Three Tips To Remember About Non-QM
If the market is making it difficult to keep your pipelines full, talk to us about three ways we can help. We are closing multiple loans a month for originators who have been promoting non-QM. Start doing that too in order to add to your monthly volume. Take these three tips to your agents for their homebuyers and even an opportunity for them as well!
1. Bank Statement Loans
For self-employed borrowers to qualify using bank statements instead of tax returns. This is our most utilized loan product because many self-employed borrowers including 1099 earners need it to get a home loan. We are offering real estate agents an expense ratio as low as 15% as long as they are a 1099 employee and do not have ownership in a brokerage. They cannot have employees or an outside office of their own. Ask your agents if they are in the market for a home – or know one who is!
2. Delayed Financing
Talk to your Realtors and let them know to send cash buyers your way. We offer delayed financing on all of our non-QM loans. Cash buyers can recoup their cash by getting a mortgage within six months of purchase without waiting. An all cash offer is a great way to win a bid, and delayed financing is a great way to get the majority of that cash back!
3. Interest-Only Loans
Our 40 year fixed interest-only option can help lower monthly mortgage payments. This is pretty important right now with rising interest rates. Borrowers qualify on the 30 year amortized payment, but on the first ten years of the loan they make only interest payments. We recast monthly – if they make a payment towards the principal, we will adjust the interest-only payment accordingly. June special – for all loans locked in June there will be no rate adjustment for the interest-only option!
There you have it. Three great reasons to meet with your real estate agents that can help add to your volume. Win in today’s market with non-QM!