Axel Mortgage has an all-digital application process and may soon have an all-digital closing platform. Imagine esigning all required documents from beginning to end on your smart phone. This may become a reality in the next few months. Stay tuned.
Need a rush closing on a purchase loan? Our average turn time is less than 2.5 weeks. We table fund which means we can fund the loan the same day you sign loan documents. No 11th hour funding conditions that hold up the purchase and no more needing to sign closing documents 3 days before loan funding.
Half the loans we funded the month of March did not require an appraisal for final loan approval. If an appraisal waiver is received in underwriting it saves our client $470-$550 in upfront costs and dramatically shortens processing time. Appraisal waivers are available on both purchase and refinance loans. We closed an FHA conversion to Conventional refinance in 7 days in March that saved the borrower $312 per month with NO upfront appraisal costs and NO closing costs. KA CHING!
Last month we rolled out High Balance Conventional loans for the whole state of Arizona. This product previously was only available in Coconino County, but is now available state wide. This program has underwriting guidelines and rates that are very similar to conventional loans. The program is available for loan amounts between $453,100 and $679,650. This program offers lower rates, more flexible guidelines and fewer requirements than JUMBO loans.
Some lenders are slowly beginning to phase out the 1% down Home Possible and Home Ready programs. We still have several lenders committed to selling and servicing these products so if you know a first-time homebuyer that wants to purchase a single-family home with only 1% down, please have them call us. This is a fantastic program that I call "The FHA Killer" and is available with no monthly mortgage insurance.
If there is anything I can do for you or anyone you know I look forward to helping. As always, my family and I thank you for the continued support and referrals
SIncerely,
Jim Merrill
Axel Mortgage Inc
602-795-3541
jim@axelmortgage.com
Mortgage rates thankfully dropped 1/2 point during the month of October and are the lowest they have been since the enormous hike back in June. 4% (4.016 APR) is currently available for a 30 year fixed program with no points. 15 year fixed pricing is currently 3.125% (3.054 APR) with 0 points. With property values the highest they've been since 2008 and rates this low, it is a great time to refinance.
I have approved a new lender for Axel Mortgage that is doing some amazing things.
I now have a Fannie Mae direct lender that underwrites exclusively off the underwriting findings of Fannie Mae with no investor overlays. This means much more liberal underwriting requirements and much less paperwork from you to get approved. The best part is this lender is only .125% higher in rate than the best priced lender in the country. Here are some of the things we can now do:
1. Cash out refi on a home purchased for cash 1 day after purchase
2. We can accept transferred in appraisals
3. Up to 10 financed properties OK (previously it was 4)
4. Flipped properties OK for purchase (3 month seasoning previously required)
5. Financed or Lender Paid Mortgage Insurance up to 95% LTV-this removes the monthly mortgage insurance payment and drops the payment substantially
6. Unpermitted additions OK
7. Conventional financing with as little as 3% down (yes 3%...not a misprint)
8. We can now table fund....this means no 11th hour surprises after you've signed loan documents. This is great for purchase loans!
Last week the AZ Dept of Financial Institutions performed their 3rd required audit of Axel Mortgage Inc. I am please to report we passed with flying colors. A funny thing happens when you operate ethically and honestly and always put the client first....the regulators leave you alone.