Welcome friends! Whether you’re downsizing to something less costly or upgrading to a luxury home, today we’re diving into an important subject for everyone who is considering buying a home. We’ll discuss a financial product frequently known as Bridge Loans, which can be a game-changer in navigating the home-buying process.
What is a Bridge Loan?
Before selling their current home, homeowners could apply for a bridge loan, a short-term financing option, to purchase a new one. For those who want to put down more money on a new property without waiting for the sale of their offer one to close, this can be highly beneficial. It’s an arrangement that gives purchasers financial and time flexibility by allowing them to use the equity in their present residence to fund their next move.
I’ve invited Emilio Hernandez, a senior mortgage loan officer at Wellby Financial, formerly Johnson Space Center Credit Union, to provide you more details on this subject. Emilio has years of expertise guiding customers through challenging financial situations. He has worked with me on a variety of hard loans over the years, allowing many of my clients to turn into homeowners.
Let’s meet Emilio and learn more regarding Wellby Financial’s innovative bridge loan possibilities.
Introducing Emilio Hernandez
“Hello, everyone! Emilio Hernandez is my name, and I’m very thankful to be here. I’ve dedicated my working life to helping families in become homeowners as a senior mortgage loan officer at Wellby Financial. At Wellby, there are big strategies: within the next two years, we want to help over 10,000 families with customized loan products that meet an array of needs.
Today, It’s wonderful to talk about our 100% and 105% financing answers, that serve as an alternative to the traditional bridge loan. These novel approaches give our clients attractive terms while also doing deal with some of the common problems that accompany bridge loans.
What Makes This Program Unique?
Homeowners may get cash for their new house via the Wellby Plus financing plans, that provide 100% and 105% options for financing, without needing to sell their current home first. “Our Wellby Plus programs offer several advantages over traditional bridge loans, which financial experts like Dave Ramsey advise against,” Emilio explains.
This is no prepayment penalty, so you have the option to pay off your loan early without paying extra fees.
Competitive rates of interest: Rates in the mid-to-high 4% range, much below market norms, were open to you depending on your creditworthiness and financial profile.
Depending on the size of the loan, borrowers that do not have mortgage insurance save an average of $150 to $250 a month.
Flexible Eligibility Requirements: A credit score of 660 is needed for 100% financing and 680 for 105% financing, make these programs accessible to a broad range of customers.
How Does Wellby Plus Work?
You have to meet certain requirements for you to be accepted for the program:
A minimum credit score of 660 is needed for 100% financing, and 680 is needed for 105% financing. Wellby offers tips on how to boost your credit score fast to consumers with low scores. Your score can be restored in 30 to 45 days with simple techniques like controlling credit utilization or paying off credit card debt.
Appraisal Process: Wellby arranges for the worth of the property to be evaluated by a third-party, neutral inspector. Through doing this, potential conflicts of interest are prevented and a precise assessment is assured.
Membership: Upon obtaining a loan, borrowers join Wellby Financial as members, allowing them access to additional benefits like cheap financial products and personalized service.
Advantages for Homebuyers
This program is particularly valuable for buyers who:
wish to safeguard long-term gains by not taking cash out of investment accounts.
In extremely competitive markets, people need to quickly secure a new place to live.
Perhaps renovate to an expensive residence or downsize to a smaller, easier-to-manage home.
Emilio provided an example of a recent client’s success, saying, “We had a situation where the appraisal revealed $35,000 in equity.” The client received an important financial boost as a result, allowing them to move in their new house relaxed.
Understanding Interest Rates and Terms
“Rates level from the mid to high 4% range for borrowers with excellent credit,” Emilio says, stressing the program’s attractive prices. Low-to-mid-5% rates are still very competitive compared to other lenders, and even individuals who have less-than-perfect credit are able to get it.
Unique alternatives like the 10/6 ARM (Adjustable Rate Mortgage) are also offered from Wellby Financial. For the first ten years of this loan, the interest rate is impose; afterwards, it varies every six months. For clients who plan to refinance over the fixed-rate period, Emilio states, “this option is ideal as it allows them to lock in a more permanent, favorable rate later.”
Why Choose Wellby Financial?
Wellby Financial’s commitment to paying all of its debts is one of its greatest features. “Performing work with Wellby gives you a member of the family,” Emilio says. We handle everything internally, in contrast to other lenders who sell loans to outside parties. This ensures uniformity, ease, and excellent service for the duration of your loan.
Also Read: 2 Story Newly Built Luxury Home In Houston Near 288 South | Home Tour with Sonal
Final Thoughts
The Wellby Plus help is revolutionary for homeowners that want to relocate without worrying about money. Homeownership is now more accessible than ever thanks to Wellby Financial’s 100% and 105% financing options, reasonable interest rates, and excellent service for customers.
Contact us at 713-291-5220 and speak to Emilio Hernandez can personally if you need more details. He is an enormous benefit due to his expertise and dedication to his clients.
Friends, I thank you tuning in today! If the discussion was helpful for you, tune in for future episodes where we’ll look at more financial resources and strategies to make your journey to homeownership easy and rewarding.
The product features, eligibility constraints, and benefits are addressed in more detail in this improved version, and it also uses real-life instances to make the details relatable and engaging. If you want modifications made, please let me know.