SOUTH BAY DIGS | Digital Edition Online

March 6, 2020

DIGS is the premiere luxury real estate lifestyle magazine serving the most affluent neighborhoods in the South Bay and Westside of Los Angeles, California.

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Mortgage rates could change daily. Actual payments will vary based on your individual situation and current rates. Some products may not be available in all states. Some jumbo products may not be available to first time home buyers. Some restrictions may apply. Based on the purchase/refinance of a primary residence. Credit and collateral subject to approval. Loan to value, debt to income and cash-out restrictions may apply. Programs, rates, terms and conditions subject to change without notice. Please remember that we don't have all your information, so this does not constitute a commitment to lend. Therefore, the rate and payment results may not reflect your actual situation. To get more accurate and personalized results, please call (800) 357-4077 to talk to one of our mortgage bankers. Watermark Home Loans 100 Spectrum Center Dr Ste 150, Irvine, CA 92618-4964 DRE License Number 01523306 NMLS ID: 1838 Regan Hagestad: NMLS 57351 Matthew Disalvo NMLS 1416809 RECENT LOAN SUCCESS STORY CHALLENGE: We received a call from one of our Wealth Advisory Partners who had a client that was having issues being approved for their mortgage. The client has spent the past 18 months building their dream home and currently they have a construction loan on the property. The construction loan is becoming due and the home is set to be completed in March so they want to refinance to pay the construction loan off and get into a permanent mortgage. The challenge they have is that they also own 2 other homes, one of which they are currently living in and the other home is listed for sale. The other lenders they spoke with are counting all 3 mortgages into their qualifying ratios and in turn they do not make enough income to cover all 3 property payments. SOLUTION: We were able to step in and help lock the client into a 30 year fixed rate mortgage and payoff the construction before they sold their other home or moved out of the home they currently live in. We did this through an investor that allows us to exclude the monthly payments for departing residences as well as exclude the monthly payments for homes listed for sale. In turn our client only had to qualify for the mortgage payment on their new home which they have enough income to qualify for. By having access to traditional banking products as well as hedge funds and insurance companies we're able to find solutions for our clients to help achieve their goals when other lending institutions are unable to. 310.607.0131

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