• Appleton Mortgage Success Story: Mandi and Chris

    24 Mar 2015

  • Mandi and Chris are a great retired couple with a great sense of humor.  They currently own a condominium and gave me a call based on a recommendation from another owner in the condominium complex. They were interested in lowering their Appleton

    Mortgage payment because things were getting a little more difficult for them after some increases in medical expenses.

    They purchased the condominium about six years ago when they retired.  Mandi retired three years ago as a teacher and Chris retired six years ago as a teacher in a different school.  When they purchased this condominium, they sold their old home to one of their children (who incidentally refinanced their Appleton home loan with me too).  They used a majority of the proceeds from that sale to put down on this purchase to have a lower Appleton Mortgage payment during their retirement years.  They did not
    plan for the increase in medical expenses however and felt they needed to do something to get a lower payment.

    When they got their current Appleton home loan, the interest rates were significantly higher at that point. It was considered a great interest rate at 6.5% at that time.  With rates as low as they are right now, we may be in business to offer a tremendous
    savings for Mandi and Chris.  I offered them two different options because I wanted to make sure they knew there were other options.  I didn’t want to be THAT lender that is only interested in what’s best for me.

    Option #1 was a 30 year fixed loan with and interest rate of 3.5% which would give them a payment of $291 plus taxes, insurance, and condo fee.

    Option #2 was a 20 year fixed loan with and interest rate of 3.5% which would give them a payment of $376 plus taxes, insurance, and condo fee.

    Their current Appleton Mortgage had a payment of $505 per month.  Either option would accomplish their goal of lowering their payment. They were really excited about the prospect of having an extra $200 per month.  I advised them that in my
    professional opinion that the 20 year mortgage would still save them $130 per month and they would not lose the six years worth of payments they have made already.  It would shorten the term 4 more years.

    After Mandi and Chris talked about it, they decided that the 20 year option made more sense.  They wouldn’t lose the money they have already paid and would still serve the purpose of saving money on their Appleton Mortgage.

    They got me the documents I needed to complete the processing of the loan. The documents I needed were:

    ·         Social Security Award Letter for both Mandi and Chris
    ·         Pension Award Letter for both Mandi and Chris
    ·         Two years of income tax returns including w2s
    ·         3 months of bank statements
    ·         Their retirement statements
    ·         Current  Appleton Mortgage Statement
    ·         Property Tax Bill
    ·         Home Owner’s Insurance Declaration Page
    ·         Condo Association By-laws

    We were able to close this loan in 22 days.  Mandi and Chris were unavailable for a week and weren’t able to allow the appraiser into the home so we lost a week.  Had they been available, we would have had the Appleton Mortgage completed in 15 days!

    If you currently own a condominium and are looking for an Appleton Mortgage, give me a call at (855) 712-3113.  I would love to be your Appleton mortgage lender.

    If you need help with a home purchase or a home loan please call me at 855-712-3113.