest in the industry and the need to mark-up interest rates was eliminated:

If you would like a rate/fee comparison please contact me so that you
 "Don't Overpay for your Mortgage!"

Bob McCormick, President

 Visit us at www.McCormickLendingGroup.com

  
Arizona
14362 N Frank Lloyd Wright
Suite 1000
Scottsdale, AZ 85260

Office: (480) 905.1135
Fax: (888) 570.6740
Toll Free: (800) 328-0144
California
23 Corporate Plaza
Suite 150
Newport Beach, CA 92660
Office: (714) 362.4740
Fax: (888) 570.6740
Toll Free: (800) 328-0144


Wednesday, January 7, 2015

FHA to lower cost of mortgage insurance

From CNBC


In a move designed to bring more first-time homebuyers into the housing market, President Barack Obama said Wednesday the Federal Housing Administration (FHA), the government insurer of home loans, will lower its annual insurance premiums from 1.35 percent to 0.85 percent.
In a statement, the White House said the move was part of the president's efforts `"to expand responsible lending to creditworthy borrowers.'' The president is scheduled to talk about improvements in the housing market at a speech on Thursday in Phoenix, one of the hardest-hit markets of the housing crash.
Stocks of the nation's home builders rose on the news Wednesday, while those of mortgage insurers fell.
"This action will make home ownership more affordable for over two million Americans in the next three years," said Julián Castro, U.S. Department of Housing and Urban Development Secretary. "Since 2009, the Obama administration has taken bold steps to reduce risks in the mortgage market and to protect consumers. These efforts have made it possible to take this prudent measure while also ensuring FHA remains on a positive financial trajectory. By bringing our premiums down, we're helping folks lift themselves up so they can open new doors of opportunity and strengthen their financial futures."


http://www.cnbc.com/id/102318078#.

Tuesday, January 6, 2015

A Few Facts About Reverse Mortgages with Mortgage Quest



A Few Facts About Reverse Mortgages with Mortgage Quest


  1. Closing costs are comparable to a conventional mortgage (see our website at www.mccormicklendinggroup.com to see how we are able to offer the lowest costs and rates in the industry).
  2. At least one borrower needs to be 62 years old
  3. Must be your Primary Residence.
  4. The lender or bank does NOT own the home – YOU OWN THE HOME, you keep the title!
  5. There are no income or credit score requirements to qualify.
  6. No monthly mortgage payments are required.
  7. The home does not have to be free and clear or have a lot of equity.  Although enough equity is needed to pay off current liens and/or mortgages.
  8. There is no limitation on how the funds can be used. 
  9. Funds can be received in monthly payments structured as needed, line of credit (with a growth rate), lump sum, or a combination of these.
  10. Social Security and Medicare are not affected because it is a loan, and not considered income.
  11. Medicaid can still be received with the reverse mortgage.
  12. At the time of sale if the home is sold for more than the loan balance, the borrower(s) or their heirs receive the difference.  The bank does NOT keep the difference!
  13. The loan is non-recourse which means there is no personal liability to the borrower or their heirs. 
  14. Just like any mortgage, borrowers are responsible for property taxes and insurance, association dues (if applicable), maintaining the property and abiding by the terms of the loan. 
  15. HUD regulates reverse mortgages.  Thus, a very protected loan.
  16. Borrowers must complete counseling from an approved HUD Counselor on how a Reverse Mortgage works.


Please contact me with any questions you may have on this or any mortgage program.




Bob McCormick, President

 Visit us at www.McCormickLendingGroup.com

  
Arizona
14362 N Frank Lloyd Wright
Suite 1000
Scottsdale, AZ 85260

Office: (480) 905.1135
Fax: (888) 570.6740
Toll Free: (800) 328-0144
California
23 Corporate Plaza
Suite 150
Newport Beach, CA 92660
Office: (714) 362.4740
Fax: (888) 570.6740
Toll Free: (800) 328-0144

nmls 175743 Equal Housing Lender