Tag - refinance

Refinance Fee Dropped

Recently the FHFA announced that it would be eliminating the adverse market refinance fee from Fannie Mae and Freddie Mac home loans delivered after August 1st. Originally this fee was designed to cover projected losses from the pandemic. With the fee borrowers were paying an extra $500 for every $100,000 they refinanced. However, the effectiveness of the market warranted "an early conclusion" of the fee. Now couple the fee being gone with the low rates we have been seeing this month and there has never been a better time to refinance. In fact more borrowers than ever can benefit from a mortgage refinance right now! If you have been considering refinancing, now is the time! Give us a call and let's see if you how much you could benefit.
Read more...

Stop Waiting, Start Saving

Every year, households across the country make the decision to rent for another year or take the leap into homeownership. They will consider their budget, their desire to move, commute times, and many other factors. However, there is a financial advantage to owning a home that is often forgotten when making this decision – the significant wealth one can build through equity while owning a home. The typical gain in home equity has increased significantly over the last five years. According to a recent report, the average homeowner gained $17,000 in equity in just the last year alone. As you make your plans for the rest of the year, be sure to consider the equity benefits of home price appreciation as you weigh the financial advantages of buying over renting. When you do, you may find this is the perfect time to jump into homeownership. If you’re ready to buy your first home for a great rate, let me know. I’ll take the time to guide you through it. Are you already a homeowner and just on the fence about refinancing? Even though Mortgage Rates are slightly higher than their all-time lows, it may still be very favorable to refinance. In many cases, you can significantly reduce your interest rate, monthly payment and even take off your costly mortgage insurance. It might be tempting to play the market and see if interest rates come back down to the all-time lows we saw at this time last year. But even if the rates eventually do go back to those historic lows, you will have already missed out on banking significant savings by refinancing today. It would likely take several years before a potential lower rate in the future would catch up to the savings you could start seeing right away. There is no guarantee that rates will move lower, like I always say you have the choice between the rate today or the rate tomorrow. We can’t predict the future, but we can see what we can do with what we have today. Odds are you could benefit in some way from refinancing today. It’s time to stop waiting and start saving, reach out to us if you want me to run the numbers to see how much you could save with a refinance or if you are curious to see what you qualify for when it comes to purchasing a new home.
Read more...

Smart Refinance Tips During the Pandemic

You may be considering taking advantage of the current historically low interest rates by refinancing your mortgage to lower your monthly payment, consolidate debt, or move to a 15-year term. The Mortgage Industry is doing an excellent job of processing transactions under shelter in place.  But it’s more important than ever to help the process along by being well prepared. Here are a few tips to set you up for a smooth transaction and help you save money more quickly: 1.Continue making regular mortgage payments during the process 2. Do not take on any new debts.
  • -Taking on new debt will alter your debt to income ratio, which plays a major role I your pre-approval. Resist the urge to open a new credit card or upgrade your car,  until your loan transaction is finalized.
3. If your income or employment does change during the process, notify your lender right away.
  • -Changes happen, but you want to be sure to notify your lender so they can make the appropriate updates to your loan
4. Know that the appraiser may have to come into your home, so be prepared for this 5. Lastly and most importantly, quickly respond with all documentation that is being requested of you!
  • the faster we receive your documents the faster we can get your loan processed. If you documents are requested by our team please respond as quickly as possible.
  By following these tips you will set yourself up for a quick and easy refinance. Not sure how a refinance could benefit you? Reach out today to see how much you could be saving!
Read more...

ALV Mortgage Can Help Set You Up For Financial Success

Some look at their mortgage as being a lifelong payment, others look at it as an opportunity for investment that could one day bring in cash flow. In today’s blog we are going to look at two of our borrower’s that took advantage of the current low interest rates to refinance their loans to help set themselves up to achieve their financial life goals.  Firstly, we have Brandon. Brandon’s goal is to buy a new house in a few years and convert his current one into a rental. He wanted to lower his current mortgage payment so that when the house is converted to a rental, there will better cash flow. He reached out to see what we could do to secure him a better rate and lower his monthly payment. His original loan began back in July 2019 with a rate of 3.75%, a monthly payment of $1,358, and total interest over the life his loan was set to be over $143,000. After running the numbers, we found that we could refinance him into 29-year term and not have to reset his mortgage with another 30-year term. We got him an amazing new rate of 2.82%, his monthly payment dropped to $1,267 and his total interest over the life of the loan decreased to $101,491. Thanks to the refinance Brandon now plans to pay off this house before he is 60 so he can use 100% of the rental income to supplement his retirement income. What a fantastic plan that we are happy we were able to help him set into motion! Our second borrower, Shelly, was referred by her brother in law after he told her how much she could save by refinancing into a 15-year loan with me. Shelly originally bought her house in 2017 with FHA rate of 3.875% and a monthly payment of $1,670. Being in an FHA rate meant she would be paying mortgage insurance on top of her interest charges for the life of her loan. That put the total interest over the life of her loan over $166,000. The only way to remove mortgage insurance is to refinance. At first, she was really skeptical and did not think it was possible. However, there was no reason for her be nervous because we were able to get her a great new loan! Shelly was able to refinance into a conventional loan with a 5-year fixed rate of 2.625%. Her new monthly payment was $3 higher than her original payment, but she shaved 12 years off her new loan and after removing the mortgage insurance we were able to lower her total interest paid over life of loan to $45,541. This refinance was able to save her about $121,000 in interest charges! Her house value went up, now at an 80% loan value with no mortgage insurance. Shelly is only 37 years old and is beyond excited that she is now set to have her house paid off before she turns 52!  This completely changes her outlook on her retirement. Both borrowers had completely different stories and completely different loans, but one thing in common; they both needed a refinance option that would help them achieve their financial goals. ALV Mortgage loves helping people achieve their goals. We have a knowledgeable staff that knows the ins and outs of the industry to help get you the best deal possible for your loan. If you too are wanting to set yourself up for future financial success give us a call today. We may know a few tips and tricks to get you into the rate, term, or monthly payment that you are wanting. 801.206.4343, NMLS # 888979
Read more...

Featured in My Mortgage Insider Magazine, “You Won’t Believe These True Refinance Miracle Stories”

From saving their homes to keeping an extra $1,000 per month in their pockets, these homeowners are now believers in the power of refinancing.

by Lee Nelson   Angel-RomoloTavani-e1395857651674  

An Extra $767 a Month? Don’t Mind if I Do.

The new mortgage payment for Anthony VanDyke’s client won’t be going down that much with his new cash out refinance loan. His payment was $1,200 and will go down to $1,140. “However, we are taking $21,000 cash out to pay off his auto loan, a small home equity line of credit and two credit cards. The savings of $767 per month equals 26 percent of his take home pay after payroll deductions or 20 percent of his gross pay,” says VanDyke, president of ALV Mortgage in Salt Lake City. “This borrower makes $46,000 per year or $3,800 a month. The refinance equals a significant amount of monthly savings for this borrower,” he says.   It’s true that these four cases are extraordinary. But ordinary homeowners everywhere can save a significant amount of money by refinancing. Contact us to get started on your home refinance to see how much you can save.   Read Full Article Here: http://mymortgageinsider.com/unbelievable-but-true-refinance-miracles/ My Mortgage Insider
Read more...