Save a bundle on the cost of your home mortgage

When you are considering the purchase of a new home, a trusted loan officer is one of the people that you will want to have on your team.  Our office, RE/MAX Realty Group, in Gaithersburg, Maryland, has an affinity relationship with Presidential Bank Mortgage and the manager, Joe Salisbury.

This arrangement provides a trusted resource for mortgage financing for over one hundred real estate professionals in our office.  We have used Joe Salisbury as a loan officer for many years and highly recommend his services.

For those that plan to use mortgage financing to fund the purchase of a residence, one of the first steps is to obtain a pre-approval letter from a reliable mortgage lender.  Underwriting guidelines are strict in the current market and it is very important to know that financing is available and to know which mortgage product will best meet the needs of the borrowers.

A simple way to save a bundle on your mortgage is to select a shorter mortgage term.  The most common mortgage term is 30 years.  If you change the term to 15 years, you will save thousands of dollars in interest and have an earlier pay off of your mortgage obligations.

Recent rate quotes from Joe Salisbury will give you a good comparison of the cost.  3.875% was the interest rate quote for 30 year fixed rate financing, with no points, for 95% loan to value financing to $417,000.  This is a wonderful rate and reflects the current record low mortgage interest rates.  However, the interest rate for the same product was 3.125% for 15 year fixed rate financing. 

If you can handle the larger monthly payment, we recommend serious consideration of a shorter mortgage term.  For advice on the most suitable mortgage product for the needs of your family, schedule an appointment with our good friend Joe Salisbury at Presidential Bank Mortgage.  Call Joe at 301-590-8911 ext. 209 or email joe@presidential.com.

Joe Salisbury, Loan Officer


Azaleas, Kentlands, Spring Flowers IMG_9461 A

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

We represent home buyers and sellers as their exclusive agents in the Maryland suburbs of Washington DC. 

Roy Kelley
Roy Kelley & Associates
Associate Broker, RE/MAX Realty Group 

Client Assistance:  301-670-8996   

Recipient of the RE/MAX International Lifetime Achievement Award - 2008

 
This post has been included in Maryland Real Estate News Montgomery County, MD Real Estate News Gaithersburg, MD Real Estate News
Post is included in group: Photos
Post is included in group: ActiveRainPhotoBlogger
Post is included in group: Great Shots!
Post is included in group: EXPRESS WITH PHOTOGRAPHS AT ACTIVERAIN
Post is included in group: Friday's Fotos...

11 Comments on Save a bundle on the cost of your home mortgage

JUN
03
561,039 Points 10 Featured Posts Called Shot Master

Roy, those who deal with buyers need a good loan officer on their team. It can save you valuable time and avoid unnecessary frustration. Enjoy your day!
4:50am • #1
757,384 Points 37 Featured Posts Outside Blog Called Shot Master
Roy, A trusted loan officer can make all the difference in the world! Relationships are what drive our business...thanks for posting! Have a great Sunday, Rob
4:58am • #2
801,287 Points 20 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Good advice, Roy. Knowing your customers are getting service and advice from someone who is trusted is a nice feeling.  It is one key step toward a smooth closing.
5:06am • #3
431,129 Points 10 Featured Posts Outside Blog

Roy, you are right about how to save money on the Mortgage. Shortening the duration makes a lot of sense. A 15 year Mortgage really looks good at year 10. Only five more years to go compared to 20 more if you are into a 30 year Mortgage. It sounds like you have an excellent relationship with your Mortgage Loan Officer.
5:08am • #4
1,439,988 Points 26 Featured Posts Outside Blog Called Shot Master

Good morning to all.  I always appreciate your comments.  We always advise prospective home buyers to get pre-approved for financing before they look at any homes.  Knowing any price limit, the type of financing, and the costs of financing allows for the immediate decisions that are needed in the current competitive market.

Rose, Kentlands, Spring Flowers IMG_9438

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs
6:21am • #5
702,614 Points 55 Featured Posts Outside Blog Called Shot Master

Good Morning Roy, You sure said it. Having a trusted and local loan officer who can assist you through the mortgage process saves both time and money. Saving money and getting great service is a must. Have a great Sunday
7:02am • #6
406,279 Points 1 Featured Post Outside Blog Called Shot Master

Roy,

             Those are great rates and they will not stay low for long there is talk of rising rates to 5-6% in the next 12-24 months so the time to buy is NOW!
8:06am • #7
182,624 Points 4 Featured Posts Outside Blog Called Shot Master

A loan officer you can trust...You certainly have to do your homework on this...shorter mortgages save money in the long run, but only IF you can afford the larger monthly payments.  Good info Roy.
10:10am • #8
635,213 Points 53 Featured Posts Outside Blog Called Shot Master

Roy,  The right mortgage company makes all the difference.  Sometimes national banks aren't the best way to go, let me tell you.  We have had so much trouble when the buyer insists on using a national bank with the initials W.F.  We always try to encourage our buyers to get multiple quotes and refer multiple lenders whenever we can.
11:09am • #9
1,439,988 Points 26 Featured Posts Outside Blog Called Shot Master

Thanks for stopping by.  June is a wonderful time for home buyers to take advantage of the attractive prices and record low mortgage interest rates.  Getting pre-approved for mortgage financing is one of the first steps in the process.
1:44pm • #10
JUN
04
933,652 Points 74 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Roy: It is great to have members on the team that can be trusted...good to see your office has a partnership with a quality loan officer.
3:38am • #11

Login or register to leave a comment
 
Img_2076 Rainmaker_large

Roy Kelley, Montgomery County, MD Homes For Sale

Gaithersburg, MD

More about me…

Roy Kelley and RE/MAX Realty Group

Address: Roy Kelley, RE/MAX Realty Group, 6 Montgomery Village Avenue, Suite 200, Gaithersburg, MD, 20879

Office Phone: (301) 921-4569

Email Me

Roy Kelley advises home buyers, sellers and REO asset managers, in the Maryland suburbs of Washington DC and nearby counties. REO and foreclosures sales. Market area includes Montgomery County, Frederick County, Washington County and Prince George's County. Real Estate blogs


Listings

Links

Archives

RSS 2.0 Feed for this blog