Get the latest insights from a top producing loan officer on the front lines of the housing market

Get the latest insights from a top producing loan officer on the front lines of the housing market

The mortgage industry is very dynamic - loan programs, guidelines, interest rates and market appetite are constantly changing. Stay up to date on the latest news surrounding the real estate market and mortgage industry by reading my articles below.

The mortgage industry is very dynamic - loan programs, guidelines, interest rates and market appetite are constantly changing. Stay up to date on the latest news surrounding the real estate market and mortgage industry by reading my articles below.

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How to Get the Lowest Interest Rate with a Bank Statement Loan

July 01, 20231 min read

I'm seeing some clients seeking non-QM financing (ex. bank statement loan and DSCR) pause their pre-approval/home buying process simply due to the slightly higher interest rates associated with these loan programs. 

It's easy to get caught up on the interest rate when you're not considering the full scope of benefits that owning real estate allows. 

Anyway, a great solution to curbing these higher rates is to use a 2-1 buydown to help you secure a very competitive rate long enough for you to refinance once the rates inevitably come down. 

With a 2-1 buydown, your interest rate will be 2% lower for the first year of payments, and 1% lower for the second year of payments, then goes back to the normal note rate (by this time you'll refinance to a lower rate of course). 

Higher rates should not be an end all be all. 

One way to look at it is that mortgage interest is a huge tax deduction that can help you save thousands of dollars in taxes owed. 

Not to mention that the real estate market is poised to become competitive again soon (already is in some markets).  

Once the rates lower, the competition will increase again and inventory still remains low so prices are definitely not coming down anytime soon. 

If you have any questions on how to use a 2-1 buydown, feel free to send me an email, text, or give me a call and we can discuss how you can use it to give you the advantage you're looking for!

Looking forward to hearing from you soon!

 


bank statement loan 2-1 temporary buydownstated incomebank statement mortgagehome loans for self-employed
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blog image

How to Get the Lowest Interest Rate with a Bank Statement Loan

July 01, 20231 min read

I'm seeing some clients seeking non-QM financing (ex. bank statement loan and DSCR) pause their pre-approval/home buying process simply due to the slightly higher interest rates associated with these loan programs. 

It's easy to get caught up on the interest rate when you're not considering the full scope of benefits that owning real estate allows. 

Anyway, a great solution to curbing these higher rates is to use a 2-1 buydown to help you secure a very competitive rate long enough for you to refinance once the rates inevitably come down. 

With a 2-1 buydown, your interest rate will be 2% lower for the first year of payments, and 1% lower for the second year of payments, then goes back to the normal note rate (by this time you'll refinance to a lower rate of course). 

Higher rates should not be an end all be all. 

One way to look at it is that mortgage interest is a huge tax deduction that can help you save thousands of dollars in taxes owed. 

Not to mention that the real estate market is poised to become competitive again soon (already is in some markets).  

Once the rates lower, the competition will increase again and inventory still remains low so prices are definitely not coming down anytime soon. 

If you have any questions on how to use a 2-1 buydown, feel free to send me an email, text, or give me a call and we can discuss how you can use it to give you the advantage you're looking for!

Looking forward to hearing from you soon!

 


bank statement loan 2-1 temporary buydownstated incomebank statement mortgagehome loans for self-employed
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VirtuaLending | NMLS #2015906

Isaac Sanchez | NMLS #1992428

9267 Haven Ave, 220,

Rancho Cucamonga, CA 91730

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(NMLS Lic. #2015906) Is an equal housing lender. This is not a commitment to lend or extend credit. Programs, rates, terms and conditions are subject to change without notice. Terms and conditions apply. All rights reserved. Contact us for details. Consult your accountant about tax deductions. NMLS Consumer Access

VirtuaLending Isaac Sanchez Top Loan Officer

VirtuaLending | NMLS #2015906

Isaac Sanchez | NMLS #1992428

9267 Haven Ave, 220,

Rancho Cucamonga, CA 91730

Isaac Sanchez Top Producing Mortgage Lender VirtuaLending

(NMLS Lic. #2015906) Is an equal housing lender. This is not a commitment to lend or extend credit. Programs, rates, terms and conditions are subject to change without notice. Terms and conditions apply. All rights reserved. Contact us for details. Consult your accountant about tax deductions. NMLS Consumer Access

VirtuaLending | NMLS #2015906

Isaac Sanchez | NMLS #1992428

9267 Haven Ave, 220,

Rancho Cucamonga, CA 91730

Isaac Sanchez Top Producing Mortgage Lender VirtuaLending

(NMLS Lic. #2015906) Is an equal housing lender. This is not a commitment to lend or extend credit. Programs, rates, terms and conditions are subject to change without notice. Terms and conditions apply. All rights reserved. Contact us for details. Consult your accountant about tax deductions. NMLS Consumer Access