It's no secret that mortgage rates are at record lows. But according to many so called "gurus", it only makes sense to refinance if you can save x or y amount of dollars. Don't let all the guru noise or internet babble discourage you from checking things out for your own situation.
For example, consider someone who just purchased a home or refinanced their $200,000 mortgage several months ago They might have a mortgage rate of 4.75%. Many "experts" would say its not worth it to refinance unless you can lower your rate by a full 1% without paying points or closing costs. However, what if they paid $3,000 in points and closing costs to reduce the rate to 3.75% and bumped up thier mortgage balance to $203,000? Here is wat thier situation might look like:
Old Payment = $1,043.29
New Payment = $940.12
Payment Savings = $103.17
If they saved the $103.17 @ 4.5% they will have:
$6,782 in 5 years
$15,271 in 10 years
$25,897 in 15 years
$39,210 in 20 years
$76,698 in 30 years
WOW !!
If this represented your situation, and you listened to all the "gurus" telling you not to bother refinancing, you would actually LOSE up to $76,698! Do yourself a favor. Put that money back in your pocket by calling me today! Although I am not promising that you will save exactly this much money, I will help you save as much money as possible in your situation.
Don Lambert
CEO
Email: don@accutrust.biz
www.MyOwnMortgage.com
Accutrust Mortgage Inc
1107 Pleasant Street
Fall River MA 02723
(508) 646-6650
NMLS # 2409, MA-MB2409, ME-CSO7814, NH 10349MBR,
VT-1050MB, CT-14666, RI-20047100LB
-Your most reliable source for timely news, helpful information, and sound advice in today's rapidly changing Mortgage market. At Accutrust Mortgage Planners, experience matters.
Wednesday, December 14, 2011
Friday, December 2, 2011
SHOPPING AROUND FOR A MORTGAGE?
Heres the scoop on how do to it right.
Always make sure you are working with an experienced mortgage professional. The largest financial transaction of your life is far too important to place into the hands of someone who is not capable of advising you properly and troubleshooting the issues that may arise along the way. But how can you tell?
Here are four simple questions your mortgage person must absolutely be able to answer correctly.
1) What are mortgage interest rates based on? The only correct answer is mortgage backed securities or mortgage bonds, not the Fed or the 10 year Treasury Note. While the ten year Treasury Note sometimes trends in the same direction as Mortgage Bonds, it is not unusual to see them move in completely opposite directions. Do not work with a mortgage person who has their eyes on the wrong indicators.
2) What is the next Economic Report or event that could cause interest rate movement? A professional mortgage person will have all this at their fingertips. To receive an up-to-date weekly
economic reports and events that may cause rates to fluctuate, contact one of our Certified Mortgage Planing Specialists today.
3) When Bernanke and the Fed "change rates". what does this mean.. and what impact does this have on mortgage interest rates? The answer may surprise you. When the Fed makes a move, they are changing a rate called the "Fed Funds Rate" This is a very short-term rate that impacts credit cards, credit lines, auto loans and the like. Mortgage rates most often will actually move in the opposite direction as the Fed change, due to the dynamics within the financial markets.
4) What is happening in the market today and what do you see in the near future? If a mortgage professional cannot explain how how Mortgage Bonds and interest rates are moving at the present time, as well as what is coming up in the near furture, you are talking with someone who is still reading last week's newspaper, and probally not a professional with whom to entrust your home mortgage financing.
Be smart..Ask questions..Get answers!
More than likely, this is one of the largest and most important transactions you will ever make. You might only do this four or five times in your entire lifetime but Certified Mortgage Planners do this every day. Its your home and your future. Its our profession and our passion. We are ready to work for your best interest.
Don Lambert
CEO
Email: don@accutrust.biz
www.MyOwnMortgage.com
Accutrust Mortgage Inc
1107 Pleasant Street
Fall River MA 02723
(508) 646-6650
NMLS # 2409, MA-MB2409, ME-CSO7814, NH 10349MBR,
VT-1050MB, CT-14666, RI-20047100LB
Always make sure you are working with an experienced mortgage professional. The largest financial transaction of your life is far too important to place into the hands of someone who is not capable of advising you properly and troubleshooting the issues that may arise along the way. But how can you tell?
Here are four simple questions your mortgage person must absolutely be able to answer correctly.
1) What are mortgage interest rates based on? The only correct answer is mortgage backed securities or mortgage bonds, not the Fed or the 10 year Treasury Note. While the ten year Treasury Note sometimes trends in the same direction as Mortgage Bonds, it is not unusual to see them move in completely opposite directions. Do not work with a mortgage person who has their eyes on the wrong indicators.
2) What is the next Economic Report or event that could cause interest rate movement? A professional mortgage person will have all this at their fingertips. To receive an up-to-date weekly
economic reports and events that may cause rates to fluctuate, contact one of our Certified Mortgage Planing Specialists today.
3) When Bernanke and the Fed "change rates". what does this mean.. and what impact does this have on mortgage interest rates? The answer may surprise you. When the Fed makes a move, they are changing a rate called the "Fed Funds Rate" This is a very short-term rate that impacts credit cards, credit lines, auto loans and the like. Mortgage rates most often will actually move in the opposite direction as the Fed change, due to the dynamics within the financial markets.
4) What is happening in the market today and what do you see in the near future? If a mortgage professional cannot explain how how Mortgage Bonds and interest rates are moving at the present time, as well as what is coming up in the near furture, you are talking with someone who is still reading last week's newspaper, and probally not a professional with whom to entrust your home mortgage financing.
Be smart..Ask questions..Get answers!
More than likely, this is one of the largest and most important transactions you will ever make. You might only do this four or five times in your entire lifetime but Certified Mortgage Planners do this every day. Its your home and your future. Its our profession and our passion. We are ready to work for your best interest.
Don Lambert
CEO
Email: don@accutrust.biz
www.MyOwnMortgage.com
Accutrust Mortgage Inc
1107 Pleasant Street
Fall River MA 02723
(508) 646-6650
NMLS # 2409, MA-MB2409, ME-CSO7814, NH 10349MBR,
VT-1050MB, CT-14666, RI-20047100LB
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