~ Robin & Joe Pietrantoni
of Durham, NC write:
"I am very grateful for Jim Enright's assistance in the recent refinancing of our home mortgage. Jim spent a great deal of time with my husband and I - exploring our refinancing options, explaining how each option would affect our budget, and answering our countless questions. As a result of Jim's time and effort on our behalf, we were able to accomplish all of our original objectives, including lower monthly mortgage payments, reduction in the term of our loan, and cash for the purchase of a new car! " John & Cathy were moving here from Indiana. They had lived in their home for 15 years with a small mortgage and lots of equity. Conventional home buying wisdom said use the entire $61,000.00 equity from the sale of their home for the new purchase down payment. Doing this created a bigger problem. With one son in college now, one going to college this year, and a daughter who will be in college in 5 years, tuition will continue to be a huge expense for the next nine years. Using conventional wisdom, they would borrow against home equity, or get other loans for tuition.
Solution: Rather than use all the equity from the sale of their home, we only used 5% ($18,450.00), and structured a great loan without mortgage insurance.
Benefits: they got their new home with minimum down; they kept cash in a investment account; paid off most debt; and have tuition saved for two kids.
When we were done with the strategy session, John said "Jim, this is not just a mortgage, you are doing financial planning! "
~ Career Change, New Business, Single Parent = Money Flowing Through the Cracks
John had switched his career from being an employed software specialist to an independent consultant 3 years ago. Like many new businesses, his tax returns didn’t show much income. John has two teens and is a single parent. With business travel, teenagers, and the monthly fluctuations in business cash flow, debt was mounting. His total bills were over $3,300.00 per month. That’s when he called us. John thought that with interest rates going up, there might not be an advantage for him. That’s where our expertise came in.
We reviewed his credit, assets and liabilities. Credit was good but we had a problem. He didn’t have enough income showing on his tax returns. We found a special program and reduced John’s payments to $2,000.00 per month. This was a $1,300.00 per month savings! We then showed John how small amounts of prepayments can save thousands in interest and how to increase his savings with these “found” funds.
If this sounds like the kind of service someone you know deserves, please call me. They’ll receive the same great attention to detail and advice.
~ Chance Encounter Saves $12,768.00. You Could Be Next.
Jerry called and said he had been thinking about a Fixed Rate refinance, but didn't think rates were low enough.
Then he realized his high tech job wasn't so stable. Then he started thinking about how long he would actually live in his home. He wondered "even though fixed rates are low, is this the best program for me now?" Luckily, he ran into my client Debbie at aerobics class. In between sets, she told him to call me.
We carefully reviewed his first and second mortgage, credit card debt, and amount of money in savings. Looking at "The Lowest Cost Analysis", Jerry decided a 5/1 ARM made the most sense for him. It also saved him $243.00 per month and $12,768.00 after closing costs in 60 months.
When we were through, Jerry said, " I wasn't sure it made sense to refinance, but "The Lowest Cost Analysis" put the benefits in black and white."
The Lowest Cost Analysis brings financial clarity and will save you thousands of dollars when you refinance or buy your next home.
One More Success Story...
Sitting in the attorney's lobby waiting to close, my client Mark said, "Jim, I really didn't think you could close so fast. You did a great job".
Here's a peak at the story behind the scenes. Mark and Robin moved from Virginia. They expected to close at the end of May on their home in Virginia, and then close on their Durham home right after that. This would give them time to have the home repainted, re-carpeted and touched up the way they wanted it.
A problem occurred.
1) Their buyers were ready to close 3 weeks early and had to take occupancy at closing.
2) The relocation contract on the Durham home was still being "settled" and was in limbo.
3) We had to close on this Durham home in two weeks, so there would be time to have the painting and carpet done before his family got here.
4) He also needed an equity line to close within days that would be based upon the appraised value rather than the purchase price. He got a great buy!
Problem #1 - Usually it is easy to close in 10 days or less. But at this moment there was a refinance boom going on. What did take 24 hours for approval is now taking 4-7 days for approval.
Problem #2 - Have you ever heard stories of someone else's bad credit getting attached to another persons excellent credit, thereby causing a complete credit mess? This happened, and it was time consuming cleaning it up.
With a mass of coordination and expertise, we did close the loan on the 10th day. The package was delivered to the attorney at 11:35am on the 9th day. The equity line was in place. The painters and carpet people were at the home on the day of closing.
While we were waiting to close, Mark said, "Jim, I really didn't think you could close so fast. You did a great job". |
Just place your mouse over the video you would like to watch and enjoy. Please turn up your speakers!
Bob Moura
Universal Printing
Dr. Neil R. MacIntyre, MD
Chief, Clinical Services
Duke University Medical Center
Ron Lewis
Senior Minister
Durham, NC
Kevin Judge
Physician Chapel Hill NC
Theresa Lostaglio
Programmer Analyst
Michael & Jayne Cash - VP Operations & Clinical Nurse RN, BSN, CPON
Patricia Davis
Grant Specialist
Greta Garber
Clinical Nurse Durham NC
Raymond Smith and Melanie Maupin
Chapel Hill, NC
Matt Roman
Raleigh, NC
Larry Lee
Retired Academic
Cary, NC
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