$20,915

Did you know that on a $400,000 loan a .25% higher interest rate costs a borrower an extra $20,915 over the course of their loan?

  

Having worked for large banks and mortgage bankers at the beginning of my mortgage career I saw how rates are marked up to make up for high overhead.  I have eliminated that! 

 

  Being the sole-owner/originator, combined with very low overhead and margins, I am able to save my clients up to .25% or more on their rate (with same fees as my competitors)!

If you would like a loan comparison for yourself or a client I would greatly appreciate the opportunity to offer a fee worksheet.

"Don't Overpay For Your Mortgage"

Bob McCormick, President

 

Arizona
14362 N Frank Lloyd Wright
Suite 1000
Scottsdale, AZ 85260
Office: 480.905.1135
Fax: 888.570.6740

California
23 Corporate Plaza
Suite 150
Newport Beach, CA 92660
Office: 714.362.4740
Fax: 888.570.6740

 www.mccormicklendinggroup.com

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Update on Heloc's and Second Mortgages and conversion to fully amortizing payments in 2015

Update on Heloc's and Second Mortgages and conversion to fully amortizing payments

A lot of second mortgage loans (Heloc's) were taken out in 2005 and have interest only payments for the first 10 years then they fully amortize for the remaining 10 years (20 year term total).

In 2015 a loan payment on $100,000 second mortgage may go from $300 per month to $1,000 per month!

With home values higher now and interest rates lower we have seen more activity in combining these two loans into a low fixed rate first mortgage - Taking the risk and "payment shock" away.

Feel free to contact me with any questions.

Thanks!

Bob McCormick, President

www.mccormicklendinggroup.com