As a homeowner, it is important to know that our advice to you does not end the day you close on the purchase of your home.  As time goes on, things change in everyone’s lives.  Interest rates may go down. The family may grow.  Kids grow up and go to college.  That is why we are with you for your journey through life.  Your mortgage needs are likely to change as life evolves.  Having a professional mortgage advisor helping you make the right choices is very important and we specialize in finding the right solutions for your changing needs.

• Lower your payments.   Interest rates can be very volatile. If rates go down after you close on your home, you can refinance in order to lower your monthly payments.  We can help you with a quick analysis to determine whether a refinance will be cost effective and let you know when the timing is right.
• Build up equity.  Lowering your mortgage payments when interest rates fall may not be the best choice to meet your long-term objectives.  If your goal is to pay our mortgage off as part of your retirement plan, lower rates may enable you to move into a 20-year or 15-year mortgage term.  Often, we will work with your finance advisor to determine the best scenario to help you achieve your goals.
• Change mortgage type. If you have an adjustable rate mortgage you might take advantage of falling rates by moving into a safer fixed rate loan.  Or if you are paying mortgage insurance because you originally made a small down payment, if your home’s value has risen, you might be able to refinance to eliminate that payment.
• Use equity for a variety of purposes.  As you pay down your initial mortgage and/or the value of your home increases, you may be able to use the equity you have built in order to obtain cash to:
  • Complete home improvements such as adding an addition, renovating a kitchen or building that perfect recreation area in the basement.
  • Pay for college or even help your graduate purchase their first home.
  • Consolidate debts with high interest rates in order to lower your overall payments. Sometimes the savings can be utilized to shorten the term of the mortgage at the same time, giving you multiple economic benefits.
  • Obtain a down payment to purchase a second home or investment property.  With remote work in fashion today, many have chosen to purchase their retirement home early so they can enjoy it before they retire.

When giving mortgage advice, sometimes our Mortgage Advisors may determine that refinancing your present mortgage is not the best alternative.  Better alternatives may include:

• Obtaining a home equity line.  If your present mortgage rate is attractive, but you still would like to use your equity, we provide options for home equity lines which can help you achieve your goals, but still preserve your present rate.
• Selling the home. Sometimes renovations are not the best alternative because of costs, hassle or  you would prefer to live in another location.  If you determine that selling the home is the best alternative, we will work with your agent to list the home with the most attractive financing package to facilitate the sale. If you don’t have an agent, we would be happy to recommend a professional in your area. 

 

Whatever your short- and long-term mortgage needs, we are here to give you professional advice so you can make the best decision possible based upon your changing needs.  We have been advising our real estate clients for over 50 years and our first-in-class service is exactly why 98% of our clients say they would refer us to their friends and family.  At Weichert Financing Services we are all about family!

 

Mortgage Analysis---The First Step.  We are ready to help you with an analysis of your mortgage so that you have a solid idea of what the prime alternatives are for your situation.