Just like an annual check-up with your doctor can help you ensure that you’re in the best health you can be, a mortgage check-up can help you determine whether your current loan is the best loan for you. There are always new products and programs coming out in the market which you may be able to use to your advantage to improve your finances. Silverton Mortgage Specialists offer this service and Branch Manager Gretchen Johnson offers some advice about why you might want to consider it and how to proceed.
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All you need for a mortgage check-up is your current mortgage statement and the process usually only takes about 30 days. The documentation needed for underwriting depends on the type of loan you are trying to obtain, and you might not even need a new property appraisal. If you're attempting to strictly lower your interest rate, there are several streamlined mortgage programs that don’t require an appraisal. However, a new appraisal will be required if you are looking for a cash-out refinance to pull equity out of your home.
If you’re wondering “Why bother? I’m sure I got the best deal when I got my mortgage 10 years ago.” Gretchen advises, “Even if you have an interest rate lower than the current rate, there are several benefits to refinancing. You might be able to pull out equity or add a home equity open line of credit for the future. You never know when you might want to remodel your home or if you have an emergency and need some extra cash.” She also explains, “Usually mortgage money is the cheapest money, meaning low rate and payment. If you have a car loan at 2% on a 6-year loan, the same money financed on a mortgage will be a significantly lower payment on a 30-year mortgage. You can also use the equity and cash out to pay off other debt.” Even if you have a mortgage that is 10 years old, you might want to refinance that to a shorter term to pay it off faster if you can afford slightly higher payments. Or you could refinance it to another 30-year loan and lower your payments each month.
Why choose Silverton? Althedia Gordon said, “Simply put: outstanding people and magnificent team. Gretchen Johnson and Kathy Bulfer worked diligently to find a mortgage company for my husband and me. They kept us informed daily and were available to us any time we needed them. We walked into this company as strangers, but by our closing date, we felt we had made friends.”
J.R. Manning calls Gretchen “extremely knowledgeable, professional, and steadfast,” adding, “I felt as if my needs took precedence over anybody else from the second I walked in. I couldn’t be happier. Thank you for your respect, your time, and making me priority number one.”
At Silverton Mortgage Specialists, a mortgage check-up is FREE, so call Gretchen at 912.270.2727 or email gretchenjohnson@silvertonmorgage.com to make your appointment today! The website is silvertonmortgage.com
FHA, VA, USDA, Jumbo and Conventional mortgages for purchase or refinance.
Silverton Mortgage Specialists, Inc. NMLS #109600 | Georgia Residential Mortgage Licensee #14123 | North Carolina #L-111493 | Tennessee #109243 | Alabama #20528 | Florida #MLD353 | South Carolina | #MLS-109600 | Equal Opportunity Housing Lender.
