If you’re reading this, you’re probably someone I care about. I don’t do ads or anything like that except for the random Facebook ad, and even then it’s only targeted to people I know and their friends.
I want to make sure you know you always have a mortgage “guy.” If you, or anyone you know, is dealing with the following, we need to talk NOW:
- New mortgage, or FHA mortgage, paying PMI
- Has student loans
- Needs a lower payment
- High credit cards
About PMI
If you’re paying it, you might know it as that nonsense you pay every month that isn’t interest and isn’t principal. It literally does nothing for you, and that’s by design. It’s intended to insure the lender against their risk of you defaulting on your loan. Wouldn’t it be nice to have other people pay your insurance?
This is the single biggest opportunity to help people save money even when they have an obscenely low rate. Many FHA loans have a monthly mortgage insurance payment of between $160-$280 per month. That adds up QUICK.
Getting rid of PMI as fast as possible is usually the best option. But if you don’t have more than 80% equity in your home, that might not be possible.
But not to worry. As a loan originator at Quicken Loans, I have access to the cheapest PMI in the industry as well as a few products that eliminate it altogether. Ours is the cheapest because we’re an extremely conservative lender, usually half of the industry average. Our Lender-Paid PMI options also save you money over the life. Every situation is different, but you have tons of options and we’ll go through them all together to find the best solution.
Student Loans…
They’re the worst. High interest, high payment, not tax-deductible and crammed into 10 years when you’re actually using the
degree for the next 30-40 years of employment.
Usually with student loans, we’ll pull them into the mortgage so the interest is tax-deductible. This will save you lots of money monthly. From there, we actually write a SHORTER mortgage so you pay the house off FASTER while saving money monthly.
Payment is too high
You have options here. Rates are higher than they were two years ago, but there are plenty of creative solutions that we can come up with. The worst thing you can do is not try.
More often than not, we’re able to find 2 or 3 solutions that will lower your overall debt payments, even when the rate goes up.
A lot of people I talk to who are approaching retirement like the flexibility of locking in a 30-year loan. There are no prepayment penalties at QL, so a lot of times it’s a very simple thing to switch to the lower required payment and just pay extra monthly when it’s easy. Flexibility is a beautiful thing, and being in the driver’s seat on your finances through retirement is a rare thing.
Credit Cards… Ya gotta pay them eventually.
0% balance transfers aren’t forever. In fact, they’re harder and harder to come by as the balances go up. When balances increase, credit decreases, and then we’re in some trouble. Credit cards are high-interest, high-payment, and can take from 8-40 years to pay off depending on the card. That’s a long time to pay off last month’s groceries and gas.
Any time I save a client more than $1000 per month, we are consolidating cards or high-interest debts. We’re getting it all into one payment, fixed rate with tax-deductible interest. And the cool thing is that when we do this, we’re usually able to STILL save you some money monthly while paying the mortgage off FASTER.
Those credit cards have interest rates from 10% – 35%. I’d have to be pretty bad at my job to not save you money on that kind of interest.
SO if you know ANYONE with PMI, high payments, big credit cards, or who just thinks their mortgage sucks, SEND THEM MY WAY! 313-373-1990 is my direct line. Let’s make something great happen!
