Appleton Refinance Success Story : Kevin & Betty (Starter Home)
Kevin and Betty is a young married couple that purchased a “starter” home in 2005. The home is a small 2 bedroom home in Appleton. When Kevin and Betty purchased the home, they were advised and encouraged by their real estate agent to purchase a small home, make payments to build equity, and then as the children get older sell that home and use the built up equity as the down payment on a larger home. In theory this must have seemed like a common sense approach to building wealth and staying within their means. Being a young, recently married couple with an infant child, Kevin and Betty listened to the advice of the professional real estate agent. Shortly after purchasing the home, Kevin and Betty discovered there was going to be another happy addition to the family! When Kevin and Betty signed the closing documents on the purchase of their new Appleton Home, they were excited as first time home buyers.
After about 3-4 years, they quickly realized their home was getting smaller and smaller by the day. Kevin attempted to contact the real estate agent that helped them into this home but he was no longer practicing as a licensed real estate agent. He also tried to get in touch with the licensed loan originator to find that he too was no longer practicing as a loan officer. They contacted a few different banks only to discover that it was going to be difficult to sell the home and get enough cash to provide enough of a down payment on the purchase of a new Appleton home. Even refinancing was proving to be difficult because of the lack of comparable sales of similar 2 bedroom homes in the area.
Frustration was setting in when Kevin came across our website. When he called my Appleton Mortgage Company, he carefully detailed his experience. He explained to me that although he knows that the real estate agent and Appleton Mortgage Loan Officer could not have seen the future and the difficulties of selling or refinancing, he felt slightly “burned”. He told me that he expected these two individuals to be there to help when it came time because that was what they told him. He felt as if he and his wife were abandoned and forced to start over finding a trustworthy advocate for them. I understood his position and informed him that I have been licensed as an Appleton Mortgage Loan Officer for over 10 years and weathered the post sub-prime mortgage implosion.
I offered our WI-Mortgage.com FREE financial analysis and determined that the previous banks were likely correct in their assessment of being able to sell the home and manage enough cash to provide a down payment on a different home. I was able to develop a plan that would likely result in their ability to create enough equity to have a down payment on a new home within the next 3 years. I did advise him that these are estimates based on current trends and that my plan was not a guarantee but would make it more likely than their current situation.
I was able to lower their interest rate to 3.25% on a 15 year Fixed Mortgage in only 22 days. Amazingly, the payment was still $65 lower than their current payment while eliminating 7 additional years of mortgage payments if they were required to stay in this home any longer. My advice to Kevin was to take that extra $65 per month and apply it to the principal balance. Not only would they have the principal balance reduction of about $14,000 but they would also have the additional $2,300. This gives them roughly $16,000 plus any increase in property values in the next 3 years. Roughly estimating real estate fees based on what they paid for the home in 2005 would amount to $5,000. This gives roughly $11,000 toward the closing costs and down payment toward the purchase of their next home. Based on this amount alone without any increase in property value, the $11,000 would provide the down payment for a home with a value of over $200,000. It opens options for Kevin and Betty.
Many Appleton Mortgage Companies say they offer the lowest mortgage interest rates but only WI-Mortgage.com comes through on the promise of low Appleton Mortgage Interest Rates with Speedy Closings (sometimes as little as 14 days!) Your Appleton Home Loan Lender offers lending services that makes it easy for you to obtain financing for purchasing properties in Wisconsin as well as refinancing your existing Appleton Mortgage. If you are ready for a no-obligation FREE financial analysis with your personalized Appleton Mortgage Interest Rate Quote, please contact my Appleton Mortgage Office at (920) 623-9242. You can also visit our website at wi-mortgage.com or my personal Appleton Mortgage Blog at frankpabon.com. Sign up for our newsletter and we will provide you with Appleton Mortgage updates and helpful Mortgage Lending Trends and News.
You may now be eligible for our Appleton FHA Mortgage Interest Rate Reduction Program. If you qualify for this Appleton FHA Mortgage Product, we may not require income documentation or an appraisal report to modify your existing Appleton Home Loan. Qualified Mortgage Applicants will be able to lower their existing Appleton Interest Rate and Mortgage Payment if reasonable conditions are satisfied. Call my Appleton Mortgage Office at (920) 623-9242 to see if you qualify for this Appleton FHA exclusive program. Only qualified Appleton Mortgage Companies have access to this FHA loan product. Call Today before this exclusive Appleton FHA Mortgage Loan Product goes away!