Mortgage Matters.

Colleen Anthony Owner MABC Mortgage, LLC

Colleen Anthony
Owner MABC Mortgage, LLC

Why Your Mortgage Matters…

Homeowners sell or move, on average, every five to seven years.  Some of the reasons for change; Size of Home, Upgrade, Job Transfer, Personal Relationships, Neighborhood Changes, Empty Nest, Retirement, Health Problems, Cash in Equity, Lifestyle Change.

For those who are settled and content with spending the next 30-50 years in the same home, chances are you have or will refinance at least once in your lifetime.

When you applied for your mortgage, did you consider product comparisons OR were you fairly certain you knew what product fit your specific financial situation.  Did you review at least two (2) mortgage products/terms?  If you are not comparing options, you are leaving money on the table.

The number of mortgage products and offers advertised on TV, Radio and Social Media can be overwhelming.  Sometimes the easiest way to decide on what fits best is to select the least risky and most talked about.  Yes, I am referring to the 30 Year Fixed Rate Mortgage.  Why do so many people flock to this product and term? Affordability, Flexibility, Stability.

What can you gain from a review? Savings and Knowledge are two very important factors.

Investigating shorter terms, Lower interest rates, Improved Equity Position, Reduction to overall interest expense and addressing upcoming life changes are reasons to re-evaluate your mortgage.

Shorter term mortgages offer lower rates. Finding the right fit for monthly payment while focusing on interest reduction is imperative during review.  Equity is the amount of the house you truly own. Shorter term mortgages provide opportunity for many to pay off their home before retirement.  The equity can be used in several ways during retirement.  Additionally, a larger chunk of equity places the home in a better position to sell, should the need arise.  Finally, upcoming life changes will dictate what type of mortgage will best suit your needs.

The mortgage you are in should mirror both short and long term needs and goals.    If you are planning to do any of the following in the next 5-10 years you should investigate and know your options.

  • Have a child
  • Send your child to College or Private middle/high school
  • Payoff high interest debts/credit cards.
  • Payoff your current mortgage
  • Buy or Sell Real Estate
  • Retire

 

I will spare you the typical example of the average loan amount amortized over 30 years at the current rate vs. a selected alternate product of my choice to show savings.  What I will do is advise readers it is very likely, a better mortgage product is available that fits your needs, is risk-adverse and can save you money.

We have several lenders, some of the best.   JD Power and Associate Rated lenders who offer a multitude of fixed rate options.  You can select your term between 8-30 years on a fixed rate product. Other products such as Non- confirming JUMBO, FHA and VA are also available.

If you have not performed mortgage review or you are considering performing the analysis on your own, you should stop and consider contacting MABC Mortgage (412)-358-9680.  We can discuss your current mortgage, perform the analysis and offer options for consideration IF it makes sense.  It is free and will take less time than you spend trying to find parking on a Saturday at the Mall.

Colleen Anthony, Owner of MABC Mortgage,LLC provides financing tailored to your specific needs and goals. With Colleen, you can expect an authentic experience defined by honesty and integrity. Located in the North Hills of Pittsburgh, she has brokered loans in Pennsylvania for over 10 years. She holds a B.Sc In Business Administration from Slippery Rock University.
She is the co-founder of North Pittsburgh Network and sits on the Capital campaign committee for Emmaus Community of Pittsburgh. Additionally, she is a Board member of A Place to Grow Learning Center and Western Pennsylvania Montessori School.
A mother and wife who is committed to providing superior service and mortgage options for her clients as well as improving her local community.

 

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