My New Blog

I have a success story for you all. Recently I had a customer call me because he had recently bought a home back in December and when he received his first bill he noticed that it was terribly higher. Well, what happened is that the taxes where being assessed based on the previous value which was about $250,000 higher so it gave him a tax bill twice that of his regular payment.

To correct his situation I evaluated his finanical situation and noticed that his interest rate was high compared to the current rates. I advised him towards a streamline refinance benefiting him by saving $190 per month without any out-of-pocket expense plus... he skips his next month's payment saving him another $2,700. He did all this with out re-qualifying for the new loan (credit or DTI). Instead of taking that money and buying something of no value, I advised him to apply half of it toward his savings and the other half towards his car payment which in his case is in the form of a credit card. By applying that money towards his credit card he lowered the amount on his monthly bill and if he keeps paying the same amount he is used to paying he now lowers the time it will take to pay it off.

In regards to his property taxes, the homeowner went online to www.mytaxcollector.com and downloaded a reassessment request form to expedite the process, but because San Bernardino county is so backed up with work it still may take some more time for his taxes to adjust. Now, the over payment of taxes will get refunded back to him once the reassessment finalizes so he must consider it a savings account for the time being. Once the reassessment kicks in he will be in a much better financial position that he started off when he bought the home.

Check out the Total Cost Analysis I did for me and take at look at how his new mortgage will benefit him. I also advised him once he gets back on his "feet" financially, he should reinvest the $190 savings by appling it towards a safe conservative investment account that accumates interest. This strategy will show on the analysis under "Streamline Refi".

If you or somebody you know would appreciate a complementary analsysis to find out if there's a better loan or better way of structuring the mortgage fill out the online application or call me direct at (951) 662-3389.