Mortgage Accelerator Form

One of the greatest pleasures of my job is helping people buy a home. I also know that it is perhaps the most expensive purchase that most people make in their lifetime. With that in mind, I am always looking at ways to save you money. The mortgage accelerator form is designed to help you visualize how much money can be saved over the term of a mortgage if a regular additional principal payment is made with each normal payment.

If you would like to see the significant savings available to you on your personal mortgage, please provide the following information and I will prepare a personal mortgage accelerator form just for you.

Information Needed:
1) Mortgage Amount (original)
2) Interest Rate
3) Term of Mortgage (original)
4) Additional Principal Amount you are willing to pay each month
Based on the above information, I will prepare a personal mortgage accelerator form for you indicating how much interest you will save and how much sooner you will pay off your loan.

Refinancing Form:

With interest rates at historical lows, it may be time for you to refinance your existing mortgage. My Refinancing Form is designed to help you determine the feasibility of refinancing relative to the costs involved and the estimated continued time of ownership. Refinancing may make sense when you can consolidate loans for a lower interest rate, convert non-tax deductable debt to tax deductable debt, or lower your monthly payment and pay off your debts sooner.

Before refinancing, a borrower should take into consideration the interest rate and loan terms, the cost involved in refinancing, prepayment penalties, tax considerations, and the anticipated length of continued home ownership. Many people today suggest that refinancing does not make sense unless the new interest rate is at least 2% lower than the existing rate on your mortgage. This "rule of thumb" is only a guess and makes little sense without other important information which is highlighted on the Refinancing Form.

If you would like to see whether or not refinancing makes sense for you, please provide the following information and I will prepare a personal refinancing form just for you.

Information Needed:
1) Original Mortgage Amount
2) Original Interest Rate
3) Original Term of the Mortgage
4) Number of Payments You have made to date
5) Estimated number of years you will own the house
6) Estimated closing costs for new loan (need to get from a lender)
7) New Interest Rate
8) New Term of the Mortgage

Based on this information, I will provide you with the proposed monthly savings on the new loan as well as how long it will take for you to recover the costs you paid to obtain the new loan. If the proposed monthly savings and the period for recovering your closing costs is acceptable, it is time to refinance.

Refinancing Form with Mortgage Accelerator:
If refinancing makes sense based on the Refinancing Form, I can show you how much sooner you can pay off your loan by making your original payment on the new loan. This will save you a substantial amount of money.

30 Year Versus 15 Year Form:
Many buyers are unaware of the savings that can be realized by obtaining a 15 year mortgage rather than a 30 year mortgage. There is a savings both from a lower interest rate and also because of fewer payments required to retire the loan. While not everyone can afford this option, if you can, this form will show you the amount of interest that might be saved.

If you would like to see whether or not reducing the term from 30 years to 15 years makes sense for you, please provide the following information and I will prepare a personal 15 Year form just for you.

Information Needed:
1) Original Mortgage Amount
2) Estimated number of years you will own the house
3) Original Interest Rate
4) Proposed Interest Rate on new 15 year loan (need to get from lender)
5) Current unpaid balance on your existing loan