SAN DIEGO HOME LOAN REFINANCE CASE

A client was recently referred to us by one of our Raving Fans.

We had done such a good job for the Raving Fan that the new client, Fred, was skeptical that we could do so well again. Anyhow, Fred had a problem with a refinance. He was turned down by many lenders due to a Bankruptcy that occurred about three years ago. The problem was not the bankruptcy; it was the fact that his current mortgage was never reaffirmed after the bankruptcy. I learned that by not reaffirming this mortgage during the Bankruptcy process, the door is left open for Fred’s lender to come back and create some unexpected problems.

So most lenders want to avoid any possibility of litigation... Fred was a decline nearly everywhere.

Fred had been very good about re-establishing credit and making all payments on time. This really helped us to get the job done. After searching for about 4 days we were able to locate a potential solution. We submitted his file and received loan approval within 5 days. I am happy to say that we reduced the interest rate from 5.875% down to 4.375% saving the client thousands of dollars per year. The loan closed within 30 days and now we have one more Happy Raving Fan.

If you know of someone that needs help with a mortgage problem then think of the

Good folks at Disney Financial.

We really do care about you and your family.

Sincerely,

Mike Disney

 




SAN DIEGO HOME PURCHASE - FOUND A LENDER AGAINST THE ODDS

Recently we received a referral from a local bank.

They turned down this loan. Purchase for 1.3 million with $600k down payment. New loan amount to be about $700k at 4.75% fixed for 5 years. Superior documented income from a local and successful attorney. This attorney was recently divorced and also had a short sale on his home due to the divorce. Credit score was still 700. OK, the major dilemma here was the short sale on his home just 18 months ago. There is not a mainstream lender out there that would even spend time discussing the matter.

So of course we went to work and did our very best to find a lender that could assist when every lender’s rules state that this can-not be done. The Disney team was successful in locating a San Diego Portfolio lender that would entertain this loan. So we quickly gathered the necessary info and in about 4 days we had loan approval. As with every purchase loan... there is a deadline and we were behind the curve. Only 3 weeks left to close this loan. Appraisal was ordered and the appraiser raised all kinds of issues with this one. It is a fixer property. It needed  hand railings for the stairway and the buyer quickly had railings installed before close of escrow. It had an unpermitted bedroom and bathroom downstairs. Electrical was the old style from the 1940s as well as termite repair and other deferred maintenance issues. We were successful in requesting a hold back of funds in escrow so that the client could pay for termite repair work to be done after close of escrow.

Wow, talk about an uphill battle...

I am proud to say that this loan funded just a few days past the target date... and the client is now a very happy homeowner. His plan is to make improvements to the home and live in it himself. It is located in the heart of San Diego near his office and his family. Next time you hear of someone that could use some information on a mortgage,

Just remember that we really do care about you and your family.

I just love it when a plan comes together, don't you?




SAN DIEGO HOME PURCHASE - WHOLESALE VS RETAIL

Time to share a new experience with all of my favorite clients.

On June 5, 2013 we received a Residential Purchase Agreement and our team was to prepare the loan. The purchase agreement stated that if the buyer would use the preferred lender, the seller would pay the closing costs up to $7000.00. So I called the preferred lender and found out that the offer was for a 30 yr fixed rate loan at 3.75%. Then seller pays all closing costs. After quickly looking at the current rates, I mentioned that the rebate for the 3.75% would create about $13,000.00 in available cash to pay for the buyer’s fees. The retail lender said, “We are a retail branch and that is our rate”.

I said, “Let's see, you are offering $7,000.00 to pay for the buyer’s fees and my lender is offering the buyers $13,000.00 for the fees. Which lender would you choose?” The retail loan officer said, “Since we are retail, that is our rate.” At Disney Financial, we offer the consumer the wholesale rate. When Compared to a retail lender, there is more money on the table for the consumer with a Mortgage Broker. You can deal with the Bank (Retail lender) or you can ask for the wholesale rates from Your Favorite Mortgage Broker. At Disney Financial we can shop about 75 lenders for you in just about 5 minutes.

Keep us in mind the next time someone is talking about a mortgage. We can help.

I just love it when the consumer wins!  Don't you?

Your friend,

Mike Disney




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