DIGS is the premiere luxury real estate lifestyle magazine serving the most affluent neighborhoods in the South Bay and Westside of Los Angeles, California.
Issue link: https://www.southbaydiggs.com/i/1462505
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: At the end of 2021 we received a call from one of our Realtor Partners who had six families that wanted to buy in 2022, however all of them needed to use the equity in their current home in order to purchase their new home. He knew they would be at a disadvantage if they wrote contingent offers and with such low inventory it was risky to sell their homes first because they may not find their new home immediately. He wanted to know if there were any solutions available from a financing side to access the equity in their current home first but still be able to qualify for the new home prior to selling. SOLUTION: We scheduled meetings with all six of his families to discuss their situations individually and get a sense of their overall picture. We were able to help establish equity lines on their current homes up to 90% of the homes value so they had immediate access to the equity in their home, but did not have to make payments until they used it. We then structured a new mortgage for their future purchase where we could use their newly established equity line as the down payment but also exclude their old homes monthly expense from the qualifying ratios. By putting this plan in place two of the six families have already been able to purchase their dream home and the other four families are able to confidently look at homes knowing they'll be able to buy before they sell. As a mortgage planning practice we are able to create solutions and practical plans to achieve each individual clients goals. Any Lender can provide a mortgage, but providing a well thought out plan than can be executed is what sets us apart. 310.607.0131