![]() Newfi said the Step-Up Mortgage solution gives Non-QM borrowers a way to lower their initial monthly payments and can put thousands of dollars back into their pockets in the initial years of the loan. This has especially affected borrowers who need a Non-QM mortgage solution because they are self-employed or require different guidelines to qualify, since these unique mortgage products already come with a higher interest rate. With rising interest rates and cost of goods, borrowers looking to purchase or refinance a home have been hit with higher mortgage payments and lower purchasing power. “This is a solution that the everyday homeowners we work with have been asking for.” “The biggest benefit of the Pinnacles Step-Up Mortgage is lower initial mortgage payments for Non-QM borrowers,” said Dan Bayer, Newfi senior vice president of Non-QM development & strategy. It is an alternative to the popular bank statement income Non-QM loans currently on the market, Newfi said in a press release. Pinnacles Step-Up Mortgage is a 30-year, fixed-rate loan in which payments start at a lower base level and then increase annually at a 5% rate until the beginning of the sixth year, when payments level out based on the remaining principal balance. The Emeryville, Calif.-based company claims the Step-Up Mortgage can save Non-QM borrowers thousands of dollars in monthly payment obligations in the first year alone when using full documentation or bank-statement income. is an Equal Housing Lender.Newfi Lending on Tuesday announced the launch of a new non-qualified mortgage (Non-QM) product called Pinnacles Step-Up Mortgage that is available in four states. Program rates, loan terms and conditions are subject to change at any time and may vary based on the individual borrower's eligibility and credit history. This information is not a loan commitment or an offer to extend credit as defined by. District of Columbia Mortgage Lender License MLB35286. 244997 Texas-SML Mortgage Banker Registration Virginia NMLS ID No. L-202120 Pennsylvania Mortgage Lender License No. B500605 North Carolina Mortgage Lender License No. B500605 and Exempt Mortgage Loan Servicer Registration No. Department of Banking and Insurance New York Licensed Mortgage Banker NYS Department of Financial Services Mortgage Banker License No. 19642 Massachusetts Mortgage Lender License M元5286 New Hampshire Mortgage Banker License - License/Registration #: 24507-MB New Jersey Residential Mortgage Lender License No. MLD583 Georgia Mortgage Lender License No. ![]() NMLS ID: 35286 California - License Number 41DBO-170875 Colorado - Regulated by the Division of Real Estate Connecticut Mortgage Lender License No. If you’re self-employed and have struggled to obtain financing, please feel free to reach out to one of our loan officers, and they’d be happy to go over all your options to move forward with a non-QM loan. ![]() ![]() ![]() Not every mortgage business out there will offer this programs to their borrowers, but NJ Lenders Corp. The program is designed to help show alternate methods of income verification, and borrowers will be able to do so by providing full documentation, one-year tax return program, bank state program (6 or 12 months), and asset depletion/asset qualification. According to the Origination Solutions Survey from Altisource Portfolio Solutions, non-QM lending could see a surge, and was deemed one of the most promising market opportunities by more than 200 “decision makers” in the mortgage origination business. One of the bright spots for the mortgage industry is the expected increase of non-QM loans. It can be used for rate-and-term refinances, cash-out refinances, or a new home purchase for owner-occupied, second homes, or investment homes. The non-QM loan program will target credit-worthy borrowers who are self-employed, have non-traditional incomes, have assets and no income, or have had difficulty qualifying for a traditional mortgage. Who exactly can benefit from a non-QM loan? is, in fact, a non-QM lender, and they have more flexibility in the underwriting process to work with any borrower that other lenders might label as risky. But, keep in mind that not every lender will offer this. Are you a self-employed borrower? Do you own your own business, and have maybe struggled to obtain financing? If you’ve experienced difficulty trying to do so, it might be best to try and benefit from a non-qualified mortgage (non-QM) loan.Ī non-QM loan is any home loan that doesn’t meet the regular standards of a qualified mortgage. ![]()
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