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HomeTown News
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- THE MORTGAGE CHECKUP FOR HOMEOWNERS
- Posted 2007-11-19
- Most of us don’t think twice about going to a doctor or dentist for a regular checkup. Some of us meet regularly with our accountants or financial planners, but how many of us get a regular MORTGAGE CHECKUP from a Mortgage Professional? As interest rates change as well as our goals, income and credit obligations, it makes sense to devise a strategy to maximize your income opportunities, write-offs and payment obligations with regard to your home mortgage. The checkup begins with a free credit report which you can obtain on your own, or from your Mortgage Professional. This will give a picture of your regular recurring monthly debt. Many homeowners have great interest rates on their first mortgages, but home equity lines have literally doubled over the past two years. Many credit card interest rates tied to “prime rate” have also increased. There are often ways to restructure your mortgage or mortgages to lower your payments and increase cash flow. Other results of the recent housing boom have lead homeowners to have increased equity which can be used to eliminate private mortgage insurance payments (if applicable) or offer opportunities for investment at the greater returns available. Now that your home’s values are increasing at a slower pace, it may make sense (with Uncle Sam as your partner) to take out some equity out of your home and invest it at a better return. If you can borrow money at a net cost of 4% and get a return of 8-10%, you can make your greatest asset work for you. Homeowners with bad credit can also improve their situations by taking advantage of numerous loan programs to pull equity out of their properties, pay off Chapter 13 Bankruptcy plans, judgments, collections or just debt. This can set up a strategy to borrow, pay down debt to increase your credit scores, and refinance again at lower rates. There are many strategies that involve mortgage financing available which can result from your checkup. For those of you who have not consulted (or even remember the name your Mortgage Professional), you may be missing the opportunity to take advantage of the newer and more creative mortgage products available. Pay Option ARMs which offer different monthly payment options with payment rates as low as 1% can be a great loan for people in sales or seasonal businesses with fluctuating incomes, or investors who wish to optimize cash flow. Loan terms can even range to 50 year amortization!! In order to adapt to the changing economic times, the mortgage market has changed too. Although rates continue to fluctuate (Sometimes they fluck down, sometimes they fluck up) the mortgage products have changed. Consult your Mortgage Professional to see how you can benefit!! Robert J. Saypol is a Mortgage Professional with People’s Mortgage Corporation,42 Fairfield Pl., West Caldwell, NJ. 07006 (973)276-0999. Check out my new website www.njmortgageexpert.com. He has been involved in the mortgage industry for over 20 years and has been featured on Channel 12 New Jersey Business and WMTR radio’s Ask The Experts. He writes a regular mortgage column for Life and Leisure and been featured in Broker magazine as one of the top 34 loan officers in the United States.
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