With Interest Rates for Mortgages at their lowest levels since the 1950’s many of my Family members, Friends, and clients have asked me the question:

 

Should they refinance their mortgage?

The answer is: YES!  NO! and Maybe?

1st you need to consult with a Mortgage Bank that can give you an honest, unbiased answer in regards to whether refinancing makes overall financial sense. Even though you may be able reduce your interest rate, the rate itself is only a small part of the equation in regards to whether it makes complete financial sense for you to touch your current mortgage.

As a Mortgage Rate Specialist at First Choice Bank my team and I have all the tools in place to look at all the factors in your mortgage equation. Led by my Office Manager Christine Lamb, processing assistant Jennifer Voss, and lead Processor Melanie Hoxie we have the ability to analyze your complete scenario to help provide you and your family with educated options for your mortgage.

 

With the “Mortgage Crisis” yielding much tougher qualifying guidelines, will I qualify for a mortgage?

Yes guidelines for mortgages have gotten tougher. But the truth is if you have a job, pay your bills, and are responsible with your money, in most cases you will qualify for a mortgage today at the historical low rates that have become available.

How much will it cost to know if I qualify for a mortgage?

The cost to find out if you qualify will range depending on the lender. The cost with Steven Bellafiore and First choice Bank is $0. We are proud to say we have never collected a dollar from a client until the loan is approved, and we are at the point in the application where we can lock your interest rate.

 

How Do I know if I can Trust the Mortgage Lender?

This is a tough question. Of course I am going to say – Trust Steven Bellafiore!

 

But how do you really know who to trust?

I am always skeptical of borrowers going online and finding lenders who are a 1,000 miles away making many promises that ultimately they will not keep. Once they have received money from you is usually when things start to change.

First Choice Bank is a local Lender that can provide you with a personal touch, one were you can actually see not only myself, but my entire team that processes, underwrites, and closes your Mortgage here in Morganville NJ. I have been the Preferred Lender of Choice for Keller Williams for over 3 years, and I take a lot of pride in my job, and the trust that a company with over 200 Real Estate Agents has put in me. Each and every day my team and I try to figure a way to better serve not only Keller Williams, but all of our clients the best way possible. I feel that as the Preferred Lender of Choice of Keller Williams it is my duty to provide the most honest, and dependable service in the mortgage industry today. We cannot be anything but the best. We are not perfect, but we give everything we have every day to try and be the best we can be!

 

A couple of examples of recent refinances:

 

$300,000 loan at 6% on a 30 yr fixed rate mortgage with a principle & interest payment of $1,798.00

Refinanced to 4.5% on a 30 yr with a new principle & interest payment of $1,520.00

= $278 difference a month

= $3,336 a year – over $20,000 in savings over 5 years. and $100,000 over 30 years!

Or ………..if you split the savings – keeping approximately 1/2 ($139) for your pocket, and put the other 1/2 into adding to your principle ($139) balance you would shave off approximately 7 years of your mortgage!

7 years of $1,798 monthly payments = $151,032

+ the $139 you kept in our pocket = $38,364

Total approximate savings = $189,396

 

$350,000 30 year fix at 5.75% principle & interest a month $2,042 *** purchased September 2009 vs. a new 25 yr fix at 4.375% principle & interest $1,920 a month + 4 years shaved off current mortgage.

Approximately 49 payments were reduced by converting from the 30 year to the 25 year fix. The savings 49 payments of $2,042 = $100,058

+ the $122 difference a month = $36,600

Total savings = $136,658

Total True closing costs – approximately $3,600

 

Should you refinance your Mortgage?

Every homeowner is different, and everyone has different needs. Ultimately the only way to find out is to apply! To consult with someone you can Trust call Steven Bellafiore and his team at First Choice Bank. You will happy you did!

 

Steven Bellafiore First Choice Bank 732-850-4617