Just Approved: Lower debt-to-income saves deal
Mortgage adviser: Brenda Wyatt, All California Mortgage.
Property type: Rockridge, Oakland.
Loan type: Jumbo.
Purchase price: $875,000
Down Payment: 10 percent.
Rate: 4.375 percent.
Backstory: A relocating client was hunting for a new primary residence, so I completed a full loan approval up front through our Advance Approval program, enabling them to shop for a home with an approved loan.
While they shopped, I reviewed their second home loan and found they were in an interest-only 40-year fixed loan.
By refinancing them into a 30-year fixed in just 19 business days, I reduced their rate by 1.