Phinanceus

Mortgage Update: Q3 GDP up 33.1, beating expectations of 32% coming back from -32% in the 2nd quarter. Why isn't the stock market rallying more after several days of selling off? Jobless claims 750,000, beating expectations but still 750,000 people filing jobless claims. ... No Stimulus package Election Looming Coronavirus surging What are affecting Mortgage rates today: a. Covid Cases are surging b. Some Lenders are catching up c. The Federal Reserve buys Mortgage Back Securities d. Uncertainty in the market (The Election) Product Highlight: Our product highlight is a Debt Service Coverage Ratio (DSCR) and how it saved my client, who had a 12% hard money loan with a balloon payment due 10/1. Investor loans only-1-4 units No personal income to qualify. Loan Amounts to $2,000,000 or higher. Real-Life Example: Problem I have a borrower with a balloon payment due on 10/1/20 and a hard money interest rate of 12% fully amortized mortgage payment. The mortgage payment jumped from $3500 to $6250 a month, draining the borrower's monthly reserves. The borrower is self-employed and cannot qualify on full doc because of write-offs. The property was inherited as a non-owner occupied home. Solutions 1. I called the Servicer and requested an extension of the balloon payment, which the investor granted. 2. Qualify the borrower on the DSCR program with one of our Preferred Lenders. The Mortgage payment should equal the rent coming in. 3. The rate is 5.99%, so we cut her rate in half. 4. Only a 1-year Pre-payment penalty so the borrower can claim more income next year and refinance into a full-doc 30 year fixed at market rate. It’s about the long game and this is a short term solution. 5. We put her on a 5/1 Arm. Therefore, the interest rate is fixed for 5 years, and no balloon payment. Color When the borrower's payment doubled, she had a stroke before she got to me. The borrower thought she was going to lose her inheritance. When we appraised the home, it had $550,000 worth of equity. The loan is funding today! Woohoo! We have to save generational wealth By Any Means Necessary. If you want to book an appointment or send referrals (California only for now), go to www.phinanceus.com or DM me. PhinanceUs is a mortgage broker #NMLS 1854440 #DRE 02088927

Another customer satisfied.