A few months
ago, Mrs. Smith and her new husband came to my office to refinance their loan. (Mrs. Smith was happily married for the second
time.) In speaking with the Smiths, it
was brought to my attention, that the interest rate they had on their current
mortgage was already quite low, for me to get it any lower (in this
rate-raising market) was not going to be easy.
In fact, it was going to be quite a challenge! Nevertheless, I agreed to try my best to
look for a lower rate for the Smiths.
I started my
search right away, however, during the time my office was processing the loan,
I realized that somebody had put a lien against the Smiths’ property. I immediately contacted Mrs. Smith and she
recognized the name to be that of her ex-husband! He had put a lien on the house- yet she was
not even on the title! Mrs. Smith did
not know what to do. I assured her that I would work with the title company to
get this resolved.
short, after a month of paperwork, I successfully helped her get the lien
removed from the deed. The title of her
house was again clear!
Back to the
original purpose of her visit, which was to lower her interest rate on her
current home loan, which I did not see that as a possibility at this time. You see, the interest rate had continued to
rise during the time it took to clear the title. I proposed that we check into this matter
again in the future.
never made a penny out of this entire process, it was truly a success story. I was happy to help Mrs. Smith resolve an
issue that was negatively impacting her and her husband in the loan process. (Or even worse, if her ex-husband had passed
away, or could not be contacted, the lien on the title would create a delay on
anything Mrs. Smith would want to do with the house and there would be an even
bigger hurdle to overcome in getting the title cleared! It is much better, for the Smiths, that I was
able to take care of the issue at this time.)
Mr. Young was in a hurry to purchase a home.
His wife was about to give birth to their first child, and coincidently, the expiration date on lease to their rental home was also due very soon. He faced a dilemma: If he renewed his lease, he did not think he would move his family in the next few years, as with the new born it would be extremely difficulty to move.
However, he had the down payment saved and his wife was really wishing to settle into a home before the baby was born, so that they can raise their child without having to move again. The problem was, he did not qualify for a loan: He had just started his new job, he had barely been there a few months. Without a job history, no lender was willing to lend him money for a home, and take on that risk.
Mr. young came to see me. After the interview, I provided him with a solution: Take on a Bridge Loan to acquire the home first. Although, the bridge loan carried high interest rate, it nevertheless had no prepaid penalty, and could get him into a house right away without the job history documentation. Once Mr. Young built up his job history, I would help him to refinance out the bridge loan and into a conventional loan.
That is exactly what happened! A few months after taking a bridge loan and buying a home for his family, Mr. Young got out of this high interest rate loan, applied for and received a conventional loan and cut his monthly mortgage payment in half.
Mr. Young is absolutely a happy camper now!
March 27, 2017
Mr. and Mrs. Smith had worked very hard to pay
off the mortgage on their house. However,
by the time they both retried they still owed about $100,000.
As their regular income was gone, they had to
use Social Security benefits to pay for the current monthly mortgage payment on
the remaining $100,000. Which was not
easy, because their combined benefits were only about $4,000 per month. Their monthly mortgage payment was about $1,800,
and with the added expensive of property tax and home owner’s insurance, they
were struggling to make ends meet.
Mr. and Mrs. Smith contacted a realtor to sell
their home. With the precious family memories
and the invested money and energy on upgrades and improvements that they have
put into their home of 20 years, they realized that they really love the place
and were not ready to let it go. So, they
decided not to sell the house, and the realtor referred them to me.
After I had an interview with them, I realized
that a reverse mortgage would really help them!
They met the requirements: Both
were more than 62 years old and they had plenty of equity in their home.
A reverse mortgage would pay off their current
mortgage and set aside enough of reserve to pay property tax and home owner’s
insurance. Best of all, they would have no monthly payments to make until
they decide to sell their home, to possibly down size, or move into an assisted
living type community.
Smiles finally returned to their faces. Now they could really enjoy their lives: They were planning a trip to visit South
America. A trip they had been putting off for so many years that they
were overjoyed to know that it was now going to become a reality!
Mr. Torres has been running a successful auto shop for more than
He has never regretted owning a business, except that he has not
been able to obtain a home
loan because of being self-employment. He has applied for mortgages
through numerous banks and has been turned down every single time.
Finally, Mr. Torres came to me through a referral. I studied
his documents and realized that he had great cash flow each month from his auto
shop. The deposits he has been making through the years have been very strong
and the company has a very good Profit & Loss Statement.
Therefore, I used a Bank Statement Loan Program to qualify him. Today, not only does he have his dream home,
but he has also purchased investment properties using this same loan program.
Another happy customer of mine!
(not her real name to protect the privacy) has been a client of mine for many
years; I helped her to get her purchase loan when she first purchased a house
some 10 years ago.
the years, she got in financial trouble (as most of us have during the great
recession), and she started to pile up debt.
She took out a second loan on her house and charged up her credit
cards. Worse than that, she was not able
to make minimum payments on her credit cards or make payments on time, causing
her credit score to drop significantly.
Thus, the interest rates on her credit cards skyrocketed! She really struggled each and every month
just to get by. She was also never able
to refinance her two loans as her credit score were too low. Pretty much all of her and her husband’s
income was being used to catch up on payments.
She literally could not even afford to go out to have a nice lunch.
called me. At first I concentrated on
helping her to improve her credit score enough to refinance her two loans into
a FHA loan. Was this loan was secured,
her monthly mortgage payment was reduced dramatically, this extra money she
saved allowed her to catch up on the credit card payments. Six month later, her credit score improved
nicely, and I refinanced her FHA loan into a conventional loan with some cash-out
to pay off her credit debts. In the end, her total month payments were cut in
half! Now, she can afford to enjoy that
nice lunch she has been craving for years.
Another client of ours was looking to purchase a warehouse, because his wife wanted to move her business to the US from an overseas location. She was looking to buy the warehouse in the Bay Area so she would not have to rent. (As the amount of rent here would probably be equivalent to mortgage amount she would pay.)
However, the wife ran into a snag, most of the lenders were looking for business history and track record of profit and loss which she did not have in the US. They had shopped at many banks, and had been turned down by all.
She was finally referred to me and hoped that I would find a solution for her. The solution I found: One of our investors was familiar with her online business! So, after he spoke to her and considered her financial documents, our investor decided right on the spot to accept this proposal. She got her financing and has run a very successful business since.
A client of ours had racked up a lot of credit card debts over the years and was starting to make payments late on some of these accounts. Her credit took a nose drive. As a result of the late payments, she started paying very high interest rate on her credit card, and was rapidly increasing the debt.
Good news was that she had equity in her house! She had decided she wanted to take out some of this money to pay off her credit card debt.
However, due to her low FICO score, she had a difficult time obtaining a new mortgage. We helped her get qualified for a FHA loan and she was able to clear up all of her debts.
To assist her even further, six months after the FHA loan, since she was debt free and her FICO score had risen, we helped her to obtain a low interest rate on a conventional loan.
Our client finally got out of the nightmare she had struggled in for years. Now she is debt free and has a low mortgage payment!
A client of ours called, and he was in panic. He and his partner had purchased
a home together a few years ago, but his partner just moved out and needed cash
to purchase a property in another state. My client needed cash fast so he could
pay his partner off and kept their current house. The cash-out would be
more than enough for the partner to pay all cash for a property in another
They went to a major bank for a cash-out loan. At the
time, the loan seemed to be progressing nicely. Anticipating that cash
would come soon, his partner got into a purchase agreement, then removed all
contingencies. Few days after that, the bank informed them that it would not
Now, my client was in a really bad situation. His partner
demanded that they sell their current house in order to get the cash he needed
to finish his purchase. However, on the other hand, my client wanted to
keep the house since he wouldn’t be able to purchase a similar one with the
price he paid few years back.
Story 1:A client of ours called, and he was in panic. He and his partner had purchased a home together a few years ago, but his partner just moved out and needed cash to purchase a property in another state. My client needed cash fast so he could pay his partner off and kept their current house. The cash-out would be more than enough for the partner to pay all cash for a property in another state.
They went to a major bank for a cash-out loan. At the time, the loan seemed to be progressing nicely. Anticipating that cash would come soon, his partner got into a purchase agreement, then removed all contingencies. Few days after that, the bank informed them that it would not fund them.
Now, my client was in a really bad situation. His partner demanded that they sell their current house in order to get the cash he needed to finish his purchase. However, on the other hand, my client wanted to keep the house since he wouldn’t be able to purchase a similar one with the price he paid few years back. ?
I helped him to locate an investor who provided him with a bridge loan so that he could get the cash he needed for his partner and he kept the house he was living in.