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Saturday’s: 9AM 1590 AM/97.9 FM KVTA
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Listen Live
Saturday’s: 9AM 1590 AM/97.9 FM KVTA
Sunday’s: 7AM K-EARTH 101 FM
Achieve the real estate life you want and get the most out of it as Michael Harris takes you on another episode full of tips, resources, and insights on today’s market. Dive into the intricacies of recent Federal Reserve actions, dissecting both their impact and what was left undone. Join us in decoding the complexities of inflation, exploring its trajectory and crucial dates to monitor for insightful predictions. Our conversation navigates the current landscape of interest rates, shedding light on their direction. Plus, discover actionable strategies to lower your interest volume and gain a nuanced understanding of economic dynamics.
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Welcome to the show. What kind of loan do you have? It’s Father’s Day weekend. We’re talking money and saving money. We’re turning up your frequency by turning down your interest volume. That’s what we’re doing. Have you looked at your mortgage statement? Have you seen the amount of not your interest rate, but the amount of interest you’re paying each and every single month?
Your interest volume is a little bit loud and we’re going to do something about that. This is interactive radio. Our number is (888) 543-3980. You can call or text. What I like to know from you right now if you can text me is what your current interest rate is. If it’s 2.75%%, that’s great. Is it 3% or 4 %or 5%? Next, you may not know this now, but I want to know what percentage of your payment is interest. It’s a very easy thing to compute. Take the amount of interest on the breakdown of your statement and divide it by your total payment.
That’s not your taxes and your insurance but it’s separate. You have your principal and interest. I want to know your interest, divided by your principal, and interest collective payment. What percentage is that? Is it 52% or 63% or 70%? In some cases, it’s 80%. That’s two questions. I want to know then which one is higher, the amount of money going towards interest or the amount of money going toward your principal?
For those of you who have not had your loan very long from eighteen years or less, the majority of that money is still going towards interest. That is your interest volume. Three questions, I want to know your rate, how much of a percentage is going toward your payment, and which is higher. Send that to (888) 543-3980. We’re gaining information so we can help individuals. We are having a Tuesday night webinar from the comfort of wherever you want to be at 6:00 PM. We’re going to be doing that.
If you’d like to come on Tuesday, you can send it to Webinar@AheadForMoney.com. I’ll get you that Zoom invite. If there was a program to eliminate most of the interest in your life and pay off all your debts, personal or business or even mortgages, in as little as a third or half the time without refinancing and without changing your lifestyle, would you want to learn more? This is a webinar that you can attend.
We also have a special event on Friday evening in Irvine at the Hilton by the airport. We’re going to have an event at 7:00 PM. If you are in that local market and you’d like to attend, you can do that. I love to know that you’re coming. Send it to me directly. You can go to Radio@United4loans.com. I want to know that you’re coming so I can expect you. I will be there. At that event, you’re going to learn everything and most of the things that you need to know in order to move forward better with your finances.
It is truly that powerful. That’s going to be at 7:00 on Friday evening. Also, as I mentioned on Tuesday evening, you can attend a webinar that I’ll be hosting live. I want to talk to you, Webinar@AheadForMoney.com and (888) 543-3980. You can email, text, or call that number and I’d like to talk to you.
It’s been an exciting week. We’ve had a lot of individuals stepping forward on offers that they’ve been sending out, getting acceptance. We have a very low inventory. If you find the home that you want to buy, you move forward. You find the home. Get the home you want. We will watch interest rates. In this episode, we’re going to talk about what the Fed had done and what they didn’t do, and what that means. We’re going to talk about inflation and where that’s going, and some key dates that you want to keep an eye on when it comes to watching those numbers.
We’re going to talk about the direction of interest rates. We have an exciting program. We’re going to talk more about each of those items. We’re going to reiterate the webinar on Tuesday night at 6:00 PM and the event on Friday at 7:00 PM out at the Irvine Hilton. I’m Mike Harris, President and CEO of United Mortgage Corporation of America. We’re approved in five states to lend. We have California, Colorado, Montana, Texas, and the State of Washington.
Now, there are 30-plus other states where I can do what’s called DSCR loans or death service coverage ratio loans for investors. I can talk to you about that. We’re doing commercial and construction. We do first-time home buyers, FHA, and VA. We have specialty lending when it comes to bridge loans and cross-collateralization. We could do ITIN Loans. We have many different programs. We have the new AMI numbers come out this past week or so, the area median income. That goes into some of the lowdown payment and subsidy-type loans that we can do with little to no money out of pocket.
In the Los Angeles region, the area median is 98,200, in Orange County 127,800, in Riverside 94,500, as well as in San Bernardino. Santa Barbara’s is 1,073, San Diego’s is 1,168, and Ventura’s is 1,235. As we look at those numbers, they may not mean a lot to you today, but we’ll look at those as income and see if we qualify for specialty financing as a result of a low down payment.
We’ll talk more about that as we get the road map for your real estate life. Pick up the phone and give us a call at (888) 543-3980. You can text that number as well. I’d love to know who you are. Some people send a text saying, “Hi,” and I don’t know anything, so help me out a little bit. You can also leave a message. At the top of the show, we had some questions that I brought up, I wanted to know what is your current interest rate.
If you want to text that to (888) 543-3980, let me know your current rate of interest. Whether it’s low or high, I want to know. I would like to know what percentage of that interest payment is going toward the overall payment. In other words, if you have a $2,000 monthly mortgage payment and $1,200 is going towards interest, you are over 50%. I’d like to understand where you are on your trail and what we can do to make that go lower and turn down your interest volume.
Based on that math, we know which one was higher. It’s the interest. If you’re 18 years in or maybe 21 years into your loan. Maybe now you finally got the 50/50, but we want to help attack and eliminate that debt sooner. I’ve talked on this very program about a financial item that I would like to talk to you about again.
It’s a perfect financial GPS that will help navigate you to zero in the quickest and most effective way possible. It’s like your car. You’re driving in your car or your truck. You’re driving in your vehicle and you’re using a GPS perhaps, whether it’s on your phone or in the car, for navigation purposes. It tells you where traffic is, where to go, what’s the best route, and how to get there. You’re getting there without running into roadblocks and problems. I want to do that for your finances.
A Perfect Financial GPS will help navigate you to zero in the quickest and most effective way possible. Click To TweetWhen was the last time you pulled out that roadmap out of your glove compartment? You opened it up on the dash and blocked the traffic, then you have bigger problems. Let alone when you’re all done with it and have tried to fold it back up. You throw it on the back seat and you’ll get to another time, or you have someone in the back and you say, “Fold that up for me.” It comes back in a really bad shape and it goes back in. That’s the days of old. It’s also the days of old when it comes to your finances.
I’ve been able to take my 26-plus year mortgage that had time remaining and take it down now under eight years. It can be done. I like to talk and explain to you why and how this is all possible, then run your numbers and show you what can be done. I like to do that also, if possible, on a Tuesday night webinar. You can email Webinar@united4loans.com or go to Webinar@AheadForMoney.com.
I want to get you registered. All you need to do is say, “I want to go.” I’ll send you the invite and I’ll see you there on Tuesday evening at 6 PM. If you’re in the local market out in Airport Irvine Hilton at 7:00 PM, Friday evening, I’m going to be there. We’re going to be having an evening presentation. If you like to go there, send me an email. Let me know. I want to know you’re there so I can make sure I greet you and make sure you have a seat. The event is getting very crowded already and I want to make sure you have a seat there at the live event.
We’ve been able to see individuals from getting started with young families, looking to get out of debt or have debt creating wealth because if you don’t have debt, you don’t have those additional payments. You have the money to invest in different vehicles and different asset classes in order to earn additional money.
You have the ability to protect yourself and your family. You have the ability to look at insurance, investment, real estate, and other items to create wealth. Even if you took that difference once you paid off everything and invested it very conservatively, even at 1%, you’re going to have a huge nest egg on the other side. I want to go over those items with you.
I promised a little bit more about what’s going on in the lending world. We had the Fed meeting this past week. The Feds have been moving up. We have ten meetings in a row. It was moving up and went from quarter to a half to three quarters to a half to a quarter and a quarter. It has been going up, then pause. Instead of a dovish hike in the past, now we have a hawkish pause. We were looking at the numbers and at what happened and it’s scary.
The Fed did not raise. You go, “This is great. They didn’t raise. This is good. Rates are staying down. They’re not going to go up. This is good,” but what happened was we saw something else occur. We saw two Fed officials say, “We’re going to keep it the same.” The current rate is about 5.13. That’s their target. Now four of them wanted 1 or more, half, 2 or more. We’re looking at two and they wanted 2 moves of a quarter coming. We have two that wanted 3 or more moves of a quarter coming and one with a full 1%. Is it a pause to have another raise, and a pause and a raise, or pause and a raise? Who knows?
The markets got all spooked out when the Fed announcement occurred. We had some running one way. We had some running the other way. We had some going back and forth. On the mortgage side of things, we’re still looking at 30-year fixed rates, give or take, at about 6.25%. We’re still with a little bit of a 6 in front of it, depending on the points or fees you wish to pay.
How do points and fees work? Points are the percentage of your loan amount. As you have your equity position, loan-to-value, debt-to-income ratio, and credit score, all these items in combination will determine pricing because there are additional fees or costs based on the risk assessment. When I mentioned 6.25%, it’s a loose interest rate range then subject to additional fees or costs based upon your unique qualification. Whether it’s rate in terms of refinance, cash out, a purchase, a condominium, or a lower down payment. All these things come into play. We look forward to getting you pre-approved.
My goal is to get you pre-approved subject to the purchase of the set above property. When you write an offer, we will have a loan approval with the property address in place. You are subject to the property qualifying. Is the property going to appraise? Is it going up to inspection? Are there termite-related issues? We’ve had some properties in recent weeks that have had some termite-related issues. One had it in the contract and one did not have it in the contract. When the appraiser went out, it was obvious, between peeling paint, roof, and this and that.
You have to make sure that the house and the home do not have any health or safety issues. Those are getting resolved, one through sales price, with credits and things getting done, and one is the sellers popping in to get this resolved because it will be an issue regardless of where they go. We’re looking at the Fed. They did not go up but we’re looking at interest rates maintaining but now possibly a decrease by the Fed this year that may or may not look in play.
We’re trying to find out if there’s another one in 6 weeks or 5 weeks away from now. Is it going to be another one or a pause? We’re going to be data-dependent. What does that mean? We’re watching what’s going on as far as the economic news. Are we going to potentially be so-called in that recession that some of us may think we’re already in? There’s going to be an interesting item coming up very soon, July 12th.
Inflation is not easy to measure, but it doesn’t have to be that hard. We’ve seen inflation measure on the headline consumer price index dramatically from 9% to 4%. Coming on July 12th, the June CPI data comes out. In itself, that’s going to be a good item, but it eliminates the twelve months ago June number. When we look at data, we look at that one-year period of time. That reading was an elevated 1.2% in itself a year ago. If we have inflation at 0.1 or 0.2 or 0.3, very much reasonably priced for this year, we’re going to see that number go from 4 to even 3, year over year.
If we get lucky, it could even be a little bit lower. You could even see a 2. We’re not getting to the Fed’s 2% target but all of a sudden, if we’re going to ratchet down to those numbers and see a 3, do we need another increase? That’s where the camp is. It’s that the pause we’ll go from hawkish to dovish and maybe we continue to pause as news comes out.
The Fed needed to set up a four unexpected to have everyone ready. I believe on July 12th, we’re going to see that 1.2 being replaced by a point lower number and causing that overall number to come down considerably. We’re going to watch that very carefully. That is something that we need to pay attention to and that can make a big difference. With inflationary numbers coming down, which is the arch-enemy of bonds and mortgage rates, we can see mortgage rates ticked down a bit.
We’re not going to see, “We’re down to 2% or 3% or 4%.” No, but maybe we crack in with a 5 still as that front number. Maybe we move slowly but maybe get to those mid-5 ranges. We can watch that very carefully. We’ve been helping a lot of individuals who have equity in their properties with equity lines and equity loans. The reason why I like an equity line is because it’s simple interest and not amortized interest.
We talked earlier in the program about interest volume. Interest volume is an amortized loan where more money is going towards interest in the earlier years than in the later years, where simple interest is leveled across the board. I mentioned to you our poll questions that I talked about and I asked you, “What is your current interest rate?” I ask you how much money is going toward interest as a percentage of your overall payment and which one is higher, interest or principal? You can text those answers to (888) 543-3980 at any time, or call and let us know.
The bottom line is on a simple interest loan, even a 10% simple interest is sometimes better than a 3% amortized loan in those early years or even halfway through because you’re paying a larger percentage toward interest. It’s skewed to the front side. I like to show you how you can also use those to your advantage and having that line of credit available for you can be an advantage.
There are many different ways that you can sit on the other side of the game. You don’t have to take what you have been told to do. You don’t have to take door number 1. You can look at door number 2 or door number 3. I want to show you how that can be done. We’re also watching what’s going on around the globe. We saw Japan do nothing as they’ve kept their interest rates fairly low. We’re watching what’s going on around the world. Again, all eyes are on the Fed and I’m looking at that July number and the July meeting.
Now, it’s about 75% probability the Fed could do something, but economic news can make it go the other way. As we watch the pricing and the teeter-totter up and down with interest rates and mortgage rates changing, we get mid-day price increases. We’re trying to time it the best way possible as we have our files ready to go. We have individuals who are doing cash out, consolidating some debt, and then getting into a perfect financial GPS program to reduce debt even faster.
We have some individuals who are taking it down to 6 years, 7 years, 8 years, 9 years, and one at 12 years. We’re taking that 30-year loan and it’s going to be gone in those timelines. We’re attacking interest, saving money, and taking the effective rate much lower. We had some individuals who had an effective interest rate that has gone from 0.5% to 1.5% because of eliminating that early interest. We’re taking the effective interest they pay down below 2%.
This is not a refinance. This is utilizing money and the principles of money to attack interest so you can save. You owe the contracted amount you paid on the principal, but it doesn’t mean you have to pay the full amount of the interest if you’re able to eliminate it much sooner. Sign up for our webinar on Tuesday evening at 6:00 PM. Send it to Webinar@AheadForMoney.com. I’d like to get you that invite. It’ll be a Zoom meeting. You’ll have that invite, then you show up a couple of minutes early. The technology is fun. You want to make sure you get in, then we’ll have that on Tuesday evening.
On Friday, we have a live event at the Hilton out in Irvine by the airport there at 7:00 PM. I want to know if you’re going to that event. Get our information and your information so we know you’re coming. I want to greet you there as well, (888) 543-3980. We got inflationary news. We have stuff going on, but it could look a little bit better causing mortgage rates to go down coming July.
It’s getting you in that position to be ready. If you’re looking to purchase, I want to get you pre-approved. If you’re looking for a certain type of loan, we can look at buy downs, 1021 buy downs, or seller-paid items, but we want to take a look at where you stand. We’ll look at credit. I want to make sure your credit is everything where it needs to be so we can save you the most money possible.
I’ve been doing this for a long time. We come to you on the weekends on Saturdays on Newstalk 1590 KVTA and every other weekend, we’re on K-EARTH 101 at 7:00 AM. You can stream at KVTA.com or KEarth101.com. You can go to our website at YourRealEstateLife.com or United4Loans.com. When you go to the website, you can scroll down and you can listen to past episodes, including this one. This program will be posted shortly, but you don’t have to go binge-listen. You can have your very own program. Give us a call at (888) 543-3980.
We’ve had a busy program. A lot of people are looking to sign up for the Tuesday night webinar. I appreciate you taking time in your early evening and taking one hour of your time in order to evaluate an opportunity for you to save money. The webinar has no cost. There’s nothing being sold. Nothing is being determined but it’s information. That information will hopefully then lead to an additional appointment where individually, we can talk and gain your number so we can run your numbers to find out what we can do to save you money.
We’ve had many individuals move forward. Some come back and say, “It’s not saving enough.” I’m not sure what enough is when it’s over $50,000 or $100,000, even in some cases, $150,000 of interest. I want to understand where your why. What is your why? What are you looking to achieve? Are you looking to eliminate debt? We’re now at the highest levels of debt by many. In October, we got student loan payments again people. Have you gotten your new payment again?
That’s going to be coming out. Is that going to be a shock? You’ve not had payments for a few years now, and all of a sudden, that item becomes important. Sometimes I ask individuals about debt and items and ask if there are any student loans. They don’t count that. You’re going to be counting that very shortly as it’s coming back with a vengeance. Starting in October, we’re going to be seeing those.
I want to try to attack interest and items to eliminate debt to put you back in a position where you’re comfortable. Additional discretionary money is coming to you each and every single month, stretching what you have in order to use it effectively instead of throwing it to your lender or creditor. Your creditor or lender loves you. You don’t need that kind of love in your life. I try to spend your money the way I spend mine, sparingly.
I want value from my money and so should you. Do something about it. This upcoming week on Monday, many of us perhaps have the holidays. The markets are closed. We do have still the home builder confidence index coming out in the morning. On Tuesday, we have housing starts in the New York Fed. President John Williams will speak. He’ll speak a little bit more building in the aspect of that pause and potentially, maybe a couple of more increases, but data dependency.
There’s going to be a little bit to that, so we’re going to watch what’s going on. On Wednesday, we have the Fed chair, Jerome Powell. He’ll be testifying on the House panel. Senate nomination for the Fed Governors, we have that coming out. Some changes to the Fed will be occurring with some nominations there. We’ll see how that gets politicized or not.
On Thursday, we have initial jobless claims and existing home sales. Chairman Powell will go to the Senate and he’ll go and testify there. US leading economic indicators are coming out. On Friday, we have the S&P and PMI services numbers and manufacturing numbers. It’s a full slate as Monday completes and goes into Tuesday. We’ll be watching those as the market moves. We’ll be watching the breath of the market as we get towards that July 12th date because that number and that change in inflation will be huge.
We’ll be looking at the employment numbers at the beginning of the month as well and see where those go. The Fed wants that to be a little bit up. They want that to be a little bit more painful as I mentioned over the previous months. As we start taming back spending and we’re looking at various items going forward, that’s what they’re looking to. Again, the pain that I see coming is student loan payments are coming back. We have commercial space and leases. We have various items of that nature occurring as well.
We have some areas that haven’t quite trickled too that now will start hitting back. That’s why I’m attacking debt and getting people in the best position possible. I like to talk with you, at (888) 543-3980. We have many individuals who are moving from renting. You are making a mortgage payment, just not your own. It’s your landlord’s. We have them moving into home ownership with less than 20% down. There are loans available with less than 20% down.
In some cases, even 0% down. It’s not only a VA loan. We have loans that we could do a first with a second and sometimes forgivable seconds, but we have grant and bond programs. With our new AMI numbers, we are able to get many things done as little as 1% down. Let’s find out if that is you and we can get you qualified.
We’re utilizing FHA Loans. We have gift fund monies available there. We can go to some lower credit scores. If there’s not time to see what we can do to raise those scores, we’re able to get those loans accomplished as well. We have reverse mortgages that we’re working through as well. You’ve worked hard for your home. Now it’s time for your home to work hard for you.
You've worked hard for your home. Now, it's time for your home to work hard for you. Click To TweetIf you’re 55 years of age and older, we’re able to help you with the reverse mortgage. We have a few of those going on now. We have a couple in their 90s who are getting that so they can remain in their home. We have services there in the home to allow them to maintain. We have one that has lost their significant other and we’re putting things in order to move forward. We have others who are protecting their current assets by not having to sell or liquidate by utilizing the equity as a line of credit.
A line of credit that could be utilized but also protected because it’s part of a loan. What happens is sometimes on these home equity lines and if you’re using that as a first mortgage, this is where it becomes a little bit dangerous, but if market values were going down or the ground shakes or something else occurs and you’re not insured, the equity lines perhaps will close and you can’t utilize them anymore for up and down, then you got a problem.
That happened in the previous time periods when that occurred with homes being upside down. We’re far from that at the present time. I do think we still have a low demand. I still see values perhaps going up on some housing in most areas in the Southland. We’re not that scope but a reverse mortgage gives you a little bit more protection and a more peace of mind to that process. We’re able to write those loans. We discount a lot of the costs. We don’t add extra fees or extra origination on other items as some will do.
We will run what’s possible. We had an individual who was told that he couldn’t get a reverse mortgage unless he brought in a certain amount of money. We’re able to run that and it’s coming back that he’s getting a little bit of money. We’re taking care of all of his obligations, so that has to do with the fee structure and what was being done on his behalf or what wasn’t being done.
We’re not perfect but we try to be as perfect as possible for you and your finances. We want to know what is going on with you. It goes back to the original poll questions I asked you earlier, what is your current rate on your mortgage? Text that to (888) 543-3980. If you can, let me know what percentage of that interest is part of your monthly mortgage payment. Is it 50% or 60% or 70% or 80% of the overall payment? Which one is higher, your interest or your principal?
When you make your mortgage payment, what percentage, how much, and which is higher? Let me know. We’re taking some information about what’s going on in the local market and the community so we can attack and do something about it. If there was a program to eliminate most of the interest in your life, and pay off all your debt, personal or business even mortgages, in as little as a third or half the normal time without refinancing and without changing your lifestyle, would you want to learn more?
If the answer is yes, we have a webinar that we will be doing on Tuesday evening at 6:00 PM. Send me an email at Webinar@AheadForMoney.com. I’ll send you the personal invite and I’ll see you there. If you are in the Irvine area on Friday evening at 7:00 PM at the Irvine Hilton, Airport, we’re going to have an event. I can send you information on that. Let me know if you want to attend the live event on Friday or if you want to attend the event on Tuesday.
If you tell me, “Tuesday is not good for me” or “I can’t go on Friday,” send me a direct email. Send me that email. Send it there anyway at the webinar or send it to me at Michael@united4loans.com. I’m going to set up an individual appointment with you, one-on-one. We’re going to go over your numbers and find out what we can do with a perfect financial GPS.
We’ve seen people at 2.75% and I’ve seen people up at 7.25. We have a large range. What that means is we’ve been able to see that 2.75% still paying 50% or 60% toward principal or against the overall payment, paying that much more than principal. If you have a 62% payment toward interest, you’re only paying the principal down at 38%. You have to look at the interests of volume versus interest rate.
That person who’s sitting at 2.75% or 3% can save quite a bit. I mentioned my numbers. I told you I have taken 26-plus years down to under 8. My rate is at 2.75%. I should be very happy but I’m still paying too much in those early years. I’m looking to attack that interest, eliminate that debt, and utilize the principles of money to become the bank.
I practice what I preach. I want to show you how you can do the same and come out that much further ahead. What allows you to sleep at night? What’s allowing you not to sleep at night? Thinking about all the different things that you have to do in order to figure out how you’re juggling, who’s on first, or what’s on second or third base.
You’re trying to figure out what you can do, how to do it, and how many hours it’s taking you to play that game each and every single month. Many of you are using that 0% credit card, but you paid 2%, 3%, or 4% upfront interest to gain that 18-month period of time. Some of you are trying to be smart, you pay it off in 6 months. That’s great, but that means you paid three times that amount of money because you paid it off so much sooner.
If you wait until the end all of a sudden, all the money is at a high 20% or 30% interest that your current card is at. There’s not a lot of room for mistakes, but under a perfect financial GPS program, we can navigate that to perfection. Now that we advocate all the different things and all the gimmicky items, we’ll take a look at what you have and let this perfect financial GPS come up with an opportunistic way for you to get to zero as fast as possible. You only need a checking and a savings account. You don’t need to have an equity line. You don’t need to even have a mortgage. We’ve had individuals who have rent. They have student loans, credit card debt, and car payments. We’ll be able to show them how to get out of debt in as little as three years. It can be done.
It’s not some smoke and mirrors and some magic. It’s math and it can be done. I want to show you how, (888) 543-3980. You can send a registration for our webinar on Tuesday evening at 6:00 PM, Webinar@AheadForMoney.com. If you’re in the Irvine area on Friday evening, I love to see you there on Friday night at 7:00 PM at the Hilton Airport Hotel. It’s going to be out there and I want to see you there at the live event. Many other people in the room will be there just like you. They are looking to gain valuable information to move forward and have a better direction, navigation, device, and system in order to get to zero regarding your finances.
We’ve had individuals freeing up discretionary money, allowing them to take care of their families and things that they were not able to do and do them more effectively. Something else I look on the horizon is homeowner’s insurance. For those of you who are getting renewals or looking to purchase or running into this, we have fewer carriers in our market that are willing to write. Another large name is on the speculative side now.
They’re trying to gain an increase in their numbers. Some of those numbers have already gone up, but they’re looking to go with increases. They put in an ultimatum, “Either you allow our increases in the state or we’re pulling out as well.” What that means is you have fewer people writing, and higher items occurring, and when you look at your homeowners now looking to be renewed, you might go up 40%, 50%, 60%, or 100% to what you have.
We have some large properties that we’re sitting at $5,000 for their homeowner’s insurance and they’ve got up to $18,000. That much. If you have a renewal coming up in your homeowner’s insurance, please check with your homeowner’s insurance individual or your agent. Find out what the direction is. Don’t be surprised. Don’t be shocked. Don’t let your items go in an array. Don’t miss a payment if you are monthly, quarterly, or annually. Getting that new insurance might be difficult and they’re looking for a reason to cancel.
Be very careful about that but that’s the other shoe along with student loan payments as I mentioned starting October 1st. These additional expenses are still yet to be felt and with that said, I want to make sure we’re able to put you in a position of affordability, but also debt elimination by eliminating interest. We are not doing something odd that’s going to hurt your credit scores. We are utilizing the principles of money to attack the bad debt sooner.
Give us a call at (888) 543-3980. You text to that. For our poll question, I wanted to know what your current interest rate is. That’s it. Secondly, what percentage of that payment is interest? Are you paying 50% or 60% or 70% or 80% toward interest? That’s your interest volume. That’s the part that I like to educate you further on so you don’t have to be doing that any longer.
It’s great that we lower your interest rate. When we’ve done refinancing in the past, my goal is if you can afford your current payment, you continue to make that payment so you can attack that much faster. Many individuals will pay the lower amount and that’s where you get to the thing of starting over. When you start over, then you’re paying more money towards interest and those earlier years. If we had a loan that had 22 years remaining and we took a rate in the general market, we took it from 6 down to 3, and that payment goes down, what we can do is still pay the higher payment of old.
That additional old goes toward the principal, reducing that early interest much sooner. That’s one avenue or one aspect of money that I’d like to help explain, but you don’t have to compute or figure this out. You will have a perfect financial GPS to keep you on track and I’ll show you how that works. I’m a certified financial trainer for this opportunity and I want to show you how you can benefit.
I spend a lot of time on this because I help homeowners be in a position to purchase, buy additional doors for investment, and eliminate debt so they can now enjoy their homes and be a little less stressed in their lives. If that’s you, I want to talk with you now, (888) 543-3980. We’re watching what’s going on all around us. We’re seeing interest and buying homes a little bit lower but it’s because of less inventory that’s available.
One of those changes that’s also perhaps out there, it’s on the House floor now. They’re talking about trying to get the capital gains exemptions increased from 250 individuals, and 500 couples to 500 and a million. If that’s the case, we may see some properties come on the market because people now could afford to sell with the capital gains that perhaps won’t be assessed. That’s on the floor. We’ll see. We’ll keep an eye on that as that occurs.
That might cause a little bit more inventory to stir. Right now, if you have a want or a need to purchase, please utilize a professional. We are a lender. We don’t list and sell, but we refer qualified realtors for that. We want to make sure you are pre-approved. We can walk you right to them with a pre-approval in hand so we know what you can afford.
We have a couple right now looking for a property for about $1.2 million. We have another couple looking at a property about a little over $600,000, utilizing a VA. We have those that we completed in order to put them in a position to buy. We have one that got their paperwork in for a reverse mortgage. We completed their education so we’re going to get those services started up. We’re going to get their current loan paid off that they had a forbearance, a due date, and numbers that they have to catch up on.
We need to put them in a position where they are comfortable on their property. We’re working on that. We have many different items that we’re looking at in helping people accomplish their goals, dreams, wants, and needs. I like to know where yours are. What can we do to help ease the burden of current monthly payments, debt, and potential increases that are coming soon?
Going back to the insurance side, I was talking to an agent. What he’s been finding is rather than calling it homeowner’s insurance, they’ve been utilizing it more as catastrophic insurance. By that, if you have a claim, you’re going to have a problem with your renewal. You almost want to have insurance not to have a claim. That’s where we’re at.
It has a low deductible. It’s almost like you don’t want to use it because then you won’t have the insurance any longer and you won’t be insurable. It’s almost a catastrophic claim where you’re having very high deductibles to keep the premiums down because your goal is not to have the claim but it’s more of a catastrophic event rather than, “This happened for $500.” It’s talking to your agent, understanding where your goals and needs are, and where your monthly expenditure is.
That’s a way that we’re looking to help combat that affordability aspect because as interest rates perhaps move down a little bit, we are also looking at that homeowner’s insurance going up. We didn’t gain because the overall number remains the same. We’re watching the timing and making sure affordability is there. That’s where I’m attacking on the other side to make sure we have less debt and fewer obligations, and your overall numbers go down much sooner.
If you’re interested in that solution and controlling your finances rather than being controlled by your finances, give us a call at (888) 543-3980. I want to talk with you. You can text us at that number as well. You can register for our webinars Tuesday evening. It will be at 6:00 PM. You can register or email Webinar@AheadForMoney.com. That way, we can get that and get you that registration. If you’re looking to go to our event on Friday evening, I want to hear from you.
You can go to any of our emails or radio at Radio@united4loans.com. If you email us, I’ll get you the information but it’s going to be at the Hilton Airport out there in Irvine. It’s going to be at 7:00 PM. I want to know you’re coming. They have limited seating. We’re going to try to accommodate everyone. God forbid, if I had everyone showing up, what are we going to do?
We want to make sure that we draw attention to you and talk with you. I want to greet you there as well. Let me know if you’re coming. That’s going to be at the Irvine Hilton and that’s going to be on Friday evening at 7:00 PM. If you look to get started with the opportunity and move forward, we can work with you too. We have a workshop on Saturday that I’m not saying that you must attend, but if you’re looking to move forward and it works best for you, that’s something that maybe you want to do if you’re in the local market as well. We’ll talk more about that directly with you.
We talk lightly about some of the loans that we do, whether those are commercial loans, construction loans, bridge loans, or cross-collateralization. We have loans which are called non-qualified mortgages where we’ll do bank statement loans, whether it’s 1 month, 3 months, 6 months, or 24 months bank statements, business bank statements, or personal when you’re self-employed.
We’ll look at ITIN financing or taxpayer-identification financing to almost 90% now. We can go to that on financing and get you in the door. I mentioned equity lines and equity loans. I can get those done now for under $1,000. I can get an equity line accomplished for you just like the banks. I can move up a little higher on the scale at slightly higher cost but we can go up to even 95% combined loan to value. You’re not getting that at the local bank institution or credit union.
I like to talk to you about your home equity line solutions. A lot of times, it’s getting a line of credit that goes behind an existing first so you can you utilize that for your advantage going forward. Give us a call at (888) 543-3980. I mentioned we’re watching the calendar this upcoming week. On Monday, the markets closed during the Juneteenth holiday. We have the homebuilder’s confidence index coming out. On Tuesday, housing starts and we got some Fed speak occurring, additional on Wednesday.
A lot of times, it's getting a line of credit that goes behind an existing first so you can utilize that for your advantage going forward. Click To TweetWe’re looking at the nominations as well for Fed positions. We also have initial jobless claims on Thursday, existing home sales, and the more Fed speak and US leading economic indicators. S&P items are coming out. PMI, and Manufacturing Services numbers are coming out on Friday. We watch what’s going on each and every week. We take a look and see where we can maneuver and go to save more money for our clients when their time is coming up for the close of their purchase, the timing of their refinance, and making sure we’re paying off higher interest rates when we’re lowering on one side or utilizing and paying off higher debt, and putting them in a position than to save additionally by using a perfect financial GPS program.
Many of our clients who are closing are utilizing that to come further ahead. We had one individual a few months ago. They decided to do an adjustable that was fixed for a period of time because it was a lower interest rate, but based on utilizing the perfect financial GPS, we were still paying off all of their debt, including their mortgage in less time than the fixed period of that mortgage. It made sense to choose a different alternative, but that’s them. What can I do for you? I want to hear from you now. I’m Mike Harris, President and CEO of United Mortgage Corporation of America. Until the next episode, what kind of loan do you have?
