Pic

Pic

Monday, August 12, 2019

Rates Have Dropped! No Cost Loans Available!

Mortgage Quest
a dba of McCormick Lending Group, Inc.


Mortgage Rates Are Low!  Click Here To See How We Operate Differently So That You Don't Overpay For Your Mortgage!

"The 15 basis point fall left 30-year rates back at their lowest level since late 2016 according to figures released by Freddie Mac.
Compared to this time last year, 30-year fixed rates were down by 100 basis points.
More significantly, 30-year fixed rates are down by 134 basis points since last November’s most recent peak. The slide also left mortgage rates at their lowest level since the month of Trump’s inauguration…"
Bob McCormick, President

 Loading

Toll Free 800-328-0144 

www.McCormickLendingGroup.com
 Lending in Arizona and California 

"Don't Overpay For Your Mortgage"

mb0903631 nmls175743 nmls179756 Cadoc603J043  Equal Housing Lender

Thursday, August 1, 2019

Wednesday, July 24, 2019

Shopping rates? Why the APR is the most important rate


Mortgage Quest
a dba of McCormick Lending Group, Inc.

Click Here to see how we operate differently so that you "Don't Overpay For Your Mortgage".

What is the difference between a mortgage interest rate and an APR?

An annual percentage rate (APR) reflects the mortgage interest rate plus other charges
There are many costs associated with taking out a mortgage. These include:

  • The Interest Rate
  • Points
  • Fees
  • Other charges
The interest rate is the cost you will pay each year to borrow the money, expressed as a percentage rate. It does not reflect fees or any other charges you may have to pay for the loan.
An annual percentage rate (APR) is a broader measure of the cost to you of borrowing money, also expressed as a percentage rate. In general, the APR reflects not only the interest rate but also any points, mortgage broker fees, and other charges that you pay to get the loan. For that reason, your APR is usually higher than your interest rate.
If you have applied for a mortgage and received a Loan Estimate from one or more lenders, you can find the interest rate on page 1 under “Loan Terms,” and the APR on page 3 under “Comparisons.” 

Wednesday, June 26, 2019

"Don’t Overpay For Your Mortgage"

Mortgage Quest Logo

It's Pretty Simple: Low Overhead + Low Margins = Low Rates


Over 19 years ago, after working for large banks and mortgage banking companies, I figured out how to operate a mortgage company utilizing a business model which allows us to offer ultra-low interest rates for our clients.  As the owner I control our pricing model which keeps our rates generally .25-.50%+ lower than the competition!  Also, we are able to offer free and unlimited rate floatdowns after a loan is locked ensuring the lowest rate possible for our clients.

To see how we operate differently visit us at:



Call Toll Free 800 328-0144 or
Email  McCormicklending@gmail.com

Bob McCormick, President

Lending in Arizona and California 


nmls 175743 azmb 0903631  cadbo 603J043 Equal Housing Lender

Wednesday, June 12, 2019

Alternarive Underwriting Guidelines - Portfolio Loan Programs


Mortgage Quest
a dba of McCormick Lending Group, Inc.


Even though our business model focuses on offering interest rates generally .25-50% lower than the competition we also offer these loan options to help your buyer's secure financing:

*Utilize Business Bank Statements For Income (No Tax Returns)

*Bridge Loans Available for Clients Needing to Purchase Before Selling

*Clients Over 62 Years Old With Low Income- Utilize a Reverse Mortgage for Purchase

*Liquid Assets in lieu of Income for Qualifying


*Limited Seasoning After Bankruptcy, Foreclosure or Short Sale

*5% Down and No PMI on Jumbo Loans Up to $750,000

*500 Fico Scores on FHA and 550 Fico for Conventional


*Quick Closing Private Money Loans


Feel free to contact me or visit us at www.McCormickLendingGroup.com 

Bob McCormick, President

 Loading


Toll Free 800-328-0144

 Lending in Arizona and California

"Don't Overpay For Your Mortgage"


AZMB#0903631 / CFL #603J043 / CO ID #20161226406 / NMLS #175743

Toll Free: (800) 328-0144 Fax: (888) 570-6740


Equal Housing Lender  

Tuesday, June 11, 2019

Low Cost Bridge Loans Available (purchase before selling and remove contingency)

Mortgage Quest
a dba of McCormick Lending Group, Inc.


We offer In-House Bridge Loans for borrowers who want to purchase a new property prior to selling their current property.  Great rates, flexible terms and no upfront cost or monthly payment options available!  

Bob McCormick, President

 Loading



 Lending in Arizona and California
"Don't Overpay For Your Mortgage"



mb0903631 nmls175743 nmls179756 Cadoc603J043  Equal Housing Lender

Thursday, May 30, 2019

Smart Condo Niche Loan Qualifying


Mortgage Quest
a dba of McCormick Lending Group, Inc.

For Non-Warrantable Condos & Condotels
  • Up to $1.5M loan amounts at 90% (Condotel 80%) P/RT – No MI
  • Up to $2.5M loan amounts at 85% (Condotel 75%) P/RT – No MI
  • Cash-Out loans up to $1.5M at 80% (Condotel 70%)
  • $500K Cash-in-hand/debt payoff
  • 660 min FICO (Condotel 680)
  • Up to 10 Financed Properties
  • 4+ years BK/DIL/SS and 5+ years FC


Bob McCormick, President

Toll Free 800-328-0144 

 Loading

 Lending in Arizona and California 

"Don't Overpay For Your Mortgage"

mb0903631 nmls175743 nmls179756 Cadoc603J043  Equal Housing Lender


Friday, May 24, 2019

SmartFunds No Income Verification Loans


Mortgage Quest
a dba of McCormick Lending Group, Inc.

For borrowers with significant eligible assets that can't qualify with traditional documentation

HIGHLIGHTS:
  • Net residual assets > 60 months of total monthly obligations + reserves
  • LTVs up to 90% for Purchase & Rate/Term and up to 85% Cash Out – No MI
  • Primary residences and second homes (no rental properties)
  • Borrower can own up to 15 financed properties
  • Reserves waivable on Rate/Term with the <$1.5M loan amount, 0x30x12, and decreasing housing payment
  • No pre-payment penalty
  • No DTI calculation
  • 30 yr Fixed, 10/1, 7/1, 5/1 ARMs – all with optional Interest Only; Fixed 40 yr Interest Only option

HERE'S HOW IT WORKS:
Simply put, we add up all their eligible assets and subtract the entire loan amount and closing costs. Then we compare that to their total monthly obligations over 5 years plus reserve requirements. If qualifying assets are greater than their total obligations and reserves, they qualify.
Example: 

Bob McCormick, President

 Loading


 Lending in Arizona and California 

"Don't Overpay For Your Mortgage"

mb0903631 nmls175743 nmls179756 Cadoc603J043  Equal Housing Lender

Thursday, May 16, 2019

Foreclosure 4+ Years Ago - Loans To $3,000,000

Mortgage Quest
a dba of McCormick Lending Group, Inc.

FULL DOC:
  • Loan amounts up to $3M
  • 4+ years major derogatory credit (Foreclosure)
  • 1x30x12 housing, 0x30x12 at 95% LTV
  • DTI up to 50%, 620 min. FICO
  • $2M Cash Out at 85% LTV, $1M Cash in hand
  • Up to 15 financed properties
  • Appraisal transfers permitted
  • Use asset amortization (asset depletion) to qualify
  • Fixed 30, ARM 5/1, 7/1, 10/1 – all with optional Interest Only, 40 Yr Fixed Interest Only Option
  • 90% LTV Purchase/Rate & Term – No MI
PLUS:
  • Use cash out to qualify
  • 0x30x12 housing
  • 2-4 years major derogatory credit
    • 85% LTV Purchase/Rate Term - No MI
    • 80% Cash out


Bob McCormick, President

 Loading


Toll Free 800-328-0144 
McCormickLending@Gmail.Com
 Lending in Arizona and California 

"Don't Overpay For Your Mortgage"

mb0903631 nmls175743 nmls179756 Cadoc603J043  Equal Housing Lender




HomeStyle Renovation Mortgage

Mortgage Quest
a dba of McCormick Lending Group, Inc.

HomeStyle Renovation Mortgage

Have you looked at a home in a neighborhood you love, that has the perfect layout, or the spacious
yard you've been wanting? But it needs updates or major repairs, and you're not sure you can afford
to make those changes after you buy.
You might even be living in a home you love that needs repairs because of a natural disaster or a few updates to accommodate your growing family. But the high interest rate for a home equity line of
credit or second mortgage puts renovation costs out of reach.
Well, you're not alone. A number of homebuyers and owners can see a home's potential but aren't 
sure how to pay for the renovations. HomeStyle® Renovation mortgage could be the solution.
With a HomeStyle Renovation loan, eligible homebuyers and owners can renovate a home to fit their
needs and personal style with just one loan that covers the mortgage and improvements.
When you buy or refinance a home, HomeStyle Renovation allows you to finance improvements for
up to 75% of the property’s as-completed value. (That’s the appraised value of the home once the
upgrades are completed).
This type of financing can be a more cost-effective way to renovate your home, since it combines the cost of the home and renovations into one conventional mortgage. It also addresses some common financial challenges with purchasing or renovating a home by offering:
  • Affordability
    • If you’re a first-time homebuyer or combining HomeStyle Renovation with a HomeReady mortgage, your down payment can be as low as 3%.
    • You can also take advantage of cancellable mortgage insurance and today’s competitive interest rates, which may be lower than a home equity line of credit or personal loan.
  • Flexibility
    • HomeStyle Renovation can be used for any renovation project such as updates to an 
    • older home, extensive design improvements, and even to construct or renovate 
    • additional living spaces like in-law suites and basement apartments.
    • You can also benefit from upfront draws (this is how contractors get paid for things like 
    • permits and architect’s fees) that could help your projects start sooner without you 
    • having to spend out-of-pocket.
  • Simplicity
    • Renovation funds get bundled into your mortgage under one loan, so you only make one monthly payment.
It’s also important to mention that the renovations you’ll make have the potential to create equity in
your home right away.


Bob McCormick, President

 Loading


Toll Free 800-328-0144 
McCormickLending@Gmail.Com
 Lending in Arizona and California 

"Don't Overpay For Your Mortgage"

mb0903631 nmls175743 nmls179756 Cadoc603J043  Equal Housing Lender

Wednesday, May 8, 2019

How to save $20,916 on your mortgage loan!

Mortgage Quest
a dba of McCormick Lending Group, Inc.


Did you know that you will pay $20,916 over the life of a mortgage loan for every .25% higher interest rate charged?*


"Don't Overpay For Your Mortgage"

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:
  • I personally controlling our pricing model which generally saves our clients up to .25% - .50% or more on their rate versus the competition.

Visit us at www.McCormickLendingGroup.com to see how we operate differently than other banks and lenders.


Bob McCormick, President

Toll Free 800-328-0144
Email- McCormickLending@gmail.com




* Example based on a 4% versus 4.50%, 30 year fixed rate loan at $400,000 loan amount.  Savings will depend on loan amount, term and rate

NMLS 175743 AZMB 0903631 CADBO 602J043  Equal Housing Lender

Thursday, April 18, 2019

No Closing Cost Debt Consolidation and Home Improvement Refinances Available

Mortgage Quest
a dba of McCormick Lending Group, Inc.
No Closing Cost Debt Consolidation Refinance Available

  • Pay Off High Interest Rate Credit Cards
  • Consolidate a First and Second Mortgage
  • Eliminate PMI
  • Increase Monthly Cash Flow



Bob McCormick, President

 Loading


Toll Free 800-328-0144 

www.McCormickLendingGroup.com
 Lending in Arizona and California 

"Don't Overpay For Your Mortgage"

mb0903631 nmls175743 nmls179756 Cadoc603J043  Equal Housing Lender

Thursday, April 11, 2019

No Income Quick Qualifying Commercial Loans (Non Bank Lending)

Mortgage Quest
a dba of McCormick Lending Group, Inc.

No Income Verification (No Tax Returns)

  • Loan to Value to 75% (80% Combined)
  • Minimum Fico 650
  • Rates as Low as 6.75%
  •  Investment SFR, Condo & 2-4 Units, Multi-Family, Mixed-Use, Office, Retail Warehouse, Self-Storage, Auto Service 


Bob McCormick, President

 Loading

Lending in Arizona, California and Colorado

"Don't Overpay For Your Mortgage"

mb0903631 nmls175743 nmls179756 Cadoc603J043

Sunday, February 24, 2019

Foreign National and Canadian Program


Mortgage Quest
a dba of McCormick Lending Group, Inc.


No Fico Scores or Credit Report 
No Income Verification
Loan to Value up to 70%
Rates from 5.875%
Loan amounts up to $5,000,000

Contact me with any questions

Bob McCormick, President

 Loading


Toll Free 800-328-0144 

www.McCormickLendingGroup.com
 Lending in Arizona and California 

"Don't Overpay For Your Mortgage"


NMLS 175743 AZ 0903631 CACFL 603J043

Thursday, February 7, 2019

No Credit Score, No Income, No Appraisal Government Streamline Refinances Available

Mortgage Quest
a dba of McCormick Lending Group, Inc.


FHA and VA Streamline Refinance = Simple Process

No Credit Scores!
No Appraisal!
No Income!
No Assets!



Bob McCormick, President

 Loading


Toll Free 800-328-0144 

www.McCormickLendingGroup.com
 Lending in Arizona and California 

"Don't Overpay For Your Mortgage"


NMLS 175743 AZ 0903631 CACFL 603J043