With mortgage rates near record lows, many borrowers are taking advantage of refinancing. If you are considering refinancing but wondering if it could actually help, here are five real-world examples of how Mortgage 1 clients used refinancing to improve their financial status, make dreams come true, jump start their future, gain peace of mind, and more.
Check out these five real-life Mortgage 1 refinance success stories:
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Donna* is middle-aged, single, and lives in Florida. She was nearly halfway into a 30-year mortgage. With current rates near record lows, family and friends encouraged her to refinance. Donna contacted the Mortgage 1 Cape Coral branch. That’s when loan officer Tami Carr worked her magic.
Here’s what Tami discovered:
Here’s what Tami did:
Best of all, “Donna is ecstatic knowing that not only will she pay her home off in 20 years when she is ready to retire, but she now has a low fixed rate,” says Tami. “And she doesn’t have to come up with $4,000 out-of-pocket every year to pay her taxes and insurance since those will be paid by escrow.”
“Donna is ecstatic knowing that not only will she pay her home off in 20 years when she is ready to retire, but she now has a low fixed rate.”– Tami Carr, Mortgage 1 Loan Officer and Certified Military Housing Specialist
Carlos and Sandra wanted to update the kitchen and bathrooms in their current home. They did not want to take out a home improvement loan, nor did they want to tap into their retirement savings. Here’s how Mortgage 1 loan officer Tami Carr helped them.
Here’s where they started:
Here’s where they ended up:
Mortgage 1 loan officer Jennifer Myers had clients who dreamed of buying a vacation home in northern Michigan. But they did not want to take on a second mortgage, nor did they want to deplete their savings or tap into their retirement accounts. The couple was seven years into a 30-year fixed-rate loan at 4.375%.
Jennifer helped them take advantage of low rates while leveraging the built-up equity in their house to make their dream come true.
“We refinanced them into a 20-year loan at 2.625%,” Myers explains. “They were able to pull out the $60,000k they needed for the cabin purchase. Their new monthly payment only went up by $270 and they will pay off the new mortgage in 20 years. They are thrilled!!”
“They were able to pull out the $60,000 they needed and they will pay off the new mortgage in 20 years. They are thrilled!!”– Jennifer Myers, Mortgage 1 Loan Officer
Nathan was a 20-something first-time home buyer when he got a mortgage in the fall of 2018, just as rates were spiking. When he saw rates drop the following summer, he contacted Mortgage 1 loan officer Jennifer Myers, who helped him refinance to a lower rate.
Here’s where Nathan started:
Here’s where he ended up:
Nathan says refinancing was like getting a pay raise. He is using the extra money to fund an IRA and save for his future. He says the refinance process was hassle-free. “It was done mostly over the phone and via email. Then, we had a 30-minute in-person meeting to sign the paperwork. It was easy.” It was so easy, with rates now near 3% he is considering refinancing again.
Mortgage 1 loan officer Tami Carr is a Certified Military Housing Specialist. It was in this capacity she helped a borrower who is more than just a client.
“Teresa is the widow of a Veteran and a good friend of mine,” Tami explains. “Every dollar matters since she lost her spouse’s income. We took advantage of the VA surviving spouse benefit program to refinance and save her money, while giving her peace of mind.”
Using VA Streamline, officially known as the Interest Rate Reduction Refinance Loan (IRRRL) program, Tami was able to help Teresa:
“The $126 in monthly savings mean a lot to Teresa since she is on a fixed income,” says Tami.
“The $126 in monthly savings mean a lot to Teresa since she is on a fixed income.”– Tami Carr, Mortgage 1 Loan Officer and Certified Military Housing Specialist
* Borrower names and photos used in this article have been changed to protect their identities. Their stories are true and told with their permission.