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 email@example.com.
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Photograph by Roy Kelley using a Canon PowerShot G11 camera.
Roy and Dolores Kelley Photographs