Added Value to Your Mortgage Experience (part 1)

Added Value to Your Mortgage Experience. Part 1
©2013 by Mike Hurney 781-405-1845 cell

In addition to the Low Rates, Expedited service and Valuation Check we provide, I’ve added two important complimentary Options.

Valuation Check

On a Purchase or Refinance mortgage we check your value with you. This was to prevent surprises when your Appraiser shows up. Lately in this market homes priced fairly have been “bid-up”, often to $25,000. and even $50,000. above the listed price. This is OK with cash buyers but with a Mortgage Company’s Appraiser things are different.
To begin with, I always prepare Borrowers with their Town’s Tax Assessment which includes a description of the property (Total Rooms, Bedrooms, Baths, Square Feet of Living Space and Total Lot Size) and the value which the town has determined the property is worth (Town Appraisals are mandated by the State of Massachusetts every three years)
Next we go over recently SOLD properties similar to the property being Financed. You then determine which is most similar and that value should be close (with adjustments) to what you’re paying.
You can meet the Appraiser when they arrive at the property and give them a copy of this data. This is how an Appraiser starts the process and they’ll probably thank you for this help.
But wait, If your Appraiser starts laughing at these values or tells you to sit down that might be another problem which we can probably fix also (more in part 2).

Back to the Complimentary Options I’ll present you with as we work on your Mortgage.
Here’s Why!
A fellow Mortgage Broker recently confided in me that he had refinanced a couple, she was friends with his wife,
from a 30 year fixed old High Interest Rate to a new 15 year fixed interest rate with the same payment! He was proud of himself, told many potential Borrowers and expected many referrals from that refinance.
The woman confided to his wife one day about how ticked off her husband was with that refi. The details of course took a while to come out. Apparently they had been paying so much in mortgage interest that they received a refund each year and went on a vacation.
Now, after the refinance they paid much less mortgage interest and not only did they not receive a tax refund but they had to pay the IRS which crimped there usual vacation.

OK, the previous Interest Payments were significant and the tax was only a fraction of that amount (significant savings) but they were surprised and unprepared.

To avoid this I’ve been offering Complimentary consultations with a Financial Planner and a Tax Preparer so you’re not surprised when Financing a new Purchase or Refinancing.

(Also in Part 2 What happens when your Appraisal comes in LOW?)
You can contact Me Today For PreQualifying, Get Mortgage Rates, Investor Mortgage Rates and Mortgage Payments:
Mike Hurney
Licensed Mortgage Loan Originator
Direct: 781-405-1845
Office: 781-639-8616
Fax: 866-666-7143
Email: [email protected]
NMLS ID 43341 | Company NMLS ID 1599

Licensed by the MA Division of Banks – Mortgage Lender MC 1599
You can call my cell to see if you’ll GET APPROVED!

Articles and commentary are provided for general information only and should not be relied on as legal or financial advice. Opinions expressed herein do not necessarily reflect the opinions of Franklin American Mortgage Company.

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