Recently Closed - Term Reduction Refinance in Wilmington, DE
This blog post could also be titled "when things come together perfectly". You know what I mean. When a client has their stuff together, in every aspect of having their stuff together. Great credit, great communication, responsiveness, a low debt to income ratio, and plenty of equity in their home. This situation is the "unicorn" of the mortgage industry, and when we get em', we sure do appreciate them to balance out the puzzles that we're 
usually issued by clients.
The result of combining one of the industry's best loan processes and a 'unicorn' loan file can result in some pretty great things - in this instance, a loan was taken from application to clear to close in just 6 business days. Appraisal, title, and all. The clients were referred by their financial advisor on the suggestion that they reduce their first mortgage from a 30 year loan to a 15 year term as part of retirement planning. There was also a line of credit on the property, and with the Fed being in "raise rates" mode, they decided it would be a good idea to consolidate that into their new mortgage as well.
Since the home equity line of credit was not used to purchase the property, the loan was considered a cash-out refinance since it was a conventional loan (FHA would consider this a rate/term refinance as long as the line of credit hadn't been used in the previous 12 months). The "cash out" refinance has a slightly higher rate than a rate/term refinance, but with great credit and some equity, these clients were able to obtain a very nice interest rate on their new 15 year fixed rate loan. Here's what they had to say about the mortgage process with Mason Mac:
"In working with my husband and me, John kept two busy and sometimes distracted people on task to get our loan deal together and executed. It seemed to matter to him and to his colleagues that we complete the transaction smoothly and quickly as much as if it were his own mortgage. We appreciated that. Thank you" |
It's not just 'unicorn' loans that we try to get done with the same sentiment. With our goal to provide a #MortgageMadeEasy, the JM Loans team is sure to process a mortgage application as quickly as possible, which in today's market place of high seller demands and a need for lightning quick response time, is exactly what's needed to get the job done and keep our clients and business partners happy. If you'd like some information on how we can help you with a potential refinance, home purchase, or anything else mortgage related, you can ask an expert anything here for an instant response.
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