Refinance - Lower your interest
and increase your deductions?
Oh, Yeah.
Interest rates are lower
than they've been in many years. So, you're thinking, ooh,
I want to lower my interest rate. But Wait! What'll
it cost? Less than you think.
If you've bought a home
in the last few years without a massive down payment (20% or more), you're
probably paying mortgage insurance. Why? The lender requires it and without
it, you don't get a loan. You don't get any benefit from this insurance,
it is for the lender. AND, you don't get a tax deduction for it.
We now have NO MI payment
programs, so that your bottom line is about the same (and sometimes less)
with our No MI Program.
If your interest rate
is 8% or higher, you could refinance to a lower interest rate, NO MI Program,
lower your payment, AND increase your deductions.
Refinance
Costs
It's going
to cost about the same thing to refinance as it did to purchase . . .
but there are some benefits that you might not know about.
The best one is you can roll the cost into the mortgage, so that
your out of pocket expense is only the appraisal fee and credit check
- and you'll get credit for that at closing.
- Worried
about credit?? Income?? We have no income, no asset programs
that are based on credit score. Could it get any easier??
- You may
be eligible for a pmi refund.
On January 1st, 2001, FHA mortgage insurance
rates were reduced. If you qualify you'll get a check
30 to 45 days after your refinance closes.
- You'll probably skip
a monthly payment, and, you'll get your escrow payments back from your
present mortgage company.
So, what's
the bottom line?? If your interest rate is over 8%, and you're
going to stay in your house more than three years, it's time to
Refinance.
Do the math
yourself. Use the mortgage
calculator to figure your new payment at 7% - then multiply that payment
by 360 (a thirty-year loan). Now, multiply your present mortgage
by 360 payments. Subtract the new payment. You'll surprise
yourself at the difference.
Call me. 770-333-4404
- we can do a quick
app over the phone,
- I'll fax it to you,
or
- you can
download them from here and fax them to me.
(Print them on legal size paper -
otherwise, they'll be difficult to complete. . . too small)
Could
it get any easier?
Call
Traci, 770-333-4404 or
send an email and we'll call you.
