May 7th, 2018 8:38 AM by Jim Merrill
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