June 4, 2007

Case Study...

Even though refinancing is not required to participate in the Money Merge Account from United First Financial, sometimes it could save a person a number of years off their mortgage. I had a client call me up asking about the program after I emailed him a link to the online presentation. Their current mortgage was an option ARM (negative amortization loan) and they owed some money on their second mortgage and credit cards.

I first did a Money Merge Analysis without refinancing any of their debt and their numbers showed they would payoff their mortgage in 8.4 years. Not bad...

I then did another Analysis with refinancing their first mortgage, second mortgage and credit card debt into a new 30 year fixed rate first mortgage and they would payoff their loan in 6.4 years. Now that's cool!!!

So, I can easily show the client that by refinancing their mortgage, it would save them 2 years worth of mortgage payments! Just so everyone knows, I'm doing the refinance as a no-closing-cost deal so their principal balance doesn't increase. Even though the rate on these deals is higher it didn't even add a month to their loan payoff.

I love this program!!!