Awhile back my daughter had to sell girl scout cookies. I decided that instead of being one of those parents who sells them at work to sell the cookies instead of her, I would give her the first lesson she had in sales. So we packed up and headed out the door.
After a ten or fifteen doors with no answer, no thank you and ultimately no results she grew frustrated. However, after her first successful sale, which took longer than an hour (no small achievement for a six year old girl) she was giddy with excitement. In fact, she was now charged up to keep going because she informed me, she had a goal to sell enough to get a girl scouts water bottle.
This story is relevant to your mortgage situation. In fact, if you feel like over the last couple of years the economy has told you “no”, a chance for a big yes may be at hand. For most folks, the last few years have seen an erosion in home values, a unemployment, though often underemployment and other financial stresses. We all seem to agree that we lived beyond our means and the time has come to pay the piper. However most people we talk to are too financially stressed to do so.
Lower mortgage rates present the greatest opportunity to change your fortunes. However, most folks have been so beaten up, they are not hearing opportunity knock at the door. Don’t be one of those people. You just need this try. So run your numbers with your professional Pacor mortgage loan officer and get moving.
If cash flow is your number one problem today there are many ways to cut your monthly payment. A traditional refinance could move you below 5% and save you hundreds every month. The savings can be used to improve your monthly cash flow. You may be able to pay down other debts and start to win instead of feeling like everything is going against you.
However, if cash flow is NOT your problem, there is a bigger opportunity. Refinancing and cutting your term by reducing the number of years remaining on your mortgage is the single best thing many folks can do today. Instead of saving a little money every month, you could save tens of thousands of dollars in the long run.
With a term reduction you could retire early, mortgage free or find yourself in situation where the house is paid off at the same time the kids finish college. Either way, you win for the long run. Don’t ignore the knock, you need another try and the mortgage market wants to give it to you!
