Відео

Hi there, you can email me at juleef@rate.com or text 503-799-3711.

Sure can! You can use a home equity line of credit for any purpose.

Hi there! I'd be happy to send the tool over to you. 😁 It's a spreadsheet, so I need to email it. Please text your email address to me at 503-799-3711 and I'll shoot it over your way!

Hi David! The official answer is "no". Fannie Mae and Freddie Mac both guidelines both state that a property with more than one ADU is ineligible for financing using their loan programs. The real world answer is a bit murkier. In some instances, depending on how the JADU is set up, it may not be considered an ADU under Fannie/Freddie rules. But there are other potential solutions. I have successfully financed properties with multiple ADUs using Fannie/Freddie loans on multiple occasions, getting creative with other workarounds. If you have questions about a particular situation or property, I'd be happy to chat and help you brainstorm. You you can email me at juleef@rate.com or call/text 503-799-3711. Reach out any time if I can be helpful!

Hi there Lillith! Income for loan qualifying can come from all sorts of places. This video focuses (mostly) on income from employment-based sources, but income from rentals, investments, retirement, disability, trusts and more are allowed. Rental income is calculated in an interesting way. In this video: ua-cam.com/video/_Awv_8IlNDE/v-deo.html at the 15:55 mark, I talk about how we figure rental income for loan qualifying. If (figured this way) rental income generates enough positive cash flow, then you can use just it to qualify for a loan. If you have other questions or want to talk through your own situation, I'd love to connect! You can email me at juleef@rate.com or text or call me at 503-799-3711. Seriously reach out any time!

I'd be more than happy to look over your tax returns, Natasha! I think you scheduled a call to talk today but didn't pick up when I rang you. You're more than welcome to call me back. I left you a message. 😁 (My number, just in case, is 503-799-3711.) Hope to talk soon!

You're ever so welcome, Rafael! I hope the video (and extra jargon and questions) help you score an excellent HELOC. 😁

That's so nice of you to say, Tanisha! Thanks for taking the time to let me know my videos have been helpful to you. I love being a lender and enjoy sharing some of the nitty gritty details. They say "the devil is in the details" and that's very true when it comes to lending! If you have questions about your own situation, you're always welcome to reach out. You can text me at 503-799-3711!

Hi Jo, sure thing! Text me your email address and I'll send it over. My number is 503-799-3711.

You're ever so welcome, Danny! I'm so happy I could help you understand more about how HELOCs work. 😁

Thanks, Jay! I'm glad I could clear up your questions. And thanks for the compliments on the video quality. I definitely want to make my videos enjoyable to watch. 😁

LOL. I'm glad you found it and hope it was helpful. I share it with all of my clients purchasing a home this time of the year to explain the oddball collection of taxes they're paying at closing (and that's why I made it!).

You're welcome, Hector! Happy to hear you found this helpful!

Hi Hector! That's depends on your credit line. You need to check your "agreement" and see how the minimum payment is calculated. Some lines are interest-only, which would mean you'd have to pay at least $352/mo but that amount wouldn't reduce what you owe. You'd have to pay extra to pay the loan down. Some lines require you pay a percent of the balance (1% is common, that would mean a $500/mo payment). And other lines "amortize" which is to say every month the payment is calculated based on the remaining term of your loan. (The amortizing payment would depend on when you took your line out, so you would have to call your bank and ask them to figure it for you.) Hope that helps a little... but again, the agreement will reveal what you need to know.

Hi there! Glad you found the video helpful! I know a lot of folks in the ADU community in southern California, but I don't have any ADU-specific lending partners in San Diego. Mainly, that's because I'm licensed to lend in CA, so if there's a lending solution in my wheelhouse I can help directly. If the right lending option isn't something I offer, I can provide referrals to other lenders/programs. When I act in that capacity, I make recommendations based on the best loan program I know about regardless of where the lender is based (if that makes sense!).

@@workshopmortgage Thank you for replying! We're looking for an ADU lending specialist to participate in an in-person ADU event in San Diego. If you have any recommendations/referrals feel free to let me know. Thank you, Julee!

You are so welcome, Evan! If you have any other questions as you learn and plan, let me know. I'm happy to be a resource to you! 😊💖

Thank you!!! 😁

Aw shucks... thank you so much, Rebecca! I hope the information was helpful to you!

You're welcome, Bruno! I'm happy you found the video helpful. And yes, Fannie's rules don't specify anything with regard to occupancy. So you should be able to secure permission to transfer title to a an LLC even if you are living in the property. I've had a few clients do this, either because they were living in a multi-family property or because they were renting part of their home through AirBNB and wanted a little extra liability protection. Are you in the market for a property or is this a home you already own? If you're in the market for a property, I'd love to chat and help you explore mortgage options that'll allow you to use this guideline to your advantage after you close. Feel free to reach out to me any time at juleef@rate.com or 503-799-3711. 😁

Hi there, Jennifer!!! I'd be happy to share a copy of the points analyzer tool with you! It's a spreadsheet, so I need your email address to send it. Text me your email address and I'll send it to you. My number is 503-799-3711. 😁✉

Thank you for the kind words and encouragement! 😁❤ If you have any questions about your own situation, I'm happy to be a resource!

Yay! 😁I'm so happy that you enjoyed the video. And thanks for taking the time to comment, too!

Ha! I see that! I hope you're picking up some useful information as you browse around. 😁 If there's something you'd like to learn about that I've not covered yet, please let me know! I'm due to get some more videos posted and happy to take requests!

You're welcome! 😊

HI Robin! I'm so happy you found my channel too! 😁I'm thrilled the information was helpful to you!

Hi Joe! I don't know much about Canadian tax rules. (Okay, that's a lie... I don't know ANYTHING about Canadian tax rules. 😆) But your question got my curiosity going, so I poked around online and found this article on the Canadian Revenue Agency website: www.canada.ca/en/revenue-agency/services/tax/businesses/topics/rental-income/capital-cost-allowance-rental-property.html Looks like Canada has really similar rules. I learned something new thanks to your question! But please, do your own research with a qualified tax advisor!

Me neither... but once I get on a roll... 😆 Kidding aside, thank you for the nice comment! I am glad you found the video and that I could share some useful information! ❤

You're welcome! I'm happy I could add some additional texture and detail to the information you're gathering. 😁

You're welcome! 😁

Hi Claudia! I'd be glad to share the points analyzer tool ! It's a spreadsheet, so I need your email address to send it over. Text me your email address (503-799-3711) and I'll send it over!

@@workshopmortgage thank you. I appreciate your advice on UA-cam. I learned a lot! I am deciding between a HELOC or refinancing. This house is my only asset and I want to take care of it making informed decisions. I appreciate the way you teach, thanks!

You're welcome!!! Happy you found the information helpful.

You're welcome! 😁

You are so welcome! I'm glad the algorithm introduced us and happy to hear the information was helpful! 😁

Hi Laurie! Oh they're very much not BS. And I say this as a person who started working in mortgage lending in 1994, before credit scores were used in mortgage lending. The first credit reports I saw as I was learning the ropes as a lender didn't have credit scores on them at all. (They were also printed on a dot-matrix printer with tractor feed on the sides. I'm old. 😆) The reason I say they're not BS and I slowly came around to understanding why they're an important part of lenders credit decisions is that they WORK. With a high degree of accuracy they predict how likely someone is to default on a debt. Lenders need this information and can use it to make better lending decisions and to figure out the appropriate amount to charge. But the other thing to know is that this happens in "buckets". So let's take a group of people with a 600-620 credit score versus a group of people with a 700-720 credit score. A certain percent of both groups will make late payments or default on a debt. For mortgages, that percentage is really low across the board (people generally do what it takes to keep the roof over their head!), but the percent is higher in the 600-620 group than the 700-720 group. Now YOU know you're not going to default no matter what your credit score is. But if you want to get better terms on your loan, learning how to game the credit score system can help you move from one bucket to another. And by "keeping better statistical" company -- which is to say having a credit profile that looks more like people who rarely default instead of a profile that looks more like people who default more often -- you can save money on your mortgage (and other stuff). Not sure if that makes sense, but I hope it clarifies a little!

You're welcome, Cosmo! If you have any questions or want a copy of the spreadsheet I used in the video, just let me know! 😁

Yes, Julee, please send me one. That would be great. We worked together on several files when I was with GR!

Thanks so much! Glad you liked it! ❤😁

Hi! Here's the guide: ua-cam.com/video/oezPgvHQ8t0/v-deo.html It's about 45 minutes long, so you might want to make a cup of tea or pop some popcorn before you click the link. 😆 I break down 8 options for spending seller credits, pros and cons of each and finish with examples of how different options look side-by-side. I hope you find the information helpful! Are you in the market for a house right now? Or just looking to learn?

Hi Evette! When a HELOC is in its "draw period" you can access money or "draw funds from it". Once it is "closed to draws" you can no longer take additional money from the line. It becomes inaccessible and you can only make payments on what you already owe.

What kind of bridge loan did you look into? There are quite a few paths to buying before selling. Some are (I'm not gonna lie) quite costly, but others are no more expensive than any other loan. If you want to explore your options, I'd be happy to talk.

Thank you! Glad you found it (and found it helpful!). 😁 If you have any questions about your own situation, don't hesitate to reach out!

Hi Enrique! And you're welcome! I'm glad you found the information helpful. 😁

Hi Eunice! You're more than welcome! I hope the information is helpful to your planning. Please don't hesitate to reach out if you have any questions!

Just saw we are scheduled to talk... looking forward to speaking this afternoon! 😁

You're welcome! Thanks for taking the time to offer positive feedback. Happy to know I was helpful! 😁

Hi there! I see 8 ways to spend seller credits and I talk about all of them in this video: ua-cam.com/video/oezPgvHQ8t0/v-deo.html I cover pros and cons for each and give side-by-side examples so you can see what the different options might look like in action. It's about 48 minutes long, so you might want to pop some popcorn before you click the link. 😆🍿 Time will tell, but I think right now might turn out to be a sweet spot for buyers. I had this same feeling last fall.

Hey there Kelvin! Here's the guide: ua-cam.com/video/oezPgvHQ8t0/v-deo.html It's about 45 minutes long, so you might want to bookmark it when you have enough time. I talk about all 8 ways you can spend seller credits, pros and cons of each and then give real world examples of how different options look side-by-side. I hope you find the information helpful! Are you in the market for a house right now? Or just looking to learn?

Hi! 👋😁

Hi!!! The tool I made is a spreadsheet I can email to you! Send a note to me at juleef@rate.com and I'll share it with you!

Thanks so much!!! 😁❤

Happy the video helped you get a handle on things, Jean! Let me make sure I understand: You pay interest-only payments for 4 years. After 4 years you pay a lump sum and pay the loan off in full. If that's what you're picturing, then nope, no hidden costs. You would just have one final payment to make for the partial month of interest due for the very last month. And a typical HELOC will then be sitting there, available to use/draw from again, if you had a need/ reason to do so.

@@workshopmortgage Perfect! Thanks for circling back. I just needed that last bit of clarification. Keep on! :)