Mortgage Blog

Personally I think I changed a lot this year. First, I read a lot of Books this year. Last year, I mainly read books in English, and this year, I read more in Chinese. But mainly the translated ones. Those were written in foreign languages, but translated in Chinese, most of them were pretty good.

I made a career change myself this year. I am working for a major bank now, actually the 5th largest bank in the world. One reason is that the rate is better, and I have access to more niche market. I closed a few more loans this year, even when the rate went up most of the time this year.

I always positioned myself different from other loan agents, I can talk to my clients, share with them about my stories, how I lose weight of 35 lbs within 3 years, how I started my business though I am not a very social guy. And how I overcome a lot of difficulties.

After I started running marathons, I know the difficulty time is the last 6 miles, and if you can hold on for those miles, finishing one marathon is not difficulty. And whenever I have problems, I will think I can resolve them, and if I can hold on, everything should be fine.

Yesterday, one lady shared with me her story starting with saving $100 per month. When she just started her first job, she met a guy on the job, who changed her life. One day, he told him that I noticed that you liked to drink coffee everyday, and if you start saving the coffee money, and let's how it will change. So she started saving $100 per month, and when she had more, she saved more, and she invested them all in the mutual fund. 
And 5 years later, she found that she had $100k.

 Then she decided to purchase a property. The property(a condo) was around 500k, and she took piggy back loans since she did not have 20% down(she kept some for travel, other reserves etc).

Then another 5 years passed, she had a very good boy friend, and they saved money together, and suddenly they had $300k in the savings.

At the mean time, the mortgage broker was also her friend, and suggested her to purchase two rentals in the bay area. And she did. The two properties appreciated over $1m after the purchase.

And she felt satisfied and accomplished. And she and the boyfriend(future husband) liked travels a lot. And at the meantime, she had a dream to purchase a waterfront house in the bay area. And it was expensive.  But the first mentor told her that the waterfront house was not good for them. The reason was that the young couple loved travels, and had no time to maintain a single house, let alone the water front one. He suggested them to keep or purchase the condo. Even though this might not be the best investment property, but condo seems better for them. And they listened.

So they refinanced the first condo, with 10/1ARM interest only loan(with monthly a little bit over $1000. She used the money she saved from the condo purchased a VUL(Variable Universal life), which has enough cash value now and she ould withdraw whenever she needed it.  And Then took a heloc from the condo, use the heloc as the down payment, and purchased another luxury condo.

So after careful planning, she has 4 properties, one life insurance policy to take care of the family, positive cash flows from the investment. And she said those professionals changed her life.

One thing she mentioned that as mortgage professional, this is not just about the rate, there are also a lot of mortgage planning. And that is why we sometimes have the title as "Mortgage Consultant". Yes, my current title is Premier Mortgage Consultant. And I would like to spend my time to affect other people's life, in a positive way.

I do have lots of clients, and they take my advice seriously. And they built the portfolio like crazy, some of them purchase properties, others buy stocks/mutual funds. I even have a client who become a developer now(he build homes now in the bay area). I can get you the links if you like.

Have a nice day. And will share more stories later on. I may changed a little bit. Most of them are real.