refinance: “Not Refinancing may Cost you Thousands” - 10/22/20 07:20 AM
 “Not Refinancing may Cost you Thousands”
I’m on it, I will get you all the documents that you requested.
I’m so happy! You made my day. I can’t believe you can lower my interest rate by 1.5%.
If I could use the same attorney that would be great. My parents are also excited and offered to pay the closing costs.
I think back to our meeting two years ago, I was in the middle of a divorce and needed to buy out my soon to be ex and you told me not to worry, this time for sure, I’m not worried. Thank you again!!
I wish … (4 comments)

refinance: “Nearly 5 Million Mortgages Paying Higher than necessary Interest Rates” - 04/05/19 07:54 AM
“Nearly 5 Million Mortgages Paying Higher than necessary Interest Rates”

According to the latest report from Black Knight, 4.9 million homeowners with a mortgage can now reduce their interest rate by at least 0.75% by refinancing after the recent drop in mortgage rates.
Should they all refinance? NO. Here’s the thing, you must look at the math. Just because some can save 0.75%, will the cost justify the refinance?
I received a call from Becky who was referred by a co-worker. She had been in her mortgage for 8 years and had 22 years remaining. She had a mortgage rate that … (7 comments)

refinance: “Sure, I could have done the Refinance” - 03/28/18 10:52 AM
  “Sure, I could have done the Refinance”
Hey Joe,
I wondered if you could share your opinion with me on the PMI I’m paying on my loan. When I refinanced my credit was so-so but now my credit score is much higher. Would it be worth it to refinance again to get rid of the PMI? We’re not looking at selling anytime soon but may add-on. Nothing is on any definitive timeline. Not sure if the cost to refinance is worth it. I pay $106/month and only owe 152K on the house.
I absolutely would not refinance now as the current … (3 comments)

refinance: “Finally have enough Dollars to Refinance” - 02/03/17 08:44 AM
  “Finally have enough Dollars to Refinance”
I'll have a nice chunk of $ when I get my taxes back.  You think it's possible to refi New Britain property while the appraisal is still good? Josh
I was in the process of refinancing his residence and an investment property. The appraisal on the residence was great, but not the case for the investment property. As a result of the appraisal Josh would need to come up with nearly $8,000 to make the refinance work.
Even though interest rates have risen about half a percent, he will still save nearly $400 per month. Saving … (2 comments)

refinance: “I was NOT aware that you also did Refinances” - 04/25/16 10:35 PM
    “I was NOT aware that you also did Refinances”
This happens from time to time and it is truly frustrating. I received a call while I was out of state from a past client that I did a mortgage for 8 years ago and he told me that he wanted to get pre-qualified for the purchase of another home.
When I ran his credit it showed that he refinanced two years ago. When I asked him about it he said that he received a call from the company that currently is servicing his mortgage, offering to do a refinance.
When I asked … (20 comments)

refinance: “Educate Your Clients” - 06/13/15 09:11 PM
                            “Educate Your Clients”

Twice in one day I was sitting face to face with clients who were interested in refinancing and both times I talked them out of it.
By the time we figured out the savings per month and how much it was going to cost to get the refinance done, the math just didn’t make sense. In one case the savings was $77 per month and the cost to close was $2950. In the second case it would have been a $90 savings and cost $3600 to close. Also both had already paid their mortgages over three years … (28 comments)

refinance: “Article Says there are Over 7 Million Mortgages that Can be Refinanced” - 04/09/15 10:56 PM
“Article Says there are Over 7 Million Mortgages that Can be Refinanced”
I wish I could understand where these numbers come from. OK, so let’s say that number is a good number. Does anyone take into consideration the following?
1)      Have there been late payments on the mortgage in the last 12 months?
2)      Are the credit scores below what is allowable?
3)      Is the income sufficient to be able to qualify?
4)      Is the property still owner occupied?
5)      Is the ownership still the same?
There are so many reasons that a refinance can’t happen, this is just a handful but there are … (22 comments)

refinance: “Shame on Me” - 04/05/15 11:53 PM

“Shame on Me”
I got a referral from a past client referring me to one of his relatives and as part of the email was the introduction. The email gave a glowing review of our working together.
At the end of the email he let me know that the company that we did the mortgage with did a refinance with them a few months back and saved them $90 per month.
If you think the public understands how the mortgage business works, most don’t. Even though I did a new mortgage for these folks, for … (37 comments)

refinance: “Online Presence through Blogging” - 02/19/15 09:32 PM

“Online Presence through Blogging”

I wrote this blog in Aug of 2012, the topic was “FHA STREAMLINE REFINANCE, A NO BRAINER”
Elizabeth indicated that she read this post and had done an FHA mortgage last year and wanted to know if it made sense to refinance. After doing a little math, a lower rate and a lower monthly mortgage insurance meant a saving of $231 per month. Her out of pocket closing costs was going to be under $1000, she would also get her current escrows back and miss one mortgage payment. … (18 comments)

refinance: “Why Would Anyone Not Refinance at These Rates?” - 12/17/14 10:21 PM

“Why Would Anyone Not Refinance at These Rates?”

I stopped to buy some groceries a few weeks ago and while walking down one of the isles I heard someone say,” that is OUR mortgage guy!” Don’t remember what else I was thinking at the time, but immediately was smiling from ear to ear.
Do you remember us? Of course I do, how have you been? After a few pleasantries, they asked, Should we refinance? We get calls all the time and we tell them “we have somebody.” So why have you waited to contact me?  … (35 comments)

refinance: “Lenders that are Offering Loan Products for Borrowers with Less than Perfect Credit” - 11/25/14 09:32 PM
“Lenders that are Offering Loan Products for Borrowers with Less than Perfect Credit”
I am always asking my lenders that are offering loans for my clients that have less than perfect credit how these loans are doing. I always want to make sure that our judgment to get these loans done are made for all the right reasons. Not sure why, but I expect them to always say, all are performing perfectly. Fortunately it is rare that I hear anything else.
I spend a lot of time getting my clients in a position to be good borrowers … (14 comments)

refinance: “Desperate” - 11/15/14 08:27 PM
I need your help, I’m desperate. Robert came to see me about refinancing. His story was pretty sad and very foolish. He and his sister inherited their parent’s home, he was the one that actually lived there.
A few years ago he put a mortgage on the property to do some repairs, payoff credit cards and put the rest away for a rainy day. However it has been raining ever since. Sure, I could get him a mortgage, but wasn’t willing to do it, as he will just blow the money and be desperate all over again.

refinance: “I Don’t Want a 30 Year Mortgage, Since I Have 24 Years Left” - 11/04/14 06:16 PM
“I Don’t Want a 30 Year Mortgage, Since I Have 24 Years Left”
OK, so let’s do a 24 year mortgage. Also, because the rate is going to be lower, we might even be able to lower the number of years further. Are you kidding, we can do that? That was a call that I got this morning from Jon, he was referred by his brother.
Most folks are not aware that mortgages can be done from 8 to 30 years. In other words we can custom fit a term that will suit the client’s needs. I did some … (36 comments)

refinance: “Do Your Current Clients Use the Internet?” - 10/29/14 10:24 PM
“Do Your Current Clients Use the Internet?”
 Part One:
I am always amazed how many of my current clients say they saw one of my blogs. Each time that tells me, I want to keep myself in front of them, all the time.
I hadn’t really given this any thought until this past weekend. One of my past clients sent me a email, saying that it had been a few years since I handled a refinance for him and wanted to make arrangements to get together. He wanted to make arrangements to meet on Monday. So … (27 comments)

refinance: “Once, this Home was a Mobile Home, but NO More” - 10/24/14 08:50 PM
“Once, this Home was a Mobile Home, but NO More”
Over the years the home was completely transformed including full basement, in other words, no one would even know the home was originally a mobile home.
Pam and Earl went to refinance their three mortgages and get their monthly mortgage payment reduced. The bank they went to had an appraisal done and when the appraiser went to check on the town records, it was indicated this was a mobile home and the lender turned the loan down. They just don't lend on mobile homes.
The loan office from … (49 comments)

refinance: “Interest Only Doesn’t Mean You Have to Pay only Interest” - 10/22/14 10:30 PM
“Interest Only Doesn’t Mean You Have to Pay only Interest”
A few years ago, I did a refinance for clients that were referred by their financial advisor. They wanted to refinance their existing mortgage, which I did, at 4% interest rate. They also wanted a $100,000 home equity line, which I got them from the same lender.
At the time we did the home equity line, they only wanted to take out $50,000 and their plan was to pay it off within two years. Sometimes plans just don’t work out.
I got a call from … (28 comments)

refinance: “A Refinance, Now a Window of Opportunity” - 10/16/14 06:00 AM
“A Refinance, Now a Window of Opportunity”
Between emails and calls the last few days, many want to know if they should consider refinancing. The stock market and bond market have really been going crazy and interest rates have benefited from the chaos.
Most of the time, the answer has been NO, but here are a few opportunities. Over the last couple of years having done mortgages for client that required an FHA mortgage, because of credit and these mortgages were written at higher rates and all have mortgage insurance that will stay on for the life … (11 comments)

refinance: “Referral from one of My Competitors” - 10/08/14 10:26 PM
“Referral from one of My Competitors”
Bob and Kathy were buying a home in Westerly, Rhode Island and would eventually be selling their Connecticut home. The mortgage broker that they had worked with for a number of years was not license in RI, so he referred these folks to me.
Their plan was not to sell their home immediately, as they felt it would take a year. I did the purchase mortgage for them, an adjustable mortgage at 3.25%. The plan was once they sold the CT property, they would refinance into a smaller mortgage and a … (17 comments)

refinance: “So Many Investors Couldn’t Get Out of their Hard Money Loans” - 10/06/14 10:36 PM
“So Many Investors Couldn’t Get Out of their Hard Money Loans”
It has taken me a while, but I am in the process of getting two clients out of their 12%,13% and 14% hard money mortgages. There are many reasons that these investors are still in their mortgages.  
1) Couldn’t sell the property when the renovations were done.
2) The rental income makes them a profit in spite of the high interest rates.
3) Over improved the property for the current value.
These two investors don’t want to sell the properties as the cash flow … (20 comments)

refinance: “Cash Out Refinance to Invest the Money in the Stock Market” - 09/15/14 12:08 AM
“Cash Out Refinance to Invest the Money in the Stock Market”   When I hear stories like this, it really gets my attention, especially if it affects a senior citizen.   I met with this gal in her 70’s who came with her daughter. She was a referral from a financial planner. She told me she wanted to refinance as she had been paying her interest only mortgage for 10 years at 6% interest and wanted to start paying principal and interest at a lower rate. She told me she had refinanced 10 years earlier and was convinced to take equity … (31 comments)

Joe  Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709)

Joe Petrowsky

Your Mortgage Consultant for Life

Manchester, CT

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Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709

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