Real life happens every single day for our mortgage clients.
I was just talking with one of my favorite people today, just checking in on how life is going….and they were like..”it’s like you knew I was going to call you”…(funny right)!
We had helped them finance their home back in 2008. They had also placed a home equity line of credit on it after they purchased their home.
They had basically just put themselves on autopilot, like we all do.
They had got their statement on the first mortgage, all the same it is a fixed rate loan, but when they received their statement on the line of credit they saw that the monthly payment due had doubled! Why did this happen, because they have a “draw” period when you can pay interest only and after that period (this had a 10 year period) you start paying principle and interest over a shorter amortization period. Always check out the terms of your mortgage note and deed of trust.
We took a look at the second mortgage note and payment statement and looked at the first mortgage we placed on the home and did a Total Cost Analysis for them and discovered we could refinance both of their loans into a 20 year fixed rate loan and save them $250.00 a month.
So when life “throws” you a double play (increase) just remember we are here to help.
We are here to help you…your family, your friends and your co-workers.
Sandy
