Scariest Home Mortgage Concerns

 

 

As we enter the month of October, and Halloween draws near, we wonder if a goblin, ghost or something scary is about to pop out at us. Many clients feel this same way with their home mortgage these days.  Some of my clients are not even aware of what type of mortgage product they have until things can get very scary for them.

I had a past client the other day realize that he had an interest only product. The product made sense 6 years ago, but today the product scares the heck out of him, and I do not blame him.  The market shifted and he needed to run away from this scary monster.  We are now getting his interest rate reduced and putting him back into a principal and interest loan.  His payment will be roughly the same, but now, part of his payment will start to amortize out the remaining balance.

I had a new client that had a scary situation when they found out that the previous lender put him into an adjustable rate mortgage. Because he was upside down on his home, he knew he could not refinance.  He was really scared of what kind of rate and payment was going to increase on him.  After I reviewed it, we realized that his adjustable rate mortgage was tied to a low margin and a low index.  I took the scary out of his situation when we figured his payment was going to go down by about $250.00 a month.

What I am saying is do not let scary mortgage concerns get out of hand. Remember, I am always just an email or call away from investigating if we are
really dealing with a goblin or not.  I always offer this service for free to evaluate your current mortgage situation and make sure it is in proper order.

Basically, I try to help take the scary out of your mortgage.