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Saturday’s: 9AM 1590 AM/97.9 FM KVTA
Sunday’s: 7AM K-EARTH 101 FM
The month of May ends with rate relief. What do you need to know to gear up for the future? Michael Harris is here to discuss how to navigate everything going on with inflation, the proposed bill aimed to fix the debt ceiling, and the right way to handle the rising FED rates. He underlines once again the importance of having a financial GPS program, get rid of rental fees, and eliminate debt from your life. Michael is also joined by Marisha Charbonnet, who talks about the profound impact of getting married on your estate plan.
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I want to know, what kind of loan do you have? We’re talking money. We’re talking about saving money. We’re talking about churning up your frequency while turning down your volume. That’s your interest volume but it’s up to what you’re what you’re reading right now. We’re going to talk a little bit about that but have you looked at your mortgage statement?
You may be happy thinking you have a 2.75% near that old-time low of 2.625% that was received and was out there for some to get. Maybe you got 3%. Maybe it’s 4%. Maybe it’s in 5%. Maybe it’s higher. However, if you looked at the statement to see how much interest every single month goes out as a percentage of your overall payment, not including your taxes and insurance if you have an impounded. I’m talking about principal and interest.
How much interest is going out as a percentage? Is it 62%, 70%, or 80%? Depending on your interest rate, it could vary. Depending on how many years you’ve been on your loan, it could vary but your break even 50/50 might be anywhere from 18 to 22 years on a 30-year loan. You’re paying more interest now and in the earlier years and even some of the middle years than you would be later if you have the loan over the duration.
Those of you who had your home loan now for 20 or 25 years, you finally paid your dues. You’re on the bank’s plan. The bank has loved you and you don’t need that kind of love in your life. What we talk about in this program is retiring interest early. You are responsible for the obligation you signed up for, the principal that you borrowed but the interest, you do have control.
I own a mortgage banking company. I’ve been doing that now for many years. I’m approved in five states and in 30-some-odd other states, I can do what is called a DSCR loan, a Debt Service Coverage Ratio loan for investors. I do commercials. I do construction. I go forward. I go reverse. We’ll talk more about that in this episode. However, right now I’m talking to you about your monthly obligations and your discretionary income at the end of each and every month. Are you negative? Where are you drawing that from? Are you going more in debt?
Maybe it is restructuring. Maybe it is looking at a home equity line of credit, which is simple interest versus amortized interest. That’s what we could talk about interest rate versus interest volume. We’ve been able to help individuals now get home equity lines of credit. You may have gone to your credit union, your bank, or other locations and looked at those equity lines.
They’re saying that they don’t want to go over a certain combined loan-to-value. Maybe their debt ratio is very low. Maybe you’re looking at the overall cost now. They’re no longer doing some at no cost. Now, they’re charging $1,000 or more. They’re all so looking at prime plus how much. It used to be that mortgage bankers or brokers like myself weren’t as competitive in doing home equity lines of credit or equity loans. I refer them. I’ve been able to be lower than those others now. I’m doing home equity lines of credit for under $1,000 and doing a very competitively.
I even have sources that I can go up to 95% combined loan-to-value. I’m working on an equity line now. That person has tremendous equity, but it made better sense to utilize our services. We’re closing these loans very effectively fast. Also, we’re getting an appraisal evaluation for $100. It’s not the $500 and something. In some cases, we had a $700 and some odd dollar appraisal quoted. Now, we’re sitting getting $100. Keeping all the fees including that appraisal evaluation under $1,000.
If you’re in the market for a home equity line of credit, I love to talk with you. You can email me at Radio@United4Loans.com or give us a call at (888) 543-3980. We will take care of that for you and get that done efficiently. However, I like to show you how you can use that equity line for that consolidation or maybe save money, but how we can attack the debt on an amortized loan. Reduce the years that you owe on your obligations without doing anything weird.
We’re not doing a major debt forgiveness and all that. We’re improving your credit score, and increasing your monthly discretionary, and I want to show you how we can reduce your debts 1/3 or 1/2 the time without changing your lifestyle. We want to make sure you understand these principles of money and we’re doing a free seminar.
We had a webinar. We talked about how you could churn up your frequency and turn down your volume, retire your debt in half or a third of the time without changing your lifestyle. I’m going to show you an introduction to that hopefully leading to an additional appointment one-on-one. We’re not looking to talk about your finances in front of an audience on a webinar on Zoom but I want to get you familiar with the concept.
Also, I’m booking appointments individually. However, what was happening was my hours were only so many hours in a day. I wanted to book one-on-one appointments, but I needed to reach more individuals so we’re going to be doing Tuesday night webinars. Those could be live webinars where we’re going to have an introduction and then a percentage of those individuals are going to look to have individual appointments and then move forward.
We’ve seen individuals from getting started to, in their latter years, saving money. We’ve had a 75-year-old woman who got debt-free in 5.9 years based upon the opportunity. She was going to be debt-free at 103. Now, we’ve been able to take those obligations down to save her all that interest. We’ve had young families with younger children looking to get going and they have obligations and items. We’ve taken it from 30 years down to 10 years. We’ve taken people down to 7.7 years of obligations, 26 years down to 7.7 years.
Think of it this way. If you save twenty years of payments, those payments that you would have been making could be invested at 1% and have a fortune but we will look at each and individual person’s situation. Individually, they are going to go through it. We’re going to want to know all your obligations. Which do you have coming in and going out because it’s junk-in junk-out? We want the right information so we can get the right information outputting as well.
If you save 20 years of payments, they could be invested at 1% and have a fortune. Click To TweetHowever, we’ve had great results. I had a reader who could be debt-free in 3.3 years and they were crying. They didn’t understand. We went through the numbers. We went through the math to a good degree and we went through these things. I had someone save $267,000 in interest over the life of this plan, which is guaranteed. You follow where it goes. Think of a perfect financial GPS program that doesn’t malfunction.
If you have in your car a GPS or on your phone and you put your destination, it tells you the best way to get there, the fastest way and the route. If you veer off, go left or right, go straight, and miss the turn, it’s going to get you back on the path the best way possible. You can always override as you do when you drive but it will tell you maybe what you’ve lost and what time you’ve lost as a result. Also, this GPS is smart. Just like some of the apps that you have, it’s going to tell you, “If there’s traffic, there’s a better route.”
The thing is based upon traffic. What have you done to alter it? What did you want to buy? What have you done in the meantime? Your life isn’t static. You can do the what-if scenarios as well. We had a young lady who was looking to buy a vehicle. She put in 72 months. She put in her payment and it only added 1.3 years to her payoff because the GPS program was going to work efficiently to let her know what she needed to do.
Visually, it goes out 90 days, but things change within a 90-day period. I had a transaction that came up. It had an influx of money coming into my account. Thus, when it comes in, it tells me where to transfer, what to do, and where to go. You can also set guidelines for where you want to savings to be, where you want buffers to be, and comfort levels for security measures of where you want to be and not go below.
All of these items come with support. Your program and your opportunity are set up perfectly to tailor your needs. You have training. I’m a certified trainer for the product and opportunity. I want to make sure your journey starts well. You’re not going to know everything on day one and you start learning as you go.
Also, as you go through the first 30 days, you make sure to catch those monthly items that you may have missed. You think of the annual ones. You think of the semi-annual ones. You think of the quarterly items that come up and you have them in budget and your accounts so you can then look at your action plan. This is all going on 24/7 regardless. You can access it. Your spouse can access it. Now, it allows you to work together rather than one knowing what’s happening and the other not.
That’s a large argument that occurs in some but most marriages where you want to have that ability to know what’s happening even in a case of an emergency. You have the opportunity to see everything right there. You can manipulate, manage, and handle. You can do the what-if scenarios of if I want to travel or if I want to do this. Everything is there and it doesn’t mean you have to listen but it’s also going to tell you the consequences of what then your payoff time would be.
It’s not that you monitor it every single day and go, “I went down a decimal.” No, but it gives you an idea to understand. For instance, I received an email letting me know that my cable bill was going to be due in a few days. I know on my opportunity, it’s labeled there and I also have an automatic payment that I set up for that day. Rather than pay it a month early as you get the bill, I’m paying it the day it’s due and I know it’s going to be received that day because that money is better in my pocket than their pocket for that extra month.
You’re saying, “It’s one item. How much did that earn you?” How many opportunities of payments do we have and how much can that add up? If that doesn’t make a difference, then how come you’ve complained so heavily when something is very small making an error? You do. I want to make sure you are not complaining about anything. In fact, you have more money on your side of the ledger and you become the bank. There are more sophisticated methods under this opportunity, but you only need a checking and savings account and just a little bit of discretionary.
We’ve had individuals that are running negative on a monthly basis and we’d be able to show them through consolidation through a home equity line of credit paying interest only even with this time’s interest rates with prime being at 8.25% and possibly 8.5%. Maybe or maybe not even if your loan interest rate is over 10% on an equity line. A 10% equity line is lower than a 3% amortized loan when it comes to the interest you’re paying on a monthly basis.
A 10% equity line is lower than a 3% amortized loan when it comes to the interest you're paying on a monthly basis. Click To TweetIt’s because of the interest on a 3% loan, that you might be paying closer to 60 some odd percent of your payment towards interest. If we can channel that money back, gain more discretionary income, and then have the opportunity to present and push it to the right location, you’re going to be that much further ahead. We’ve had instances where $5,000 creates 22,000 of savings. You don’t have to be a mathematician. The opportunity is going to handle all of that for you.
I’d like to show you. Email us at Radio@United4Loans.com. We’ll get you registration. I’ll get you the invitation but if you’re not patient, I want you to meet with me earlier so I can see my numbers. We will have that presentation. The first presentation is to have an understanding of what’s going on. I’m going to give you a spreadsheet where I want to get your numbers so I can input this.
There is no obligation and no cost so I can let you know what your debt-free day can be and we can discuss it further. You have nothing to lose but your money. I mentioned the Tuesday webinars and I think you have a great opportunity there but some of you are going, “I don’t know how to use Zoom. I’m not sure how to do that. I’m not comfortable with that. What can I do?” I’m going to give you an opportunity.
Here in the Southland on June 23rd, 2023 on a Friday evening and that’s going to be at the Hilton out by the airport there in Irvine. We’re going to have an event at 7:00 PM. It’s going to be a live presentation from 7:00 PM to 9:00 PM. If you have an interest in a live presentation and you’re in the market there in Orange County or LA and you want to go out that direction, I will be there on that meeting night and I’d like to see you. I like to get you a special invite and the information you may need to get there.
You let me know if you want to go to the Zoom meeting on a Tuesday or if you want to go to the live event out in Irvine. I told you. It’s getting busy and we’re saving so many people so much money and my time was going to get very difficult. I mentioned that so now I’m coming up with remedies and solutions to reach more people. I have a full team that’s going to be at the event in Irvine. There is no obligation and just a friendly presentation. It’s going to be great.
It’s going to show you and help educate you to understand what you can do to save and keep your money. You work hard each and every single day. I want you to keep that money. Your lender and creditor love you, and you don’t need that kind of love in your life. We need to make it stop. If you want an individual meeting with me online, we can do that. If you want to wait, we can do that on Tuesdays.
I’m going to try to make this as easy as possible for you to save money. If you don’t want to save money, that’s your choice, but I’d say, “Let me do it anyway, and you just pay me the difference.” I’m joking but why not? Let’s get it done. This is your money. You’re seeing everything going on with inflation. You’re seeing gas prices going up and the groceries for various items. You’re seeing all the stuff happening everywhere. You’re seeing the jobs numbers which again, the employment rate went up, and then jobs were created but what jobs? We got a lot of stuff there.
Do you know what shoe that you’re starting to hear drop? Allstate was already out. State Farm now is out. It’s now being put in for increases in your insurance policies and the new ones would now be scarcity of who is even ensuring. I believe you’re going to see almost double your homeowners insurance by the latter part of the year let alone the 25% and 40% right now that these companies are filing for.
All of a sudden, you need a budget for things that you’re not even budgeting for yet because they haven’t happened but they’re going to. On the housing side, it’s going to make it more difficult to qualify because now we have a higher monthly homeowners’ insurance. Now, we have to think of that. Interest rates have gone up. They’re no longer 2.6%. They went away up to 7%. Now, they’re about 6% or 7%-ish but I still get loans in the lower 6% for some depending on loan-to-value, which is your equity position and your debt-to-income ratio and qualification.
We’re looking I believe that interest rates may fall back a little bit but it might be substituted by the homeowners’ insurance so we’re not going to see any monthly change but that’s adding an additional expense to your bottom line. Let me see if I can help gain back your money to absorb that extra fee or cost as you’ve been seeing that’s eating away at your savings.
Over 60% of individuals are living paycheck to paycheck. We have record filings this 2023 again that we haven’t seen for years for bankruptcies. We were down in ’21 and ’22 and ’23 is on pace to be large because people are seeing the differences with higher interest rates and credit card rates. We have record debt. You hear all the stuff about the debt ceiling.
You hear what’s going on. They’re extending it. You wish someone to extend your debt just that way too and give you an influx but no. You have a budget. You got a household and you got to survive. Let me help you reduce or see what we can do to put you in a better place by reducing your obligations in a third or half the time without changing your lifestyle.
I mentioned the debt ceiling and we have the fix that’s coming. The House and Senate have passed the bills to suspend the US debt through the election. It’s being pushed off through the election cycles. It’s off the table. No one’s going to talk about it. Now, it’s going to be on the desk there. It had some defense spending caps, some expansion to the work requirements, and some food stamp items, recipients, and clawbacks for the COVID-19 relief funds. It’s now on the desk and we’ll see about getting it signed by the deadline.
With the optimism of now having that perhaps settled, the bond market has been moving the wrong way and interest rates have been rising. It’s been painful watching. We’re seeing it coming back. We’re seeing the Treasury which went only up to 380 again back down to 360. We’re going back up and back down a little but again, we’ll see if we can get some lower lows and if we can get some breakthroughs on the rates.
Again, we have that Fed meeting and it’s going to be another quarter. There are some individuals and prognosticators who are saying, “Maybe we should just do a half and make it painful.” I’m not sure about that but there’s talk about a pause. There’s talk about another quarter. I don’t think we should pause and then do a quarter later. We should do maybe the quarter and then pause but we’ll see. Some of the news is coming out.
The day before the meeting, we do have some economic news coming out which shows those inflationary numbers and I’ve been talking about those for months. They come out at timings that allow us to take a look at what’s going on in the world. That’s coming out so that’s going to take off the twelve-month ago inflationary number which was high. If we’re lower on inflation, all of a sudden, I’m going to see, “Inflation has gone down.”
There’s going to be optimism. When we have optimism, then all sudden, we have something that’s going the other way. Sometimes, optimism now is good news. Sometimes it’s bad news causing good news. You don’t know which way is which but that’s why we look at things. What goes up must come down but I’m not sure if coming down is better than going up.
These are the things that we will look at each and every single day right here on our show but also, what I do each and every day as I’m working on your home loan. Whether you’re purchasing or refinancing, going forward or reverse, this is what we do. Right now, we’re working on a number of reverse mortgages for individuals 55 years of age and older. They have equity in their home. They have a need. They may have medical needs. They need someone to take care of them.
They’re not looking to leave their home. They have some expenses but what we’re doing foremost is getting rid of that mortgage they have now. We are making that monthly an optional payment and that’s a reverse mortgage. Based on the equity position, we can have them now have that monthly money to allocate towards other expenses. In a lot of cases, we have extra money available as a line of credit.
Reverse mortgage is all about getting rid of the mortgage you have right now and making it a monthly optional payment. Click To TweetA line of credit on a reverse mortgage can never go away. It’s not one that someone’s taking away like we saw many years ago when all of a sudden, the market was doing weird things, and the equity lines got frozen. You didn’t have access to that and they killed the line. That’s not happening on a reverse mortgage. That’s some of the benefits. I had individuals who have given us a call and they were talking about a reverse mortgage with others.
There are a lot of great companies and good people out there, but what happened was they were working with an individual and I looked at the numbers. They said they had to come up with $12,000 based on their equity position in order to close. They had the walk-in money. I ran the numbers and did what I do. They’re getting back almost $4,000 and not walking in $12,000. Somebody was just a little bit greedier than they needed to be and it wasn’t allowing someone to get the help they needed. It was a senior. It’s not good. We’re moving forward. We’re taking care of business. We’ll do that in the next segment as well when we’re joined by Marisha Charbonnet.
We’re talking about a lot of things but we’re talking about eliminating your interest volume and getting you on track so you can save money. We talked about the debt ceiling fixes coming here. We talked about interest rates that have been a little higher or a little bit lower now. We have the Fed that’s maybe looking for a pause, but we’ll take a look at that meeting. We’ll see.
We’ve already seen them go from 0% to 5% in a little over a year and a lot of these moves have not come into the market yet. They haven’t gone through the economy. We’re seeing inflation declining but we’re seeing the economy slowing. We’re seeing the banking crisis lingering. Should the Fed pause? What do you think?
When the Fed goes up, it doesn’t necessarily hurt mortgage rates, but it’s got consumer rates, the equity lines, the car loans, and other items but I want to show you how you help attack those items and even the mortgage much sooner. I mentioned a few events. I’m going to be having a webinar. I’ll have it on subsequent Tuesdays as well. If you want an individual appointment, let me know. We have Marisha Charbonnet here joining us. She’s going to talk to you about more things when it comes to your estate plan. Marisha?
Mike, thank you for having me on the show. We are entering June which historically has been one of the most popular months to get married. Just as getting married can impact your situation when it comes to qualifying for a loan to buy a home or to refinance, getting married can also have a profound impact on your estate plan. Sometimes married people simply assume that their spouse will receive everything upon their death. That may or may not be true.
In California, if a married person passes away and has not created a will or trust, that person’s assets will likely pass to their spouse. However, the rules get complicated since California recognizes both community property and separate property. While community property typically does pass to a spouse, separate property may be divided amongst the spouse and other members of the deceased person’s family, which could be a spouse and stepchildren or a spouse and in-laws co-owning an asset.
You don’t have to be a lawyer to recognize issues with those scenarios. Determining what is community property and what is separate property can be complicated, particularly if one person owned real estate before the marriage and the mortgage on that property then gets paid for with joint assets after the marriage. Consulting with a family law attorney may not seem romantic but it can avoid friction in a marriage down the road.
Oftentimes, married people will create a joint trust. However, if one spouse has separate property that they owned before they got married or that they inherited from someone else, putting that asset in a joint trust may result in confusion and family conflict. Since people often have different ideas about who they want to receive those assets that they perceive as uniquely their own, instead that spouse may want to create a separate trust for that property if they want it to go to someone other than a spouse like their kids.
For people who have been married more than once and don’t want their spouse to be a beneficiary, they can’t just create a will or trust that leaves everything to someone else. They need to take the proper steps to make sure that their spouse is legally excluded or else the law could treat the failure to name the spouse as an heir and give the spouse what they would have been entitled to if no will or trust had ever been created in the first place.
Additionally, parents should take a second look at their own trust after their kids get married as they may want to build in divorce protections so that a child’s inheritance doesn’t wind up in the hands of an ex-spouse if the marriage goes south. For more information on the impact of marriage on an estate plan or estate planning in general, I can be reached at (805) 496-4681 or FamilySecurityLawGroup.com.
Thank you so much, Marisha. It’s such great information. If you want to reach Marisha, we’ve been forwarding individuals to Marisha now for a number of years and they’ve been nothing but happy. Marisha updated my estate plan as well. She’s taking care of that over the years. I’ve had that since 1999 and then I had it updated. You’d never be too careful what’s going on. You want to make sure everything there is where it needs to be. My mom and stepdad are getting their estate plan updated right now with Marisha. I can’t talk about her highly enough, but reach out to Family Security Law Group. She can help you answer questions.
Don’t make it decision and then ask if it was okay or right because you don’t want to be on the other side of that if you can’t undo something. Ask these questions, do things correctly by asking and getting that consultation, and then see what you can do to help get it on the right. You never want to be left on the other side. Many individuals have made decisions to add kids on quit claim and move things around and do stuff. It’s changed tax levels and tax items, and property have been lost as a result. You don’t want to be on that side of the fence. Make sure your state plans are in order.
We’ve had a lot of professionals on our program and we try to bring you information. What I did by talking to you about a perfect financial GPS is just that. You don’t need to own real estate to utilize this opportunity. We have individuals who have student loans and we’ll go into that in a moment, but student loans, credit card debt, and other items, but do not have a mortgage but they pay rent. We’ve been able to show them how they can get those items paid down much sooner.
We have someone at 15.3 years down to 3.4 years without a mortgage. I can talk to you. If you do not have a mortgage or you listen to this program for a reason, I want to help you get on the right path when it comes to your debt and monthly obligations. I want to take your debt and create wealth. I want to get you on the right path of going forward. I don’t want you going through all these obstacles and mazes and hitting dead ends. I want to make sure you understand what the banks and your education more than likely have not taught you because you can become the bank.
You can become the bank. There are sophisticated methods to leverage your insurance and home equity line of credit to save several years off your balances. Click To TweetThere are sophisticated methods we can go into, insurance-related items, and other sophisticated things including that home equity line of credit that would save another 1, 2, 3, or 4 years off your balances. I have a life insurance policy that I got ten years ago. It’s accumulating. I can borrow from my life insurance. I borrow one rate but it still earns a return at a different rate. The difference is going to then be earned in this market because we’re earning higher than that difference.
I’m making money by borrowing from that policy. I am becoming my own bank borrowing from myself to earn more money. It sounds weird but I’m earning money because I’m borrowing from myself. It’s allowing me to take my years down even further. I’d like to talk to you. You do not need to be a beginner. You can have 100 doors. You could be a landlord. You could have a business. You could have anything going on whether you’re 2 plus 2 is 4 and $10 million plus $10 million is $20 million. We could all do the math.
Wherever you are on the spectrum, we can help save you money and help manage these items. It takes 10 to 15 minutes for most on a monthly basis. This is that easy for you, but I will work to the level necessary to get you started or to help manage what you have. I can work with your team as well if that’s you and how you have it being done.
It’s an exciting day, program, and weekend. We’re talking to you about your real estate life but we’re also talking about your debt to wealth. We’re going to go ahead and get that converted because we’re going to get rid of that interest early. We want to get rid of that interest volume. Let’s churn up your frequency to turn down your volume. We’re going to get that done. Let me show you how. I can send you some information to review or you can set up a time.
I mentioned student loans at the end of August. Starting with September 1st, student loan payments are coming out. A lot of you are going to see them double. That’s scary. Some of you couldn’t afford those payments initially when they got postponed and now, they’re possibly going to go up higher with the money that’s owed. Now, those are going to be doubled.
I mentioned homeowners’ insurance. Those of you who have a home and have homeowners’ insurance, in your renewals coming up, be careful. Don’t let it expire. You better make sure your payments are on time because right now, finding that homeowners’ insurance could get more difficult at what cost, especially if you’re newly being insured by a new company. You have to be careful.
Also, take a look at what’s going on in your area or arena, but shop ahead of time. If you have your renewal coming up, take a look. Don’t be surprised. Don’t get smacked in the head when your renewal comes in and it’s 80% or 100% higher. That’s coming. All of a sudden, your insurance is higher. Your student loans are higher and your interest rates are a little higher. Where are you going to go? What are you going to do?
Let’s attack the debt. Let’s get you more discretionary money to make sure you’re able to absorb this item so you could have better days rather than sit there going, “What do I do?” You are running around with your head cut off. “I don’t know.” I do know. It’s a simple free webinar or phone call or an appointment where I can help evaluate and see where you are with your finances and the direction we can head.
A lot of times, it is helpful with the lending aspect of doing something but a lot of times, it’s not. It’s not refinanced first. It’s refinanced second. We want to take a look and see where you are, get that picture, and understand the best way to zero. It’s a perfect financial GPS program and I want to talk to you about your roadmap. When was the last time you pulled out of your car and you opened the glove compartment? You pulled out all the road maps and you are like, “Honey, we’re going to go out to so-and-so. Let’s get out that roadmap and put it on the dash so I know where we’re going. You’re my navigator.”
It’s not been happening. When was the last time you pulled out the abacus and started doing your computations? Now, you’re on your calculator. Even on your phone on a calculator. Calculators are everywhere. They do very tough items and computations. It saves you time. This is going to save you time, but it also saves you money.
I want to help. Can you tell I’m excited about this? I was that example. From 26 years down to 7.7. I am a product of utilizing the opportunity. For me, it’s something that I keep open. I take a look at it when I’m at my desk and I see what’s up, what I can do, and it becomes almost a game. “Can I get better? What can I do?”
The funny thing is the first month I had the opportunity and I’ve done this over the years, but you try to keep on top of everything and it’s tough. My cable bill went down over $100 and because I saw something that looked a little odd so I called. Guess what? The phone bill that I use for my office and various other things through various systems, I was adding a phone line for a business item so they wanted to add another $59 or whatever to my account.
I’m looking at this and I go, “What can we do? I have been a customer now for many years. Is there anything we can do?” “Starting last month, we started a special, Sir.” We can get your services down an extra $15 per phone.” All of a sudden, that just absorbed the number. I said, “How long has this and this been?” That was one month, but there’s another item which is $5 per phone and it was going on for years. I go, “How many months now that I wasn’t given that?” They gave me another set of savings and then they tossed in an additional two months for free. That was over $300 plus the $15 break.
I saved almost $400 because I was paying attention. How would you like somebody who is paying attention to you who doesn’t talk back to you but gives you good information? It sounds good. That’s what happened. I have $400 more than I did earlier. As a result of that, it made me more aware of what was happening and it didn’t take a lot of headache for me to see it. It was right there in front of me.
I want to get it right there in front of you if I could put that kind of money back in your wallet. I had an individual who was going to save $1,200 of interest every single month. That’s what it came out to. It’s an incredible item and this is what the banks, the insurance companies, and the wealthy do. Be your own bank. Let’s get the money on your side of the ledger. You can try to exact it and do it yourself. You can get onto the game board, but you’re not going to hit the bullseye. It’s very difficult to do on your own because you’re not necessarily a mathematical genius with algorithms and programming.
The programming on this, the opportunity that I’m presenting to you, and the founders of the company put a lot of money into it. They’ve put in $19 million of money into the development of this program. Where are you getting $19 million to be exact? It is that good. I want to bring this to you and I want to show you how it works.
If you’re looking to buy a home, we are doing a number of purchase transactions here in the Southland. I was approached by someone who’s looking to buy in Ventura. Another one is in Huntington Beach. One out in the San Gabriel Valley and another one out towards the Valencia. All of a sudden, we had four new files coming in with information. We’re getting them pre-approved so they can go find that property, make that offer, and be ready to go.
We’ve had individuals who are self-employed utilizing bank statements to qualify. We have an individual who has an ITIN number, a Taxpayer Identification Number and we’re able to get him financed up to 89% loan-to-value. We’re doing equity lines. I mentioned that. HELOCs, second mortgages, equity loans, HELOANs. We’re doing those. We have reverse mortgages. We have purchased reverse mortgages as well as ones that are paying off the existing first and getting them a line of credit.
We have what is called DSCR loans or Debt Service Coverage Ratio loans. The rent is covering the obligation. We could do that for first-time investors as well as seasoned investors. We can look at the spectrum from all sides whether you’re getting started, a first-time buyer, moving up, moving sideways, or moving down. We are here to assist and give guidance to find the best path possible for your qualification.
There are roadblocks ahead but we look ahead and find those obstacles so we can get around them in the best way possible. It sounds cliché but you marry the home, date the rate, and divorce the debt. Dating the rate, the way I see that is you can gain the property because if rates go down let’s say a full percent, not what the Fed’s doing. If mortgage rates get more competitive and they get back in the 5%, a lot of people sitting on the fence are going to come back out. If they come back out, it’s going to be harder to find that home and it gets competitive again. Should you get the home and then get at a lesser cost and then worry about changing the rate later, but then attack the debt with a perfect financial GPS so we can get you even further ahead with equity?
Equity is not going up at a 20% clip anymore but in most areas, as we’re talking in the Southern California region, it’s still going up single digits. It’s not going up as fast but it went up a lot. I worry more about the insurance items that are coming up on renewal. People will have student loans coming up soon on payments. One thing that was interesting that I saw was it’s a bill sponsored by in the house by someone in California and also, someone in Pennsylvania.
They’re talking about raising the capital gains numbers from $250,000 for individuals and $500,000 for a couple to double that to $500,000 and $1 million. What does that mean on the surface? It’s going to allow people to sell without that tax obligation when they’re exceeding those numbers that may have cost them or caused them to stay in the property. It may create more opportunities and buying opportunities.
However, on that same end, if you find the right property you like and you’re in that market because you’re paying rent and your landlord loves you, you don’t need that kind of love in your life. You are making a mortgage payment, just not your own. It’s theirs. You make the decision but as things are developing, it may or may not be as fruitful for you to wait and see if rates go down because you might have the other side go higher.
Your landlord loves you because you pay rent. You don’t need that kind of love in your life. Click To TweetLet’s talk about it. I had that consultation with an individual and we got through that. He’s getting pre-approved because he’s moving forward. He was weighing those numbers as well. I’ll talk it through with you. I’ll play the other side. I’ll play both ends with you. I’ll give you the good and the bad but we’ll make sure it’s right for you. However, when we find the right opportunity, know that I’m going to look for the best pricing possible for you. I spend your money the way I spend mine, sparingly. I want value for my money and so should you.
As I mentioned in the reverse mortgage story, that gentleman was going to save double-digit money and thousands. It was the same product, but just somebody a little bit greedier to earn a higher commission. By doing that, it was allowing him not to go forward. It’s that old adage. It’s half better than none. For that particular individual, it was none. I’m stepping in taking care of business and we’re making this happen.
We’re saving this person’s environment in which they’re in because they had an issue with their lender and items that were owed for tax and insurance items and we’re going to cure that by getting this done. He was under major stress. This gentleman was 70 years of age. He doesn’t need that kind of stress in his life, and we’re going to handle it and make it go away.
We’re doing that at the right cost and the right opportunity. Getting a forward loan was not a solution because of the qualification based on his income. The reverse mortgage qualification was for the taxes, insurance, and obligations, but there’s no payment required. It made sense. We got the numbers to work. I’m going to crunch those numbers. I’m going to see what we can do to make it work. That’s what I do.
As I mentioned to you, I’m approved in California, Colorado, Montana, Texas, and the state of Washington. I have 30-some-odd other states I can help on the debt service coverage ratio loans. I could do construction loans and commercial loans. We could do the non-qualified mortgage loans, which are bank statements, ITIN loans, or Taxpayer Identification loans. I could do USDA agricultural-type loans, mixed-use, bridge loans, and all the different types of financing or anything to do with money, I can help guide you or advise you.
Private money, we have those out there as well. FHA and VA, our veterans. We have a veteran loan right now that we’re looking to get started on a pre-approval. We have a grandfather who has entitlement and he’s going to co-borrow and move in with his granddaughter. The granddaughter is able to do that because now under the VA, some lenders and we can do this the veterans qualify 50% of their entitlement and the granddaughter is coming in and qualifying. They’re going to be able to purchase. They’re looking about $600,000 or so in range for what they’re looking to do.
These are solutions that we will look to have and get these answers as swiftly as possible to make sure we’re going down the right path. I’ve seen a lot in my years, but I do learn every single day. When you stop learning, that’s when you say, “That’s enough.” You’re always learning but maybe I’ve learned just a little bit more down the paths and the tax returns I’ve seen. Also, the analysis that I’ve done. Maybe I can help you with your direction.
You do your job. This is the job that I do. I can’t pretend to do your job. I may know how to get from A to Z, but I may not know everything in between when it comes to something else. You realize when you get older, your mind writes checks that your body can’t cash. Once you realize that, then you’re not going to be on the disabled list there or the IL, but you have to make sure that you have the right professionals.
That’s why I brought in someone like Marisha. That’s why you should seek that for your estate planning. When it comes to your lending, mortgage, and finance, I want to be there to give you that guidance and insight. You can check with your CPA and your financial advisors, but I want to help you when it comes to your real estate life and also, when it comes to your residual cash that you have and attacking interest.
I want to turn up your frequency and turn down your volume. If that’s of interest to you, I need you to email me at Radio@United4Loans.com. I want to talk to you. Give us a call at (888) 543-3980. It’s been such a journey here with you. There are so many things that are happening and our time went by. It’s been a pleasure. Until the next episode. What kind of loan do you have?
