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Saturday’s: 9AM 1590 AM/97.9 FM KVTA
Sunday’s: 7AM K-EARTH 101 FM
Financial empowerment isn’t just about loans; it’s understanding the game, playing it right, and hitting that bullseye of financial stability. In this episode, we will discuss managing your finances, giving you important information to make smart decisions and secure your financial future. Our host, Michael Harris, the President and CEO of United Mortgage Corporation of America, takes you on a journey through the complexities of mortgage loans, credit management, and smart financial planning. He discusses the nuances of mortgage loans, teaches holistic financial planning, and more! Tune in now and take financial control of your future.
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I want to know. What kind of loan do you have? It’s all about the dollar. People will say they don’t have enough, and then when you’re saving some, they say it’s not enough. How much is that? You got both sides. You got the foot on the gas and the brake at the same time. When you’re looking at your home loan mortgage statement, you do the same thing. You fight for that interest rate, and when you look at your mortgage statement, you’re paying an amortized debt. That amortized debt is paying a lot of interest initially for lesser principal and then eventually starts balancing out 50/50.
At 18 to 21 years, you start balancing it out depending on where you started on your interest rate. When you are fighting for that 3% or 4% in this market, 6% perhaps for interest rate, you’re looking at that percentage of payment that goes towards your overall principal. You’re looking at the interest volume that you’re paying versus the interest rate. When you’re paying 63% or 70% of your mortgage payment, that’s your interest volume. My goal is to get that interest volume down, so it’s eliminating early interest and starting to knock out the principal. Let’s talk about that in this episode.
I want to show you how you can save money. It’s my responsibility to help you get the best financing possible for your home or commercial property, whether it’s going forward or in reverse. It’s also my responsibility to make sure you pay off in the best and most efficient way possible using the principles of money. I’m not looking for you to take out Econ 101 or 100, sit here, and get a degree in Finance. That’s not the goal of the program, but it’s making you aware that there is a better way. There is a way where you can eliminate your debt in a third or half the time without changing your lifestyle.
I own a mortgage banking company, United Mortgage Corporation of America. I have been doing lending now for many years and on radio for over a few years. I’m here to make a difference in your real estate life. I want to make sure you are doing it the best way possible. Call us at (888) 543-3980. I want to make sure that you have the best information and education possible when it comes to your finances. You do what you do best each and every single day. This is the space that I’m in each and every day. I put numbers in the middle of my desk, some move them off to the left or the right or some CEOs shift them off their desk and they fall to the side, and if they’re important, they seem to come back.
If they’re not, then they move on and say they have a clear desk. I tackle each and every single item. I want to make sure it’s resolved and handled in the most efficient way possible. I want to be on your team. I want to be your teammate. Let me have the opportunity to show you your results and what you can do. You’re now saying, “Mike, I got a 2.5% interest rate. You’re not going to do anything for me.” Take a look at that mortgage statement. You tell me the percentage of interest that you’re paying as the percentage of the overall payment.
You might be getting close to being equal. Maybe or maybe not. You might be still paying a little higher interest than you are towards principal. Not only do I want to flip that, I want to rock that world and make it a much bigger difference. I want to start you hacking that principal down, taking the term down, taking your 26 years to 22 years, and start knocking it down below 10 and even below 7. I want that loan paid off. You still got to pay that principal. You’re going to go, “That’s a lot of money.” Yes, it’s a lot of money.
Did you look at how much your contract shows you that you were paying? On page four of your closing document, it gives you an item and says tip. That’s the tip that you’re spending and giving to the lender. It’s your total interest paid, your tip. You are paying 152%, and some of you are paying 52% if you’re lucky. That is disclosed. Sometimes, it was that number that your lender say, “Don’t pay attention to that. That’s just the number you’re paying on all your payments over the life of the loan.” It’s like The Wizard of Oz, “Don’t pay attention to the man behind the curtain.” The Great Oz has spoken.
I want to let you know what is going on and how to handle and tackle that and eliminate that interest faster and more efficiently so you save and you are on the journey to create wealth or additional savings. If you pay off a loan that’s 26 years remaining and pay it off in 9 years, all the payments that you would have paid from year 9 to 26, if you put in an account at 1%, you would have $750,000 to $1 million. It takes discipline, of course.
A perfect financial GPS program that you could follow that does not make mistakes as long as it has the right input, it has the right X output, as long as we get the right information, in which I’m going to assist, we’re going to get the right results for you and your family. Call us at (888) 543-3980. There is more after the break.
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I am the President and CEO of United Mortgage Corporation of America. We’re approved to lend in California, Colorado, Montana, Texas, and the state of Washington. I have many years of lending and a couple of years plus here on the radio, providing solution and education. You can go to our radio website at YourRealEstateLife.com. You can go to United4Loans.com to get started. You can do that. Take down our number. You’re going to need it, (888) 543-3980.
You could email any questions, any needs, or any thoughts to radio at United4Loans.com. Some of those are going to be if you’re looking to get information about your property. I can get you information on that with the ten-page report. You can email also to radio, but you can report at United4Loans.com. If you want me to review your mortgage statement or take a look at the percentage you’re paying on interest and get back to you if you’re not running those numbers, I can evaluate your statement’s statement at United4Loans.com.
What I really want to do is I would like to send you a few links to look at to get familiar with saving more money. With that, I would eventually also then have you fill out a financial sheet, which would allow me then to run your numbers. I want to know your monthly in and monthly out, all the items so we can get accurate information. I put that in. We have a meeting, and I tell you how much money we can save you with this opportunity. We run that and we find out how much money you can save.
We saved one woman. She was going from 28 years to 5.9 years. It’s incredible. We had another gentleman. He had some younger children. He says, “I need to be debt-free by the time my kids are eighteen.” We did it by about four months. He was really in a bad situation. We’ve been able to turn things around, understanding the right way to go. If you’re here in California, you’re trying to go to Hawaii, and you fly over an ocean, you don’t go over land and go to New York to go ahead and catch a flight to go back the other way or even go the other way over the other ocean.
We want to make sure you have the right path to get to the right destiny or destination on the other side. We want to make sure this is right for you. I want to make sure it’s saving you the right and adequate amount of money, which, in most cases, will. We’ve had individuals who just had a mortgage in a car payment who are shaving months and years off their payments in time. It didn’t take much to do that. Honestly, the more items you have, the more doors you have, the more mortgages you have, and the more car payments and credit cards, you’re going to even save more. The more you got, the more you get to save. Call now. If you don’t own a home, we’re saving individuals who don’t even have a home. We had an individual who had $85,000 combined debt, car payments, student loans, credit cards, and other items. He didn’t own a home. He was renting. We took her 15.3 years down to 3.4 years. She’s so excited.
She’s actually looking forward to saving some money and purchasing a property. I’m not doing that to gain a loan as yet. That’s way down the line from where we are at this moment, but I’m putting her in a better financial position to be in that position of comfort rather than not sleeping at night. Yes, she contracted to do what she was doing, but she had these obligations. She was raising a family. She’s doing what she’s doing. I’m showing her there’s a better way.
Let me show you and have an open mind that there’s another way. Put away for a moment the 400-page spreadsheets that you have put together. I want to show you how you can do that. Still, continue to do that if you like, but have a better way and have someone else on your team who’s going to officially tell you with thousands of algorithms and mathematicians behind it to show you how current technology is going to allow you to achieve success. When you get this information, most of you are saying, “It’s this AI.” No, it’s me. I’ve taken AI out of the equation when it comes to some of these items.
I am looking to communicate with each of you, sending out a thank you for your call, sending you out the link that you will have requested, and then I’m going to be responding to you. I had a young lady. I was texting with her as a result. She said, “You can’t help me. You’re AI.” I go, “No, I’m not AI. I’m Mike Harris, I’m sending you this information, and I want to talk with you.” She was convinced. “AI can do that as well.” I then sent something else, which I thought was helpful. She said, “No. AI could do that too.” I was in a no-win situation. “No, it’s me. The buck stops with me. I’m here talking to you on the air and I want to help you with your real estate life and save you money.”
I mentioned this in previous programs. Sometimes, it’s 20 to 25 appointments I have during each and every week, filling the appointment calendar and making sure I’m spending the right time. If I’m spending an hour, possibly two appointments for two hours. We’re looking that it could add up to 40-hour weeks. I want to make sure this time is efficient and we’re helping as many people as possible. I want you to get on the calendar. I want to talk with you, but I want to get you these links first. I want to make sure I’m in no rush, but I want to make sure you get the information you need so I can run your numbers to get you results.
I want to make sure you win with the utilization of this opportunity. I’ve done it. I’ve taken advantage of it. I utilize the same opportunity myself and I’ve taken my obligations down under ten years. If I did it myself, I was about thirteen in change and I was very proud of that. That three years with my obligations, mortgage, and stuff, I was leaving money on the table. I don’t like leaving money on the table. I hope you don’t either, but you also don’t have to work or think as hard if it’s 10 to 15 minutes a month in order to maintain and go forward and keeping things up to date as needed. It’s that easy. (888) 543-3980.
We’re helping individuals get pre-approved for purchasing. We have many contracts out getting for acceptance. We have some that are in the appraisal process. Some are getting what is called drive-by appraisals or minimal inspections. Some of those have gone down in markets with certain ZIP Codes. Maybe before, we were 60% getting minimal appraisals drive-bys. It’s moving down closer to 25% to 30% now. Appraisals are coming back and appraisers are happy. We’re working on that process and making sure it’s still efficient.
We have some reverse mortgages going on where we’re at the counseling stage. On some, we’re in a wait period on another and another one in another state where we’re getting that one moving right away. We’re in the process of paying off existing mortgages on a first and then enough money coming out to pay off a rental property to have no payments on both payments, optional on the reverse. We’ve already run the numbers and come up with the equation there and getting some documentation. We’re also in the process of doing a couple of closes now.
One was early, so we’re waiting just a little bit. There is another one that we’re right on time. We are making it work right here for the end of the month. Wherever you are in the process, whether it’s this month or this summer, I want to make sure we’re talking to you and understanding where you are so we can get you in the best position possible to look at what you look like, whether it’s your credit. I mentioned some of the credit changes that are occurring and some penalties that are being given to better credit scores, whether you’re lowering down payment.
We’re looking for different options to meet your needs and looking at various bond or government grant programs that you could potentially be eligible for. We want to make sure you’re available for that and get those done quickly so you can get your offer accepted and meet deadlines. It’s all about efficiency, but it’s about information and sharing information. That information allows us to do the best job possible. If you’re holding something back, it allows us not to be as efficient because then they’re surprised that we have to deal with or perhaps start late on. I like starting as soon as possible, like running to the finish line and then waiting for everyone else to catch up or perhaps even close early in some cases.
On a refinance, we could take it on our own time. We can run and then decide to crawl, depending on market conditions. With the Fed meeting on May 3rd, we are possibly looking at a quarter there. That’s not necessarily going to raise interest rates. That’s actually might be the last movement of the Fed. The mortgage market is actually already counting on that. In doing that, the mortgage interest rates have stabilized to a good degree. They’ve been holding here because of what’s been going on overseas. I mentioned that in the last program. As we look at what’s going on overseas with inflation and whatnot, it’s causing rates to be more at bay.
If you took a look at the ten-year treasury, which a lot of you can follow the TNX, you can even do that on your phone. If you add 2.5% to 3% to that, that’s roughly the margin nowadays on the mortgage side on the conforming loan. If you add 2.5% to 3%, you’re going to get that close to 6% to 6.5% idea. I hate to say normal, because what’s normal nowadays? Sometimes, it’s at 2%. That’s where I see the room to get back to 5.5% to 6%, and as the market gets a little bit, we can get down to 5% to 5.5%, maybe in range on a 30-year fixed.
There’s a potential to see a 4% as a front number that’s coming. It’s not necessarily now or then, but it’s coming. There’s room for improvement for those who have done buy-down loans or have a higher rate. There’s an opportunity to improve on that rate, but then I want you to put that thing to work hard and eliminate that interest faster and dominate and get to that principal by utilizing the opportunity I’ve been talking about. It’s attacking early interest and doing and paying things at the right time. There are eight principles of money. I want you to utilize each of them to your advantage.
That’s what we’re talking about. I want to make sure you’re saving money. (888) 543-3980. Email me at Radio@United4Loans.com. We have some economic news coming out on Monday the 1st. I got the ISM Manufacturing Index coming out for April and construction spending for March on US job openings factory orders ADP Employment Report. We have the ISM Services Report for the Federal Reserve interest rates statement. That’s what I’m telling you about on May 3rd.
We’re watching that carefully, but I feel that we’re going to see that quarter and then the press conference is coming out at 2:30 Eastern Time, 11:30 our time. There is US productivity trade deficit initial jobless claims or continuing jobless claims. We have the US employment report. We got a lot going on between the Fed meeting and then we’re looking at the employment report. We got a lot happening and we’re going to look at what goes on. We’re going to take advantage of it for those loans that are in, making sure we’re making the right move any given day to save the most money possible between yesterday, today, and tomorrow.
When it comes to the long-term, I still feel interest rates have a downward cycle coming to them with some hiccups in between. It’s making sure that we guard against those hiccups and key timing for when you’re looking to close. If you’re thinking about buying or you’re renting, you are making a mortgage payment. It’s just not yours. It’s your landlord’s. I want to show you how you have the opportunity to purchase and perhaps gain some additional tax advantages. Check with your tax preparer about that and you come out ahead. Buying a home nowadays does not take 20% down to purchase. PMI mortgage insurance premiums have come down considerably.
I can show you that buying a home with 10% down nowadays is going to save you rather than waiting 5 to 7 years to save 20% down. You’re going to end up $50,000 to $70,000 ahead by utilizing PMI mortgage insurance premiums to leverage the ability to gain. Through PMI, you have the ability to remove the PMI if your home appreciates or you have the chunk of money at a later date to lower the balance. If you put down 10% or more on mortgage insurance premiums, it will and can go away at eleven years. It’s not right away.
You can also look to gain or get out of that FHA loan as the market allows and shows that there’s a net tangible benefit, and we’ll monitor that. We’re looking for the best ways in and the best ways out in the most efficient ways to eliminate your debt. Let me look and take each of those steps. If we miss the first step by obtaining the loan, “I missed getting the home loan,” I understand, but let me take a look at what you have and what you can set up differently, perhaps not with refinancing but just looking at more efficiency to what it is you are doing to come out further ahead and have your homework hard for you.
You’ve worked hard for your home now. Now, it’s time for your home to do the same. (888) 543-3980. There’s no obligation. I am just showing you results and giving you an education, an additional information that you may not have had. I even talk with realtors, financial advisors, insurance agents, and other professionals who have no idea about interest volume versus interest rate. I talk about it on a regular basis and it’s still sometimes we’ll go right by somebody and not understand. That is where the banks and even the insurance companies are making a lot of their funds.
Think of it this way. When you close on your loan and look at that statement, you’re paying a large portion towards interest. If you refinance or even move every 2, 3, 4, 5, or 7 years and pay the minimum payment, you are starting over and that cycle now is still 50%, 60%, or 70% interest for the bank. You’re not paying 3%, 4%, and 5%. You’re paying 50%, 60%, and 70%. When we were refinancing clients and we were lowering your rate, and you could afford the current monthly payment, but you were lowering the rate, my goal at the time was to pay what you pay now and you’ll pay it off much sooner, or even take a portion and pay what you paid on the same amortization schedule to pay it off the same way if you didn’t do the loan, and then you can pocket the difference.
If you had eighteen years remaining, you amortized it over eighteen years and you get your new payment, which is lower than what you had before because we lower the interest rate. If you stepped all the way backward to 30 years, you gave up the twelve years of progress and you started that interest cycle again, but you had more money now because maybe you had the extra cash. The goal was to continue on the cycle or even make it go faster. I’m telling you now. I want to give you a perfect financial GPS that will tell you exactly what to do, when to do, and how to do without changing your lifestyle.
It’s giving you the best of all worlds. When you got your mortgage statement and had minimum payment and you had options, everyone shot to the lowest one possible. I want to show you how you can effectively become the bank. You can get in front of the interest you are paying and get this done more efficiently. (888) 543-3980, that’s our number. Go to YourRealEstateLife.com. That’s our radio site. Our mortgage site is United4Loans.com.
You can get in front of the interest that you are paying and get this done more efficiently. (888) 543-3980. That's our number. Click To TweetIf you want to email me directly, I will get your email at Radio@United4Loans.com. If you want more information regarding what I’m speaking of, reducing your debt and obligations a half or third the time without refinancing, having additional income, and without changing your lifestyle, I will send you some links to review.
Email me at Radio@United4Loans.com. Say, “Send me the links.” I like to know your phone number and your name. I will have those out to you the same day. You let me know your thoughts after you review. I’m going to give you a longer item to look at, and then I’m going to give you some shorter items to look at, and you let me know when you’re ready for the next step and conversation. I’m going to look for your information to run your numbers and obtain your results. We’ll be back right after this break.
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We got May right around the corner. We’re right here ready to go, but we got that fed meeting on May 3rd, so we’re keeping an eye on that. We got the unemployment numbers, as I mentioned at the end of the week, as well on Friday. There is a lot going on. We’re watching the general trend. We’re watching also the week after that, where we’re going to see where the inflationary numbers are. As we start eliminating some of the prior year’s items, we’re looking at inflationary numbers looking better as well. Everything is rosy, isn’t it? Not quite. The bottom line is in the mortgage market, we have an inverted yield curve.
We’ve been watching things with that. We are still looking at light science that there is still recession occurring, but the mortgage side on the back side is looking at lower interest rates coming as the Fed is going to be completing its process, moving that 8% prime update in the quarter. I’m not sure if it is half in the cards, but that 8% in a quarter is definitely coming. We’re going to be doing that soon. We’re watching where interest rates are.
Generally, we get a little bit of a price break as we head into that. We have some loans on tickets that we’re keeping an eye on to help save some more money. Every $100, $200, $600, $1,200, or $2,000 perhaps as money in your pocket and it’s money that I’m looking to save. I’m trying to do my best to make sure we time that the best way possible based on the time frame that we have. We have some of our buyers closing here at the end of the month. We have some others still in the process, some secured where they are through a reverse mortgage, and others on FHA and VA getting going.
There is a lot of activity we have offers out as well, as mentioned earlier, but we’re seeing some of the market. We still have the Millennials making up roughly 51% of the market, Gen X about 35%, Boomers about 13%, and Gen Z is making an appearance at about 1%. We’re seeing what’s going on there. For first-time home buyers, it’s not as heavy as I thought it would be. Based on where the indecisions and the interest rates are, we’re seeing roughly still 80% not first-time home buyers, but for a lot of the people who are buying now, we’re finding the homes, at least here in the United States, were built from 1959 range seem to be a dominant amount of the activity that’s still going on in the United States.
We’re finding the Baby Boomers, maybe the homes that are being moved out of now, coming into the next set. There’s going to be modernization inside of the homes, as you may see on your favorite home improvement channel. Some things are occurring there, but we’re looking at credit scores as well. We do have a large amount of credit scores of 720 plus 68%. We’re seeing 660-plus about 26%. We are seeing improved credit scores at the moment that are taking advantage, but a lot of that has to do with higher interest rates and affordability.
As I mentioned to you, we got to take a look at some of the additional fees and costs associated with having a higher credit score. There’s going to be a boundary of where we want to go and operate to help save you money. That’s going to be interesting too. We’re finding a large amount of files now looking at FHA. FHA lowered their mortgage insurance premium by 30 basis points. In doing that, it made it much more affordable, but FHA will also look at more challenged credit options. Maybe you can go in the 500s if need be, where our conventional loan is 620 is where you have to be. It will stretch further down in order to bring people in and you can do that with lower down payments.
FHA is a viable option. It’s not a first-time homebuyers program. It’s a program for everyone. Also, through FHA, 100% financing options are to exist. It doesn’t take 20% down to buy a home. If you are saving that enough for 20%, I can show you why a mortgage insurance premium or a PMI or Private Mortgage Insurance option might be a better one for you than trying to save the amount of time for that 20% down.
We can go over that as well. We’re seeing a record amount of apartments surging, but sometimes that’s better for the mortgage rates, so we can go into depth and analyze that. Something that’s going on here on the West Coast is we’re seeing the additional tax that’s being applied under measure ULA, city of Los Angeles mansion tax.
If you have a transaction that’s over $5 million, now most of you are saying, “$5 million? That’s high.” That’s not as high as you may think anymore with some of the homes and some of these locations that we’re talking about here in the Southland. We’re talking about a mansion tax. Be aware of that when you look at your numbers and see how that works. It’s an additional tax, maybe about 4%. It does add up very quickly. We want to see how that works. If it’s over $10 million, it could go up to even 5.5%. That makes a difference in your listing and what you’re going to get for your property. We’re keeping an eye on that as well.
I was looking at some of these items here, crossing my desk in regards to credit score and working on things. I mentioned May 1st. We’re still slated to look at some of these adjustments going on depending on your credit score. If you have a high credit score and you’re doing well, you’re doing too good and you should be paying more. That’s what it translates to, so we’ll go over that as well to see what we can do to help you save money with the changing environment of how lending is done. I mentioned interest rate versus interest volume. The volume on your loan is the overall amount of interest you’re paying every month, not the rate but the volume of the percentage of the overall payment.
If you have a high credit score and you're doing well, you're doing too good and you should be paying more. Click To TweetThat is what I like to attack for you. When people talk about, “What’s your interest rate?” It’s not really what is important. It’s the interest of volume, where you are on the cycle, what you’ve done and what you haven’t done, and what you can do to eliminate. If I was able to make six payments on your mortgage and eliminate that early interest by doing a principal reduction, you’re going to end up, for every $5,000, maybe $22,000 in the better. I can go over that math with you and send you out a couple of links to understand.
I’m not looking for you to be a mathematician or get your degree in Finance. I want you to understand what’s possible and what could be done without a lot of assistance from you. It’s an understanding and knowledge of what can be done for you. Let me send you out those links. You can email me at Radio@United4Loans.com. When you send that out to me, I’m going to send you back some items for you to review. I’m also going to send you a 28-minute video that you can go watch. You can watch the smaller ones as well.
If you watch that one, that’s going to eliminate half of our first appointment. Not that I’m trying not to have time with you, but I want to make sure your time is spent properly so you can watch when you’re ready to watch and meet your calendar needs. If you’re able to watch that initial one, then we can get right into your numbers and save what you can save. I can do a lot of that salutational work and work with you and get to know who you are, as I do want to know, but I also respect your time.
If I can send that to you so you can look at it and stop, go back, and do things as you need to, that is what I want to do for you. I’m respectful of your time. Send me an email Radio@United4Loans.com. I’ll send you out a few links. If you want to give me your name and phone number, I’ll have that for the record. This way, I can keep track of when you email back saying, “Let’s move forward on the next step.” I’m going to attach a financial sheet that you can type into so I can get an itemization of your ins and outs. This way, I can do the proper input.
Once we go on screen, we can then review and make sure they are accurate and then we can look at those numbers together and find out how much money we can save with this opportunity. It’s getting results and understanding the savings before you commit and do anything and you start utilizing this guaranteed product with training, online support, and phone support that you do not have to purchase every month or every year. You have it. It’s yours for your lifetime. That is what I want to show you how it works for you. (888) 543-3980.
We still see mortgage rates with a 5% and 6% in the front number depending upon where you are on debt to income ratio where you are to the equity that you have in your home purchase or refinance. We’re doing loans in California, Colorado, Montana, Texas and the state of Washington. We’re doing loans in 32 other states where we can do what is called a DSCR loan, a Debt Service Coverage Ratio loan. We’re doing those as well. We got construction loans, commercial loans, FHA, and VA reverse. We are here to service your needs. (888) 543-3980. We’ll have more after the break.
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I’m looking at where rates are nowadays. We’ve been fairly stable. We’ve had a few hiccups here and there in the weeks and months, but when we’re looking at 5s and 6s, we understand where things are, but I think where we’re going is still maybe a little lower. The mortgage interest market is looking to go back down slightly. I don’t see the 2s and the 3s unless something goes on, but we’re going into an election cycle. We know when we’ve heard that. There are programs available with little to no down. We are looking at a program now that allows government assistance coming in, and depending on where you are with your meeting income, you can take advantage of that.
There are different grants and programs depending on income levels that we can do, getting you low to no down payment product so we can look to those. High 5% and early 6% is getting you in on a home loan now. We’re keeping an eye on things and seeing what we can do to help save you money. That’s the bottom line. I’m looking at some of the items that are out there and what’s going on with FHA as mentioned to you. The mortgage insurance premium had fallen, and that was a good thing for many, saving a lot more money. I talked about VA at 0% down.
I’ve gone over various items and cycles as far as where we are when it comes to computing your monthly mortgage payment. If you go to our website, you can do that. We have a mortgage calculator there that you could run amortization. I also have the ability to send you out through my signature. You’ll have an amortization calculator. You have my mortgage app that you can actually get to. If you’re looking at the cost per thousand when it was a 3%, it’s $4.22. If it was at 5%, it’s $5.37. If it’s 6%, it’s $6 and then it goes up from there. It’s a matter of computing that appropriately depending upon the rate that you are at.
Those are the things that we will look to do. To get started, I would like to get you pre-approved. A pre-approval is getting in reviewing your documentation. It’s understanding if you got bank statements looking at overdrafts and looking at odd deposits. It’s understanding what’s going to be looked at from the underwriting point of view, putting a bow on it, and making sure it’s okay. It’s getting the two years tax returns, 1120s if needed, K1s or partnership returns, 1065. If you have pensions like Social Security Disability, maybe a letter or words letters. Maybe you have W-2s, 1099s, and two months of bank statements.
If you’re self-employed, you’re doing a bank statement program. It could be 3, 6, 12, or 24-month bank statements depending on the product. If there’s one month of pay stubs, if you paid monthly, it is one. If you pay twice a month, two. If you’ve paid every week, a four copy of your identification on a government loan. I do need a copy of the Social Security card, perhaps in the driver’s license, a picture ID or a passport. If you own property, I want a copy of the current mortgage statement.
If you have insurance on the property, you have your insurance declaration page with the monthly or annual premiums. I want to get this information so I can enter it in properly. Once we have all that information in, we know how your income is all going. I also ask you, “How’s your credit?” “We only have this, that, and this.” At that point, we’re ready to do the last part, cross the T and dot the I. We need to run credit, but I only want to run credit if we’re serious about moving forward in the right timeline. Maybe you have a free consumer copy. I have an outline of what’s there and maybe have an idea of your score and we’re comfortable.
I’m not necessarily starting this 90-day clock. When we’re running credit, 35% of your is your payment history, whether your accounts are paid on time, 30% if it’s the amount you owe as the amount to the loans or lines you initially established. The length of your credit is important. New credit, how frequent are your new inquiries? How much credit are you looking for? Do you need money? It’s also then looking at your credit mix, whether it’s retail, installment finance, or mortgage loans. We’re looking at all these items.
When you look at a credit score, there’s a consumer score that you may see now on your credit cards when you get your statement or you log in online and it goes, ”Here’s your credit score.” There’s that. There’s also your car score. Your car score is going to be the one in the middle. Your home score is usually going to be the worst. When you tell me your score is 740, maybe then at 727. I’m not looking at it as absolute, but it gives me an idea. I want to suggest you go to AnnualCreditReport.com. I want you to see what you can find out there and gain a copy or idea. Gain what you owe. See what’s unexpectedly there that we have to work on, so then we have something to do to make sure as to why we’re doing that. I want you to know the Ps and Qs of your credit.
I want to dot the I’s and cross the Ts and take care of these things for you, but I need you as my partner in order to get this done properly and most efficiently. Once we get into the loan process, we handle the financing and look for the best opportunity or the best timing to get the best result. We then are going to go ahead and put you in an opportunity to get rid of that mortgage or that home loan as fast and as efficient as possible and what is affordable. It doesn’t stop by getting you the loan. I tell people this all the time. Be careful what you wish for. I might get it for you.
I’m going to be able to get you a loan, but I want to make sure you’re comfortable and you can afford it. When you go home, shut the door, and lock it up, I want to make sure that thing doesn’t go boom and have the deadbolt go in and you can’t figure your way out. I want to make sure you understand the process, you have the resources and the tools of affordability, and you’re on top of it. I had a young couple who had called me. They have three young kids, two not walking. One is just walking, very young. He was talking about working numbers and maximizing the deductions coming out of his paycheck to put it into his retirement. I said, “That’s very good and I commend you, but I think you got a lot of things coming up with those three little ones, two not walking, and one just starting to walk and bumping his head everywhere.”
It’s like that commercial on TV where you have the adult trying to size up the house and look at what’s safe and what’s not on his knees, and then the wife sprays him with these things, “We need to put a lock on this.” He’s going to go upstairs, looking down the stairs, and goes, “He’s ready to hobble down the stairs.” There are a lot of things that that couple still has ahead of them. I commend them for looking at retirement. If they can make it a part of their lifestyle and affordability, great, but I rather have him attack certain items ahead of time to allow those things to clear up even further to work further to his advantage.
It’s a question of being in the game but making sure you’re playing the right game, and if you’re playing the right game of darts, make sure not only you’re hitting the target, but you’re perhaps hitting the bullseye. We are going over all of these things with his particular situation and we’re designing, with the help of other professionals, an opportunity for him to do everything that he wasn’t thinking and what he was thinking of doing but rolling it into affordability. It’s opening up the eyes. I am very good with numbers to an extent. Technology, I’m decent, but that’s not my best. I’m walking, not running. I’m in a lane, but I’m not in this perfect lane.
I want to make sure you’re perfect at every opportunity possible and you are good at what you do. Let others do what they do to be good with you. Let’s have a team effort to get the best result possible. I want to introduce you to some of those team members. Let’s have a chance to do so. (888) 543-3980. I have been doing this for many years in the lending industry. I’ve been doing a couple of years plus on radio here and Southern California. I’ve had other shows and other markets as well but stable here in Southern California. I have a family. A lot of you have followed the show over many years growing up with my family.
I have a son now who’s out of college. I have a daughter who’s graduating from college and she’s been accepted for her Master’s program. They’ve grown up here with me doing radio over the years. I’ve gone through everything from grade school, middle school to high school. Marching band competitions, I fundraised for that to help them with that. I had been part of their lives. Now the college experience, my son ended up going to the college that I went to at UC Santa Barbara. There are a lot of things that I did throughout the process of growth, but I actually utilized various tools and items where my kids have graduated college with no debt.
They have money still in their Roth IRS. My daughter has money for her Master’s program. There are various items that can be done and set up accordingly, whether it’s infinite banking for some or it’s just simple items of going after debt and creating wealth through other mechanisms and means. If you have a checking and savings account, you’re ready to go. If you don’t even own real estate, you’re ready to go. I am here to help you achieve your financial success. It’s how much you want that’s in question. (888) 543-3980. I’m setting aside a time for you. A lot of you went through tax and various timing. Some of you extended it out and I got it. I’m here to set this time up for you now.
If you don't even own real estate, you're ready to go. I am here to help you achieve your financial success. It's how much you want that's in question. Click To TweetBefore the middle of the year, I want to make sure that we have a plan that you can activate and go through, as the second half of the year starts in June. You have a full cycle of 30 days and then come July, you got this thing running perfectly. You got it oiled, then ready to go and you’re officially saving in each and every single month. You’re going to see the interest being knocked out and it’s going to become really fun.
You’re going to see how much more you can get because you’re acting efficiently. That’s what it does. It’s amortization that people talk to you about in reverse. It’s amortization in reverse by knocking out interest. Let me send you these links. Send me an email to Radio@United4Loans.com. I want to get out at least a dozen or more of those and then look to set up calendar times after you’re able to review the links and get you on schedule, whether evening or day, whatever works for you.
You’re going to do a little bit of the work by looking at it when you have a chance, even over the weekend or at night. I’ve had some people review the videos at 1:00 or 2:00 in the morning and send me an email in the middle of the night. A lot of times, when you have debt, it keeps you up at night. That’s when you’re trying to figure out what to do. We found a lot of people were reviewing the items at night. Our company has sent out and done various advertising nationwide and we’re getting a large amount of those results.
They wanted the 2:00 AM hour. It’s keeping them up at night and we’re getting them better night’s sleep. It’s not just buying the right pillow. It’s having the right mindset when you’re going to bed and making sure you have things away and in order. I want to help you with that. I really truly do. (888) 543-3980. Email me at Radio@United4Loans.com. United4Loans.com is the website. The show’s site is YourRealEstateLife.com. My job is to help you with one of the largest items you have in your home, your commercial loan, the construction of whether you’re pulling money out, you’re looking to purchase, or you’re adding doors, second home rental property.
I can help you with various types of loans. I’ve mentioned government loans, FHA, VA, and USDA. I’ve mentioned it doesn’t take 20% down to buy a home. You can do a very little down. I mentioned ITIN financing. I’ve talked about that on programs before. For people who do not have a Social Security card who have a taxpayer identification number and who are here legally in the States working, I can help you with as little as 11% down. You need higher scores. I will go over those parameters with you. If you’re a realtor and you have clients with ITIN, I’d be happy to help. We’re looking at jumbo loans as well.
We’re looking at reverse mortgages. For those who are 55 and over, we can help through the typical government FHA Loans, 62 and over, and also the 55 and over through more portfolios of loans going through a reverse mortgage. There are some hybrid loans that we can do that are half of each, maybe payments for ten years and then go to a reverse mortgage. We have reverse second mortgages now as well that I can discuss and go over with you.
If you have equity in your home, it’s buried in the backyard, and you’re looking for usage of that to eliminate items of debt, we can look to assist and help. (888) 543-3980. We can guide you to the next steps on your journey. On a reverse mortgage, it’s your property address, your name, date of birth, and how much you currently owe on the property. Those are the most important items, so I can run some preliminary figures and numbers. When it comes to refinancing, I want to make sure there’s a tangible benefit.
There is a reason. There’s a why. Just lowering the rate, is that possible? Maybe not possible by refinancing, but maybe by utilizing the opportunity I’ve been talking about. I can help. We may be looking at home improvement. Maybe it’s an equity line. I’ve been able to close combined loan-to-value equity lines up to 95% combined loan-to-value. Try to get that at your big bank. You’re not getting it. I can get up to 95% and I can get it done efficiently.
Let me talk to you about a home equity line or home equity loan if that is the direction you need to go for consolidation or home Improvement. I am here to assist. I’m here to answer your questions. I want to be of service to you. Pick up the phone. Give us a call at (888) 543-3980. Go to YourRealEstatelife.com or United4Loans.com. It’s been a pleasure to be here. I’m looking forward to taking your phone calls. I want to make sure that this is working best for you with efficiency and paying off interest. Your lender should not love you. You don’t need that kind of loving in your life. Until the next episode, what kind of loan do you have?
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I was looking at recession ratings. Leading economic indicators and manufacturing activity are signaling a recession. Labor market to consumer spending aren’t. However, the unemployment rate is a coinciding, lagging indicator. Moreover, the Bloomberg recession indicator and the New York Fed curve-based recession model are at 55% to 60%, respectively. Every time either model rises above 40%, a recession has followed since 1985. For the New York Fed model, it’s been accurate 7 out of the 8 last time since 1960. How’s that for numbers? We’ll talk next episode.
