Mortgage Masters

read moreLoan originator and marketing coordinator, Felipe has 8 years of experience in the Real Estate and Mortgage Industry. He is fully bi-lingual in Spanish as well as a VA Certified Military Home Specialist. Gene Principato epitomizes integrity, energy, hard work and creative solutions in every aspect of your mortgage needs. Gene was born in New Jersey and has lived in many places across the United States including Arizona and Hawaii. He is a dedicated husband to his beautiful wife Jennifer, proud father to his daughter Elly and believes that family always comes first.

read moreA Reverse Mortgage and a Home Equity Conversion Mortgage (HECM) can offer you so many wonderful benefits, but it's vital that you understand exactly how it works. You must understand the pros and cons to be sure this loan is right for you and matches your current needs. You'll find the education you need right here so you can make an informed decision. However, if you have any other questions or any concerns at all, please contact us and we will make sure you completely understand everything you need to know.

read moreHard Equity loans defy a plain and concise definition. Different people define Hard Equity loans differently. Mortgage lenders, mortgage brokers, borrowers, federal and state regulatory agencies and others have varying definitions of a Hard Equity loan. A Hard Equity Lender values the real property value based on his personal experience or a real estate appraisal. What do you do when you run out of lenders and your borrower's mortgage is still not closed? A Hard Equity loan may be the answer for you and your borrower's need.

read moreA construction loan for a new-built homeiseither obtained by the homebuilder or prospective owner. In pre-recession days, small builders had greater access to capital but now must frequently put the onus on the buyer to obtain the loan. That's one reason most new homes rising today are simply "specs" built by big, high-credit corporate conglomerates. Let's proceed on the assumption that you're taking out an individual construction loan. Such loans, which can be tough to get without a previous banking history because of the lack of collateral (a finished home), have special guidelines and include monitoring to ensure timely completion so your repayment can begin promptly.

read moreIf you plan on turning the property into an investment property within six months of closing, it must be classified this way. This could happen if you plan on having a tenant rent the property. In addition to these criteria, the property must be occupied by the buyer within 60 days following closing. If the loan in question is originated through the VA and you're on active duty, your spouse can satisfy the occupancy requirement. Mortgage interest on your primary residence is deductible. If you took out your mortgage after 2006, you can also claim your mortgage insurance payments as part of the interest and deduct them.

read moreMortgage closing Costs are fees paid to the many people who work on your loan in all its varied aspects, from your Processor and Underwriter, to third parties such as the person who completes your home's Appraisal. Mortgage Closing Costs are typically paid by the Buyer. Oftentimes, however, costs are divided between the Buyer, Seller, and sometimes the Lender in the form of a Lender Credit. Your Real Estate Agent can help you if you wish to negotiate closing costs when making an offer or counteroffer to the seller, and your Loan Officer can explain what is involved in obtaining a lender credit that goes towards closing costs.

read moreThe income required to qualify for a mortgagelargely depends on the monthly debt payments and the current interest rate. Learn more mortgage definitions in this short mortgage dictionary below. Your monthly housing expenses from the housing expenses worksheet. The items entered as housing expenses make up the taxes and insurance portion of your monthly PITI payment. This is your total Principal and Interest, Tax and Insurance (PITI) payment per month. This includes your principal, interest, real estate taxes, hazard insurance, association dues or fees and principal mortgage insurance (PMI).

read moreNot sure if your current finances will let you qualify for a mortgage? An FHA mortgage could be your solution. Run by theFederal Housing Administration, FHA home loans were created to make it easier for home owners to qualify for a loan - whether tobuy a homeorrefinance your mortgage. FHA home loans can benefit almost all home buyers and refinancers -first-time home buyers, military families, lower-income families and homeowners who don't want to tie up a lot of cash in their homes. FHA mortgages are great for people who desire a secure government-insured home loan, while also needing to finance more than 80% of their home value.