Save a bundle on the cost of your home mortgage

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Education & Training with Retired Real Estate Broker, Maryland Blogger
http://actvra.in/BWc

Save a bundle on the cost of your home mortgage

When you are considering the purchase of a new home, a trusted loan officer is one of the people that you will want to have on your team.  Our office, RE/MAX Realty Group, in Gaithersburg, Maryland, has an affinity relationship with Presidential Bank Mortgage and the manager, Joe Salisbury.

This arrangement provides a trusted resource for mortgage financing for over one hundred real estate professionals in our office.  We have used Joe Salisbury as a loan officer for many years and highly recommend his services.

For those that plan to use mortgage financing to fund the purchase of a residence, one of the first steps is to obtain a pre-approval letter from a reliable mortgage lender.  Underwriting guidelines are strict in the current market and it is very important to know that financing is available and to know which mortgage product will best meet the needs of the borrowers.

A simple way to save a bundle on your mortgage is to select a shorter mortgage term.  The most common mortgage term is 30 years.  If you change the term to 15 years, you will save thousands of dollars in interest and have an earlier pay off of your mortgage obligations.

Recent rate quotes from Joe Salisbury will give you a good comparison of the cost.  3.875% was the interest rate quote for 30 year fixed rate financing, with no points, for 95% loan to value financing to $417,000.  This is a wonderful rate and reflects the current record low mortgage interest rates.  However, the interest rate for the same product was 3.125% for 15 year fixed rate financing. 

If you can handle the larger monthly payment, we recommend serious consideration of a shorter mortgage term.  For advice on the most suitable mortgage product for the needs of your family, schedule an appointment with our good friend Joe Salisbury at Presidential Bank Mortgage.  Call Joe at 301-590-8911 ext. 209 or email joe@presidential.com.

Joe Salisbury, Loan Officer


Azaleas, Kentlands, Spring Flowers IMG_9461 A

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

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Roy Kelley, a real estate broker since 1960, has retired from his position as Associate Broker with RE/MAX Realty Group in Gaithersburg, Maryland. The needs of past clients and referrals will be met by long time associates. 



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Rainmaker
559,293
Yolanda Cordova-Gilbert
David Weekley Homes in Cinco Ranch
David Weekley Homes

Roy,

             Those are great rates and they will not stay low for long there is talk of rising rates to 5-6% in the next 12-24 months so the time to buy is NOW!

June 03, 2012 08:06 AM
Rainer
199,799
Cheryl Thomson, REALTOR, Retired (U.S. Army)
Real Estate in Northern Virginia
Buyers Advantage Real Estate Corp. (c: 703.216.5635)

A loan officer you can trust...You certainly have to do your homework on this...shorter mortgages save money in the long run, but only IF you can afford the larger monthly payments.  Good info Roy.

June 03, 2012 10:10 AM
Rainmaker
919,531
Belinda Spillman
Your Real Estate Resource For Life!
Aspen Lane Real Estate LLC

Roy,  The right mortgage company makes all the difference.  Sometimes national banks aren't the best way to go, let me tell you.  We have had so much trouble when the buyer insists on using a national bank with the initials W.F.  We always try to encourage our buyers to get multiple quotes and refer multiple lenders whenever we can.

June 03, 2012 11:09 AM
Rainmaker
1,763,737
Roy Kelley
Retired Real Estate Broker, Maryland Blogger

Thanks for stopping by.  June is a wonderful time for home buyers to take advantage of the attractive prices and record low mortgage interest rates.  Getting pre-approved for mortgage financing is one of the first steps in the process.

June 03, 2012 01:44 PM
Rainmaker
1,262,431
Anita Clark
Realtor - Homes for Sale in Warner Robins GA
ColdwellBanker SSK Realtors ~ 478.960.8055

Roy: It is great to have members on the team that can be trusted...good to see your office has a partnership with a quality loan officer.

June 04, 2012 03:38 AM
Anonymous
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Rainmaker
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Roy Kelley

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