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Blog Image: Happy Thanksgiving

Happy Thanksgiving

2020 has been a crazy year for all of us, but as we celebrate Thanksgiving this year we'd like you to know how much you mean to us. Thank you for your continued support of our business; it’s always a pleasure to help you and your family with your mortgage financing needs. All of us at PRIME 1 BANCORP, LTD would like to wish you a safe, Covid-Free and Happy Thanksgiving. We sincerely hope that your Thanksgiving is filled with great food, great people and great memories. All the Best, PRIME 1 BANCORP, LTD

November 25th, 2020 Happy Thanksgiving

Blog Image: How the Eviction Moratorium Affects Landlords and Their Mortgages

How the Eviction Moratorium Affects Landlords and Their Mortgages

At the beginning of the coronavirus pandemic, the U.S. government declared a six-month moratorium on all rental evictions, in an effort to prevent mass homelessness as millions lost their jobs. That moratorium has since been renewed by the Trump Administration and the Centers for Disease Control and will now last until the end of 2020. The new ban on evictions apply to people with incomes of $99,000 or less and who attest to not being able to afford their rent. Roughly 40 million Americans will be covered under this new housing payment halt. While that news obviously provides renters wit...

November 18th, 2020 How the Eviction Moratorium Affects Landlords and Their Mortgages

Blog Image: Is It Possible to Escape Refinance Closing Costs?

Is It Possible to Escape Refinance Closing Costs?

Mortgage interest rates are at record lows. According to mortgage guarantor Freddie Mac, the average rate on a 30-year fixed-rate mortgage has averaged under 3% for seven straight weeks now. There has probably never been a better time to refinance a home loan. However, coming up with the closing costs to pay for that refi can be challenging for many homeowners. They can total between 2% and 5% of the refinance loan balance. With today’s median home price of around $300,000, closing fees could range from $6,000 to $15,000. ‘No Closing Cost’ Refinance Loans You may be ask...

November 11th, 2020 | Refinancing a Home, Is It Possible to Escape Refinance Closing Costs?

Blog Image: Should I Pay Off My Mortgage with My 401(k)?

Should I Pay Off My Mortgage with My 401(k)?

The COVID-19 crisis has left millions of Americans unemployed and uncertain of how to make their mortgage payments and other debt obligations. In response to the need for emergency funds, the government created the Coronavirus Aid, Relief, and Economic Security (CARES) Act which provided stimulus checks and better unemployment benefits. It also included provisions that allow people to borrow more money from their retirement accounts while waiving penalty fees for early withdrawal. For many, this might seem like a great way to pay off their mortgage now and reduce their debt load. However, ever...

November 4th, 2020 | Mortgage Advice, Should I Pay Off My Mortgage with My 401(k)?

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Required Documents

VA Loans

Veteran Loans

Disclaimer:
Prime 1 Bancorp, Ltd is not affiliated with any government organization or bank nor do we act on behalf of the FHA or VA. This material is not from HUD or FHA and has not been approved by HUD or a government agency. We are not a Federally chartered or State Chartered Bank. We are an we are an Illinois Residential Mortgage Licensee by the Office of Banks and Real Estate Lic #MB.6761138, a California CFL Licensed Mortgage Brokerage by Department of Business Oversights Lic #60DB055973, a Colorado Registered Mortgage Brokerage by Division of Real Estate, a Florida Residential Mortgage Brokerage Licensed by the Office of Financial Regulation Lic #MBR1930 dba Prime 1 Mortgage Inc, a Kentucky Mortgage Loan Broker Licensed by the Office of Financial Institutions Lic #MB729362, a Tennessee Licensed Mortgage Broker by the Department of Financial Institutions Lic #218020, a Texas SML Licensed Mortgage Brokerage by the Texas Department of Savings and Mortgage Lending, and a Wisconsin Licensed Mortgage broker by the Department of Financial Institutions Lic #1434638BR Prime 1 Bancorp, LTD Corporate Office is located at 2720 S. River Rd Suite 50, Des Plaines, IL 60018 our Toll Free Number is 888-205-3737. NMLS: 1434638

Loan product availability is subject to qualification of the borrower and loan approval after full review of the file. Not every applicant qualifies or is eligible for every loan program. Some loan products may not be available in all states. Loan approval, note rate and annual percentage rate are dependent on factors including, but not limited to, credit, collateral, income, assets and overall financial history. Not all applicants will be approved for a loan. All loan programs, terms and annual interest rates are subject to change without notice. NMLS: 1434638

Figure: 7 TAC §80.200(b)

"CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIALMORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.