Sam Coleman
Home Loan Specialists, Inc.
Mortgage Update
     "The Best Rate Is Not Always The Best Deal!"                               Always Call Sam!                           1-866-SAM-4-YOU  (1-866-726-4968) 
Mortgage Myths

Conventional Wisdom: Bad Advice

Most home buyers and mortgage borrowers don’t know if their lender is over charging or what costs are fair and reasonable for their situation. Also, how does a buyer know what program is really in their best interest? The dynamics of the transaction can be confusing and stressful. Conventional wisdom can sometimes simply be bad advice. What to do? What to do? Hopefully the information herein will get you thinking.

MYTH - All Lenders Are The Same! All lenders are the same… why not just go to the one with the lowest rate?

FACT - “Most” lenders really are the same. They have little or NO training and provide very little or NO value-added direction, strategy or advice.  Additionally, they only provide programs that fit their needs, not those of clients. All borrowers should only work with lenders who represent the borrowers’ best interests.

MYTH - 30 Year fixed rate mortgage is the best type of mortgage! The 30 year mortgage is “risk free” and risk avoidance prevents losses.

FACT - 30 Year fixed rate mortgage is the most expensive loan available!  Banks demand compensation for accepting long-term rate “risk.” The average mortgage “life” is 5 years.  Logically, does it make sense to buy 30 years of rate guarantee to use 5?

MYTH - Pay “Points." Pay up-front points and lower your rate. Doing this results in a reduced Principal & Interest payment. On a 30 year fixed rate loan paying 1 Point = a .25 rate reduction.

FACT - The average American moves every 5 - 7 years. Most often, it does not make sense to pay points. It could take up to 5 years (or more) to recover dollars spent on points and dollars spent on points earn no income. Also, 1 point does not lower the interest rate .25%.   Market conditions and lender greed are the key factors.

The Best Rate Is Not  Always The Best Deal!

Please call to learn more about other MORTGAGE MYTHS









(*Mortgage Myth Information By Bill Early Was Edited For This Presentation)
Set A Time To Do Your No Cost
Mortgage Review With Sam!

I try to contact all of my clients several times each year to say “hello” and do our regular Mortgage Review. This on-going Personal Mortgage Service (PMS) is intended to save you money by insuring that your mortgage matters are always well managed. If for some reason, I have not recently gotten through to you, please call or e-mail me at your earliest convenience, so that we can set a time to do your Mortgage Review!

The process is simple, but important. We review all aspects of your income, savings, debts, equity, short- and long-term goals, cash flow, etc. This Critical Money Objective Study helps in the understanding of your true circumstances so that appropriate action/s can be initiated to conclude a logical strategy for your unique mortgaging circumstances.

I look forward to talking with you in the very near future.

Possible Reasons To Change Loan Programs

  • Switch To A Lower Interest Rate

  • Eliminate Costly Private Mortgage Insurance (PMI)

  • Use Equity To Pay Off Credit Card Debt At A Lower Rate

  • Move To A 15 Year Mortgage To Pay Off Home Faster

  • Use Equity For Down Payment To Purchase A Second Home

Do Your Mortgage Right - Always Call Sam!
          Sam Coleman - Michigan Loan Officer License 66789Home Loan Specialists, Inc., Corporate Offices
            135 E Main St., PO Box 132, Manchester, MI 48158                36139 Schoolcraft Rd., Livonia MI 48150
                     Phone 734-428-8944  Fax 734-527-6114   734-524-0400  Fax 734-524-0600

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"The Best Rate Is Not Always The Best Deal!"