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As a practitioner of mortgage annuity solutions, America's Mortgage Choice is committed to encouraging our client base to keep us involved when financial challenges arise. This has allowed us to continue to grow our business at a time when other mortgage planners are struggling with the market changes. Allow us to share an example from our client database over the past year.
A client called about a year after purchasing their home in a fast growing area of the Chicago suburbs. They had spent their cash reserves on rehabbing the home they purchased and their monthly budget was constricted by the increasing payment on their home equity loan. The last straw was the bad news they received when their accountant informed them they would owe approximately $10,000 to the IRS on April 15th.
This equity repositioning report was prepared for the client. Between the work they had done on the home and the appreciation they were able to convert from a fixed rate mortgage with a HELOC to an interest only loan that allowed them to lower their monthly payment by $137 per month and after paying the loan expenses receive over $10,000. This allowed them to pay the IRS, free up monthly cash flow and reduce their exposure to the monthly rate increases on the HELOC caused by the Fed. |
As you can see, the Equity Repositioning Report is an invaluable tool that gives the client a better understanding of the full ramifications associated with a loan option. In addition to the benefits listed above, this client also received peace of mind because their mortgage planner took the time to make sure they were fully informed on why their loan program was right for them.
In
today's financial arena, proper
management of one's equity
can be the difference between early retirement and
not being able to retire at all. Despite continually rising property
values and the bevy of loan products available to homeowners, many
average families continue to operate on the decades old thinking of
their parents and grandparents. They take out the smallest loan possible
with a 15 year amortization and try to pay it down with extra principal
payments.
It seems like conventional wisdom, but
in actuality it's out of touch with modern day conventions!
At America's Mortgage Choice,
we believe that every homeowner or homebuyer should read
this article
to get in touch with the new rules on home
equity management.
We
pride ourselves on presenting our clients with in-depth, comprehensive,
and easy to read analysis of their financial options.
America's Mortgage Choice
17W635 Butterfield Rd, Suite 300
Oak Brook Terrace, IL 60181
Ph: 630.368.3300
Fax: 630.368.1688