“Yes, We Want to Take Out additional Cash”

By
Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

 “Yes, We Want to Take Out additional Cash”

 

 

Hi Joe,

I can’t believe our home came in at $474,000. When we did the mortgage application I had estimated $420,000, so the appraisal number was a wonderful surprise. So, I want to go back to the question you asked previously, do you want to pay off any other obligations or take out any additional cash? I have changed my mind, I actually want to pay off our three credit cards and both cars. That would add $56,000 to the $260,000 mortgage that we applied for. What do you think?

 

 

We ended up changing the mortgage completely. By eliminating their car payments and credit card debt it allowed us to do a 15 year mortgage instead of 30. The mortgage payment was still less than what the current mortgage and all the other obligations were. Life is GOOD!

 

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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

www.righttracfg.com

www.joepetrowsky.com

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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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Rainmaker
5,440,045
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Joe Petrowsky that's a great game plan.... and that's when a stellar credit score comes into play.....

Sep 25, 2020 03:49 AM #2
Rainer
604,320
Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

That's always a great discussion!

If your money is not making more than what you paying as interest on other loans, by all means pay off those things with your equity while the interest on home equity loans is still deductible

Sep 25, 2020 04:17 AM #3
Rainmaker
3,706,411
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Joe. Debt consolidation into a home mortgage can be terrific for those who can control their spending. Enjoy your day!

Sep 25, 2020 05:26 AM #4
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Rainmaker
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Joe Petrowsky

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