Thursday, November 21, 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

Wednesday, August 21, 2019

100% Downpayment Assistance Program





Mortgage Quest
a dba of McCormick Lending Group, Inc.


Within Reach Downpayment Assistance Program

Some of the key benefits of Within Reach
  • Down payment assistance up to 4% of the loan amount in the form of an interest free soft second, forgiven over a 3 year period
  • FHA, USDA, VA programs
  • Can be used for down payment and/or closing costs.
  • Seller Credit of 6% is allowed
  • Gift funds are allowed
  • Borrower(s) not required to be First Time Homebuyers
  • Income Limit is based on qualifying income used for transaction, not household income
Program Requirements:
  • 620 Minimum FICO, DTI – up to 50%
  • Income Limits: 140% of Area Median Income
  • All borrowers must occupy property as primary residence
  • The lesser of HUD county limit or 453,100 or maximum loan amounts permitted by HUD
  • At least one borrower must have Homebuyer Counseling
  • Borrower Paid Compensation up to 2% – DPA may be used
  • Admin Fee = $1,145
Bob McCormick, President

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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

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.” 

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 

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 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

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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

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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

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

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

Friday, January 18, 2019

Low Overhead + Low Margins = Extremely Low Rates For Our Clients!

Mortgage Quest

a dba of McCormick Lending Group, Inc.


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:

  • By being the sole-owner/ loan originator for Mortgage Quest I control our pricing model and it is the lowest in the industry. Generally saving our clients up to .25% - .50% or more on their rate versus the competition. We are especially aggressive on VA, FHA and Fannie Mae / Freddie Mac loans.

Visit me at www.McCormickLendingGroup.com to see how I can offer this.  Also, I am always available if you have a client, co-worker, family or a friend that is shopping for the best mortgage terms. 


Bob McCormick, President

Toll Free 800-328-0144

Lending in Arizona and California

"Don't Overpay For Your Mortgage"

NMLS 175743 AZMB 0903631 CADBO 602J043  Equal Housing Lender

Monday, January 7, 2019

Self-Employed Borrowers- Qualify Without Tax Returns!


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 our clients secure financing:

*Utilize Business Bank Statement Deposits For Income (No Tax Returns)

*Borrowers Over 62 Years Old - Utilize a Reverse Mortgage (Minimal Income Needed)

*Liquid Assets In Lieu Of Income For Qualifying (Asset Depletion Formula Used)

*No Income Verification For Rental Property Loans


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

Bob McCormick, President

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Toll Free 800-328-0144
Email  McCormickLending@gmail.com
 Lending in Arizona and California

"Don't Overpay For Your Mortgage"


AZMB#0903631 / CFL #603J043 /  NMLS #175743

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


Equal Housing Lender   

Saturday, January 5, 2019

We Can Help Bridge the Gap From A-Paper to Hard Money

Mortgage Quest
a dba of McCormick Lending Group, Inc.


Although we offer extremely low interest rates for our clients on standard Conventional, Jumbo and FHA/VA loans (generally .25%-.50%+ lower than the competition- see how at www.McCormickLendingGroup.com) we are also able to help fill the gap in harder to place loan situations:

  • Fico Scores Down to 500 on Conventional and 560 for FHA
  • No Seasoning after Foreclosure, Short Sale or Bankruptcy (1+ day)
  • Alternative Income Verification (Bank Statements, Asset Depletion, etc)
  • Non Fannie Mae and Freddie Mac Loans (Portfolio Underwriting)
  • Bridge Loans for Buyers that need to purchase before selling current home
  • No Income Verification Loans for Self-Employed (Business Purpose Loans)
  • No Fico or Income Verification for Investment Properties

Bob McCormick, President

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 Toll Free 800-328-0144 

Lending in Arizona, California and Colorado

"Don't Overpay For Your Mortgage"

mb0903631 nmls175743 nmls179756 Cadoc603J043

Why Your Current Loan Servicer May Not Offer You The Best Option

Mortgage Quest a dba of McCormick Lending Group, Inc. Low Overhead + Low Margins = Low Rates Without question mortgage rates are a very hot ...