Philadelphia Mortgage Refinance

 

Recently I was able to help a favorite client of mine with his Philadelphia mortgage refinance.  When rates dropped several years ago, we were able to take advantage and help him save a lot of money each month.  After our closing he used a home equity line of credit to do some upgrades and grow his businesses (he’s a super smart guy and very hard worker).

This time around, rates dropped again to the point where he was able to consolidate his first & second mortgages into 1 fixed rate loan.

We were able to accomplish several things with this Philadelphia refinance:

– We reduced the first mortgage rate (which had the largest balance of his 2 mortgages)

– We consolidated his variable rate HELOC into a fixed rate first mortgage

– We reduced the monthly payment, increasing cash flow for an investor and business owner

– We were able to secure a small amount of cash out that the borrower will be investing

To our client, the most important aspects of this loan were getting rid of his variable rate 2nd mortgage, and withdrawing equity without hurting his monthly cash flow.  For me, the most important thing was to secure a low fixed rate, getting the borrower out of a potentially troublesome 2nd mortgage with interest rate hikes on the horizon.

We processed this loan application in correspondence with a loan for an investment property, further improving the borrower’s cash flow.  It was a win-win across the board for him in savings both short & long term, with closing costs being recouped within 12 months and plans for long term ownership.

The loan process, like most of our loans, took about a month with the majority of time being spent waiting on an appraisal report (appraisal turn times are currently up across the nation), and once we had the appraisal and final numbers, we moved to closing quickly.

Thankfully, I’ve been able to work with this Philadelphia home owner several times over the years, and am incredibly appreciative that he’s even referred several family members to me for help with their Philadelphia area mortgage needs.
When my clients come to me, my goal is to create a mortgage success story like this.  He knows that the JM Loans team truly means ‘mortgage made easy’.  We guide all of our clients from application through closing, and make loan terms understandable – we point out the positives, and the negatives, and focus on short- and long-term goals when deciding if moving forward with a mortgage loan is a prudent move.