“Did you know”

Did you know that refinancing your home does not have to involve breaking your current mortgage and paying a penalty?  I’ve had several clients this year want to consolidate debts that they just can’t seem to get rid of, however, their own bank told them that to refinance they’d have to break their existing mortgage (specifically if it is a variable), pay a penalty and re-do the whole thing at today’s rate.  This is not necessarily the case.  I have 2 different lenders that I use frequently who will do a 2^nd mortgage at 1^stmortgage rates!  That’s right, they’ll allow a 2^nd mortgage behind another bank’s 1^st mortgage, up to 80% of the value of the home, at the same rate they would charge on a 1^st mortgage.  I used this more than once to pay off high interest rate credit cards, car loans and other types of debt that were causing clients to drown in debt payments.  If you, or any of your clients would like more information please contact me.  Remember, you’re not adding more debt, you’re restructuring the debt you currently have.

Brian Mill
Your mortgage specialist!