When you sign on the dotted line of a Mortgage Note, you power the country and change your life.

You change your life because by signing, you instantly create an automatic wealth building program which is the No.1 source of savings for most families.

When Sellers see an offer to buy their property using an FHA Loan, they cringe. Loan officers, in general, use it as a last resort when everything else fails. Well-to-do borrowers might view it as something not to brag about.

Why?

The Bank Statement Loan has been the number one alternative for business owners to qualify for a mortgage.

Why is that?

Part of the reason is that Business Owners do not conform to traditional or conventional guidelines.

Did you know that affluent or well-to-do business owners often have trouble qualifying for a mortgage?

It sounds weird, right? maybe you were not aware of this.

One of the most difficult things business owners run into when trying to get a loan is providing their income to lenders. Most banks require income documentation with tax returns, but because savvy business owners take many valid deductions on their tax returns, their tax return often does not show their true income.

Buying a property or renting a property, which one makes sense for you?

When you Google this question, almost all the answers focus on comparing what you are paying now in rent versus an equivalent mortgage payment. They conclude that if the mortgage payment is nearly the same as the rent, then you should buy.

Even though this advice makes sense, there is something else missing which I have never seen covered, and this is what this article is about.

Last week I promised to talk about the 3 types of mortgages that business people and property investors use. This week we’re going to take an in-depth look at one of these loans: the DSCR loan.

It was a great honor to attend the Martin Armstrong World Economic Conference in Orlando, Florida this past November. I have been looking forward to attending this conference for a long time.

About a week ago I posted that rates for home loans went down by about 2%. This means that at the beginning of December of 2023, a loan that would have cost you about 7.5%, today you could get it for about 5.5%.

That is a HUGE difference!

There is a caveat though: this applies to a home where you are going to reside as your primary residence and, normally, for a loan amount no greater than $766,550.

In the last few days, interest rates for mortgages have fallen considerably.

By way of example, a few weeks ago I was quoting 7.5% to our best borrowers with high credit scores and ample income. As I type this e-mail, this same borrower could now qualify for 5.875%.

Finding a lender as a self-employed person can be difficult. Here's a solution from Alejandro Szita.

“Hi Alejandro, my thank you text message yesterday was not enough for me to show my excitement. I am extremely excited.”

Embark on a journey towards real estate success with Alejandro Szita as he guides you through the strategic utilization of the debt service coverage ratio. Unveil the true potential of this financial tool, empowering you to make well-informed decisions, optimize returns, and achieve triumph in all your property endeavors. Let's dive right in!

"Alejandro did a mortgage for me, and I was very pleased with the way he handled the process.”

"Unlike other people that I have worked with, Alejandro is very thorough. He takes his time explaining the loan process, which requires a lot of patience and a lot of knowledge too. I appreciated that, as well as the immediate return calls. When I called he would pick up the phone. He is very accessible. I appreciated that because my time was limited, especially during the week. “

People are worried about interest rates - they keep climbing.

The press and financial commentators have reached a consensus that rates are coming down in the near future - months from now.

This is misleading people into inaction. Many are on the fence on the belief that when rates come down, then... we will spring into action!

If you live in California, you may be able to buy a home with no money down through the CalHFA mortgage program (California Housing Finance Agency).

"My family got into a situation where someone was trying to take our property from us through an illegal foreclosure. We were at risk of losing everything my family has worked towards for a long time.”

I am happy to announce a new service we are offering in California: Investing in Mortgages with "Trust Deed" investments.

During this episode #94 of the Million Dollar Mortgage Experience, FundLoans CEO Jon Maddux and Alejandro Szita discuss how Alejandro became a mortgage broker, why it's important to have a niche as a mortgage broker, how to help self-employed clients with the challenges they face as borrowers, crazy loan stories, and opinions on non-QM loans and bank statement 2nds.