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/1482195
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 clients who has been pre-approved for over 9 months but had yet to find the perfect house. Their dream house was coming on the market but with how mortgage rates have risen they were concerned that this home may not be affordable or fit within their budget. They wanted to know if we had any solutions or if there was anything that could be done on the financing to ensure they didn't miss out on this opportunity but also not over extend themselves. SOLUTION: We explained to them that because they had already completed the full pre-approval making some adjustments to their mortgage plan and building out some solutions would be easy. We were able to create 3 different affordability options for them to review. We prepared a 2-1 Buy Down Program where in the first year their mortgage payment would be based on a rate 2% under the current market, in year two their payment would be based on a rate 1% under the current market and in year 3 it would be based on the initial contract note rate. We presented a seller paid permanent buy down option where they would get a permanent discount to the current market rate that was paid for by the seller. Finally we prepared an interest only option to offer the lowest possible payments but because it had an adjustable rate feature it would only be beneficial for the first 7 years. After review our clients selected the plan that they felt most comfortable with, they were able to make their offer confidently and are now proud owners of their forever home. As a mortgage planning practice we're able to help our clients navigate volatile markets without sacrificing their budget or long term plans. 310.607.0131