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Friday, October 11, 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

Tuesday, October 8, 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

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



mb0903631 nmls175743 nmls179756 Cadoc603J043  Equal Housing Lender

Tuesday, October 1, 2019

Wholesale Interest Rates For Our Clients


Mortgage Quest
a dba of McCormick Lending Group, Inc.

"Don't Overpay For Your Mortgage"

We have business relationship agreements with several banks, mortgage wholesalers and mortgage banks. Being that we handle the origination and loan processing for these sources we receive Wholesale Interest Rates which are discounted from Retail Rates (rates offered from bank branches, direct mortgage lenders, retail mortgage bankers, etc.).

As the sole owner/loan officer I control our pricing model and do not need to mark up or "pad" these low rates as there are no loan officer employee commission splits/overhead, etc. Thus, these rates are passed on to my clients generally saving them .25-.50% or more on their rate versus the competition (with the same or lower fees).


Click Here For A Quick Rate Quote

Bob McCormick, President

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Toll Free 800-328-0144 
Email - McCormickLending@Gmail.Com

www.McCormickLendingGroup.com
 Lending in Arizona and California 




NMLS 175743 AZ 0903631 CACFL 603J043

Monday, September 30, 2019

Alternative 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 Bank Statement Deposits 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

*Rental property purchase without income verification 

*Quick Closing Private Money 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

 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  

Friday, September 6, 2019

No Tax Return Verification Owner Occupied Purchase Loan




Mortgage Quest
a dba of McCormick Lending Group, Inc.


No Tax Return Verification Owner Occupied Purchase Loan

Program Details: 

• Income is ATTESTED to and DECLARED
• U.S. residents 
• 75% LTV max purchase • 70% LTV max refi (r/t & cash out) 
• No charge offs, collections or tax liens
• Reserve funds are not required 
• Most recent personal account’s bank statement 
• Cash out is unlimited 
• SFR / Condo / Townhouse property types 
• First-time home buyers OK 
• Owner occupied only

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

Tuesday, September 3, 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

Sunday, September 1, 2019

Utilize A Reverse Mortgage When Purchasing (No Income Verification)*

Mortgage Quest
a dba of McCormick Lending Group, Inc.


Reverse Mortgage For Purchase

  • For borrowers over 62 years old looking to purchase 
  • Only have to prove ability to pay annual property taxes and insurance
  • Perfect for buyers that do not qualify under standard income guidelines (Fixed Income, High Debt Ratios, etc.)
  • No closing cost loans available!



Bob McCormick, President

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Toll Free 800-328-0144 



 Lending in Arizona and California 

"Don't Overpay For Your Mortgage"


mb0903631 nmls175743 nmls179756 Cadoc603J043

Thursday, August 29, 2019

Industry Leading Low Cost Reverse Mortgages! (Lowest Margins and Costs)

Mortgage Quest
a dba of McCormick Lending Group, Inc.


As the owner of Mortgage Quest I control our pricing model and have lowered our margins and costs for our clients!


  • We offer extremely low margins and costs on our Reverse Mortgages  to help preserve as much equity as possible over the life of the loan (most reverse mortgage lenders do not offer this as they want to maximize their own profit)
  • For borrowers over 62 years old looking to purchase or refinance
  • Only have to qualify to prove ability to pay annual property taxes and insurance
  • You always keep title and own your home



Bob McCormick, President

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Toll Free 800-328-0144 
Email Me


 Lending in Arizona, California and Colorado

"Don't Overpay For Your Mortgage"


mb0903631 nmls175743 nmls179756 Cadoc603J043  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

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

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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

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.” 

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

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 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