"Those with jumbo mortgages may be well advised to split up their home loans to have a lower interest rate and to save several thousands of dollars."
Oak Brook, IL February 7, 2008- The recent rise in foreclosures has caused many banks to go out of business and cost some home-owners more money then others. Those with jumbo mortgages (loans over $417,000.00) typically pay about 5/8ths to 7/8ths more on their interest rate then conventional loans. This may cost them several thousands of dollars each year and may not even be on a fixed rate.
"Many home-owners with jumbo mortgages should consider refinancing their homes to split up their loan and take advantage of a creative concept," says Brian Saviano a local mortgage expert with Elite Financial Investments based in Oak Brook, Illinois. This concept involves splitting up your existing mortgage into two mortgages. One on a conventional fixed rate mortgage and the other on a home equity line of credit that offers the ability to lock in on a fixed rate. Saviano said, "We are helping our clients get rates on their second loan with a lower rate then their first mortgage and saving them several thousands of dollars in the process."
Consider the homeowner with a note of $700,000. If they were to apply this principal, not only would they would begin saving money immediately, but they could also end up saving well over $50,000 in the next ten years or well over $150,000 over the life of their loan. Saviano said, "Why not take that same money you might be throwing away on your mortgage and use that to fund your children's college fund or plan for you retirement." Many of Saviano's clients are doctors, traders and small business owners and have been saving money with Brian for several years now to his outside the box way of thinking.
While it is still uncertain that the new housing bill will come to our rescue, home owners may be well rewarded by acting now, while the interest rates are still low. Saviano urges those to seek out advice from a reputable licensed mortgage loan advisor and is offering a free initial consultation for the month of February to help those with higher interest rate mortgages.
For Your FREE Report, "How to Save a TON of Money on Your Jumbo Mortgage REGARDLESS of What Your Banker Says" Please send a blank email to freereport@ido-mortgages.com No sales people will call you.
Brian Saviano is a local mortgage consultant with Elite Financial Investments. Elite Financial Investments is an Equal Housing Lender and Illinois Residential Mortgage Licensee.
To schedule your private consultation with Brian, please call 224-392-9000 or you may visit his website http://www.chicagomortgagesecrets.com for more information.
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