What does it take to qualify for a mortgage? Spoiler: it’s more than just a smiling attitude
Alan Rosenbaum, founder, GuardHill Financial, emphasizes several of these points. “Some of the most important factors that lenders analyze when ones apply to qualify for a mortgage include: income, employment history, and credit score,” he says. “Lenders prefer to see a steady income and employment history, and a good credit score.” He notes that the current coronavirus pandemic has had an impact on the market. “Right now, many big banks and other lending institutions are experiencing delays, which may set the borrower back in their financing journey,” he says.
You can get a mortgage when self-employed — here’s how
Rosenbaum notes that some loan programs simplify this process by merely requiring you to provide business bank statements and documentation of any other income streams, such as rental income, pension payments and Social Security income.
As mortgage rates fall to record lows, beware refinance deals with hefty costs
“Some lenders have so much volume that they’ve raised their rates,” says Alan Rosenbaum, chief executive of GuardHill Financial, a New York-based lender. “What they’re really saying is, ‘We don’t want to lend right now until we can catch up.’”
This article was also featured on MSN.
5 Best Mortgage Brokers in New York
GuardHill offers personalized mortgage service that suits the needs and situation of each client. Their team utilize a unique lending process that enable them to assess all potential solutions and develop the best mortgage for the clients that suits their financial requirements.
Mortgage rates are sub-3%. How will buyers and lenders react?
“Many banks are nervous to lend in a market where employment is volatile,” said Alan Rosenbaum, CEO of mortgage lender GuardHill. “With the virus surging in different geographic areas at different times, some are very busy and some are sitting on the sidelines for now.” ; This article was also featured on: The Jewish Voice
Mortgage Rates Drop to Unprecedented Low Amid New Coronavirus Fears
"Almost everyone in America should be refinancing right now — if they can," says Alan Rosenbaum, founder and CEO of the New York-based mortgage lender GuardHill Financial Corp., speaking in a webinar.
TRANSACTIONS: $12M Brooklyn deal tops this week’s middle market loans
GuardHill Financial announced the following transactions:
• A new construction loan in the amount of $5,000,000 on a second home in Florida. The borrower received 50% financing.
• A new technical refinance mortgage in the amount of $4,800,000 on a second home in California with title held in an irrevocable trust.
• A new refinance mortgage in the amount of $3,000,000 on a co-op unit in New York. The borrower qualified for 45% financing on an asset-based loan. No tax returns were required.
• A new rate and term refinance mortgage in the amount of $3,000,000 for a borrower living abroad. The borrower lowered the interest rate by 0.875% and the down payments by over $2,200/month.
Is the mortgage market opening up for self-employed borrowers?
"There is a need for more non-QM product," he added. "We hope that liquidity returns to this sector because non-QM loans help many homebuyers and homeowners that most banks do not cater to." Alan Rosenbaum
GuardHill Financial Puts More Into Mortgages
They say if you can make it in New York City, you can make it anywhere. And if you can buy a home in New York City, you’re very fortunate, very savvy or, most likely, a combination of both. For the last 28 years, GuardHill Financial has been making the dream of home ownership accessible to New Yorkers from all walks of financial life.
Here's How You Get One of Those Record-Low Mortgage Rates
Don't stop your mortgage search at Lender X — because there might very well be a Lender Y out there with a much more attractive rate. If you look, you can find 30-year mortgages today as low as the neighborhood of 3%, says Alan Rosenbaum, founder and CEO of the New York-based mortgage lender GuardHill Financial Corp. ; This article was also featured in Yahoo! Finance
Will mortgage rates plummet after COVID-19? Mortgage rate predictions for late-2020
“The interest rate on the 30-year fixed-rate mortgage tends to move up and down in tandem with these yields. And these yields are currently near their lowest levels in history.” Alan Rosenbaum, CEO and founder of GuardHill Financial Corp, seconds those thoughts. He notes that, “during a time of economic stress, money is reallocated from equities to bonds as a safe haven. That’s why a reduction in Treasury yields will typically lead to a reduction in mortgage rates.”
TRANSACTIONS: Middle market loans continue to close
Guardhill Financial announced the following transactions:
• A new mortgage in the amount of $2,000,000. The loan is a 30-year fixed with an 80% loan-to-value on the purchase of a 3-family home.
• A new mortgage in the amount of $1,990,000. The loan is a rate and term refinance of an investor-owned co-op.
• A new mortgage in the amount of $1,400,000. The loan is a rate and term refinance to a 10/1 interest-only mortgage. The borrower qualified using asset depletion for income.
5 ways coronavirus could change your next home purchase
For city dwellers cooped up in tiny apartments for weeks on end, suburban sprawl suddenly seems a viable alternative. “People who live in the city might be looking to move back to suburbia,” says Alan Rosenbaum, chief executive of GuardHill Financial, a mortgage company based in Manhattan. - This article was also featured in Las Vegas Review Journal and Newsadvance
New Yorkers share their ‘silver linings’ during these tough times
The closing would have been impossible without the assertiveness and creativity of Richard Barentblatt of Guardhill Financial (he handled the mortgage for my buyers) and the Law Offices of Sam Eber, which represented my buyers in their purchase. It was proven that the often time-consuming and frequently logistically difficult consummation of a transaction can be done in a more streamlined, efficient way than the cumbersome way NYC transactions have happened up until now.
How to Score One of Those Super-Low Mortgage Rates for Your Refinance
"Speak with a professional who can help determine if the benefits of refinancing outweigh the costs," says Alan Rosenbaum, founder and CEO of the New York-based mortgage lender GuardHill Financial Corp. ; This article was also featured on Yahoo! Finance
How does mortgage refinancing work?
Alan Rosenbaum, CEO and founder of New York City-based GuardHill Financial Corp., says there are many good reasons to pursue a refinance. “You may be able to reduce your interest rate and monthly mortgage payments,” says Rosenbaum. “Also, if you’ve built up equity in your home, you can take out cash at closing to pay for home improvements, consolidate debt, invest, or pay for a large transaction.”
(Work From) Home Lending: What resi lenders are planning in a tumultuous market
"NYC real estate community is amazing. It is one of the best in the world. When we've had crises before we've come together like no other city."
Mortgage Rates Jump, but Waiting for Them to Fall Again Is a Gamble
"Demand will increase to unprecedented levels so I would encourage consumers to close now before the logjam extends closings to the three- to six-month range," Rosenbaum says. "With the anxiety of the virus surrounding us all, we recommend making life a little bit easier and close before the system gets further bogged down."
As Homeowners Wait Out Coronavirus, Some Rush to Refinance
“Self-employed people will need a year-to-date profit-and-loss statement prepared by their certified public accountant,” said Alan Rosenbaum, chief executive at GuardHill Financial, an independent mortgage lender in New York. “This is one of the most time-consuming parts of the process, because it is out of the client’s own control,” he said. ;This article was also published on Mansion Global
Will The Fed’s Sudden Cut Usher In Even Lower Mortgage Rates?
Alan Rosenbaum, the founder of New York City-based mortgage lender GuardHill Financial, says that though he expected a rate cut later this week, the sudden, late-Sunday announcement was a “startling” and “aggressive” move on the Fed’s part."
Fed cuts interest rate to near-zero, moves to prop up mortgage market
Alan Rosenbaum, CEO of mortgage lender GuardHill Financial, said the interest rate cut and the injection of liquidity were good signs that the Fed was ready to help support the economy.
But he noted that when the Fed cut the interest rate earlier this month, it mostly led to mortgage rates going up, as borrowers filed more applications – particularly for refinancings – and demand rose. ;
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Refinancing Explodes as Pandemic Keeps Mortgage Rates Low
If you want to find the lowest rates out there, stick with smaller lenders that focus on mortgages, advises Alan Rosenbaum, founder and CEO of the New York-based mortgage lender GuardHill Financial Corp.
"We are seeing most banks raise their rates," Rosenbaum says. "Fortunately, as a mortgage specialist where mortgages are all that we do, our rates have not increased."
Just What Is a Mortgage?
“An ARM is an attractive program for someone who is planning on living in their home for less than 10 years,” says Alan Rosenbaum, founder and CEO of GuardHill Financial, a mortgage banking and brokerage firm in New York. “It comes with a lower rate than a fixed-rate mortgage and is locked in for a stable period of five to 10 years before it can adjust up or down.”
Mortgage Refinancing Advice From 9 Finance Experts
While the mortgage refinancing process might sound complicated, some experts recommend that you don’t hesitate once you’ve identified significant savings. Alan Rosenbaum, CEO of GuardHill Financial, says that “a consumer should refinance as soon as there is a meaningful savings rather than waiting for rates to possibly drop further.” This is an interesting perspective, but it makes sense. You can always refinance again if interest rates continue to decline.
TRANSACTIONS: GCP arranges $44 million in financing
GuardHill Financial announced the following transactions:
• A new mortgage in the amount of $2,996,000. The loan is an interest-only with a 75% loan-to-value. The borrower qualified with no tax returns.
• A new mortgage in the amount of $2,557,000. The loan has a 75% loan-to-value and the borrower qualified without tax returns.
8 ways to get more space for less when buying a NYC apartment
It should be noted that different banks have differing levels of comfort with the above scenarios. Alan Rosenbaum, CEO of mortgage specialist GuardHill Financial, says that for his firm, lending criteria is more about the total picture, the qualifications of the buyer, and assessment of the current specifics of the market, rather than wholesale rejection because of a particular factor.
Now You Can Borrow More With HECM Reverse Mortgages
Vivian Dye is a reverse mortgage specialist with GuardHill Financial Corp. She concurs that raising the HECM lending limit helps owners with higher-value homes by countering the effect of the PLF reduction.
Mortgage Rates Fall Into the New Year, but It's Unclear What's Next
Borrowing has been going through its usual holiday season slowdown, but refinance activity should pick up as homeowners look for sources of savings, says Alan Rosenbaum, founder and CEO of GuardHill Financial Corp., a mortgage banker and brokerage firm in New York.
9 Best New York Mortgage Lenders of 2020
If you want to include a local lender or two in your search for the best mortgage, these New York state lenders are among the highest-volume mortgage makers in the city as well as in upstate New York.
Low December Mortgage Rates Are a Gift Mostly for Homeowners
"December is traditionally a slow time of year for mortgage applications due to the upcoming holidays," says Alan Rosenbaum, founder and CEO of GuardHill Financial Corp., a mortgage banker and brokerage firm in New York. "Due to rates being low, volume is a little stronger than most Decembers."
Will the Fed's Rate Cut Get Mortgages Moving Again?
"On a $500,000 mortgage, a reduction of 0.5% can save a consumer $2,500 per year and $75,000 over 30 years," says Rosenbaum.
Low Mortgage Rates Could Mean a Busy Weekend for Borrowing
“A lot of people hear stories about where rates should be and come in with unreasonable expectations," New York mortgage broker Melissa Cohn told The Wall Street Journal. Don't let yourself miss out on a good thing in hopes rates will get even better, advises Rosenbaum, of GuardHill Financial.
U.S. News: How and Why to Refinance a Reverse Mortgage
When answering whether or not a borrower should consider entering into the refinancing process, it can be a viable option for those seeking to accomplish goals inherent to specific financial situations. This is according to Vivian Dye, reverse mortgage consultant at GuardHill Financial Corp based in New York City.
Can You Refinance a Reverse Mortgage?
"There are many reasons it may be beneficial to refinance your existing reverse mortgage," says Vivian Dye, reverse mortgage consultant at New York-based GuardHill Financial Corp. "It may have been several years since you closed, and rates may have lowered, or it makes more sense to switch from an adjustable rate to a fixed rate. Perhaps your home has appreciated in value, and you have additional equity you'd like to tap into; refinancing can increase the amount of money you're eligible to receive from the loan."
Patti Frank Of GuardHill Financial Corporation Deep Dives The Mortgage Process. Part One.
In 2014, I chose to join GuardHill Financial because of its stellar reputation in the industry and because after the mortgage crisis of 2008, the U.S. mortgage industry changed drastically. Joining GuardHill Financial allowed me to go from brokering loans to banking loans.
What the Government Shutdown Means for Home Loans
Mortgage rates already had been falling when the shutdown began Dec. 22, and they fell more than an eighth of a percentage point in the two weeks that followed. That’s why the shutdown could give you a chance to grab a good mortgage rate.
Government Shutdown: These Programs Are Helping Federal Workers Stay Afloat On Their Mortgages
As Elyse Sullivan, executive vice president of national operations at GuardHill Financial explains: “In response to the government shutdown extending over a longer period, Fannie Mae and Freddie Mac have imposed a reserves requirement to offset the risk associated with the interruption of income for government workers who are not getting paid. This announcement was made by the agencies to extend consideration of coping with the hardships imposed by the shutdown.”
Rudin, Two Trees, L&L MAG On Brooklyn Office Leasing, Apartment Supply, Bank Pullback
Rental demand, the future of the office market and lending activity were among the topics discussed at Bisnow’s Brooklyn State of the Market event last week. Here are four things we learned.
Is New York City headed for another foreclosure crisis?
“Once that house of cards caved in, [banks] went from being too aggressive to too conservative,” said Alan Rosenbaum, CEO and founder of private mortgage lender and brokerage GuardHill Financial. “But now there are many more options for borrowers. Credit is loosening up, and the commercial banks are sticking to their guidelines.”
Should I Use a Mortgage Broker or Find My Own Lender?
"The mortgage process is so convoluted," says Stephen Rybak, a senior managing director at Guardhill Financial Corp. "Nine out of 10 lenders are offering the same rates. We're here to take care of people and make the process easy."
More Potential Homeowners Turning To Alternative Lending
“Life is not a cookie-cutter circumstance. Everyone has their own set of baggage that they come to you with,” said June Richardson, a vice president at mortgage lender GuardHill Financial Corp. in New York. “You need to have the right team behind you in order to get the deal done.”
Self-employed turn to non-bank lenders to crack the housing market
If a prospective loan doesn’t fit Guardhill’s criteria, Richardson might still be able to put together a deal with a local savings bank or a lender that serves high net-worth clients.
Building a Great Wall around money from China
Several smaller banks and other lenders in the city — including Quontic Bank, GuardHill Financial and Abacus Federal Savings Bank — have stepped in to fill the void where prospective Chinese buyers are short on cash.
The death of the all-cash Chinese buyer – and what it means for NYC banks
As a result, the Chinese investment market in New York City, which for years was defined by splashy all-cash purchases, has morphed into one grounded by more traditional financing. The shift offers a growing opportunity to a handful of lenders such as Quontic, HSBC, Guardhill Financial, Cathay Bank and Abacus Federal Savings Bank.
Suddenly less liquid, Chinese buyers shift strategies in NYC
Banks like East-West Bank, Bank of China, the Industrial and Commercial Bank of China (ICBC), Guardhill Financial and Abacus Federal Savings Bank have responded with a surge of loan products geared toward foreign buyers.