“Converting Clients from One Loan to Another to Save Big Money”
Joe Petrowsky reminds us that it is a very good idea to compare available loan products.
“Converting Clients from One Loan to Another to Save Big Money”
These clients were referred by someone that I had done a FHA streamline mortgage for. During that process I saved their friend just over $200 per month, not bad with no out of pocket money and these folks wanted to accomplish the same goal.
As I was taking their application I was reviewing their income and noticed that one of them had a $1000 per month VA disability. I asked why we aren’t doing this refinance using your VA eligibility. They said they had no idea. I explained that there would be no monthly mortgage insurance and we could go to 100% loan to value.
If we paid off the current mortgage and their two credit cards, the net result was a savings of $786 per month. If we would have done a FHA streamline refinance, the savings would have been $188.
The truth is anyone could have gotten this FHA streamline refinance done, but most would have looked beyond the easy way to get the transaction done. To me, being able to use the VA eligibility was a no brainer and a right that should be taken advantage of.
Image courtesy of nixxphotograph/freedigitialphotos.net
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Email: joe@righttracfg.com
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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