• Sheboygan Refinance Success Story: Phillip and Brooke

    1 Apr 2015

  • Phillip and Brooke is a young couple from Sheboygan Wisconsin that needed to save money fast on their Sheboygan Mortgage.  They recently found out that they were going to have a baby!  Although it is an exciting time, it also created the need for making a few changes around their modest house to prepare for their addition.

    When Brooke contacted me, she mentioned that they had two different mortgages on the property.  When they bought their home six years ago, they utilized a very popular loan product at the time known as the 80/20 Sheboygan Mortgage.  This mortgage allowed a borrower to purchase a home with no money down because it split the Sheboygan mortgage into two separate mortgages.  The mortgage interest rate on the first was usually in line with the market while the interest rate on the second was considerably higher.  The more risk the loan was, the higher the interest rate.

    Phillip and Brooke’s current mortgage was at 7% on the first Sheboygan mortgage and at 9.5% on the second mortgage.  Compared to today’s prevailing Wisconsin Mortgage Interest Rates, these were at least twice as high!  I knew that as long as Phillip and Brooke were completely honest with me during the application that I was going to save them over $300 per month!

    When we met to sign the initial loan documents, Phillip mentioned that he wished there was money available for making some interior home improvements.  During our discussion, he mentioned that he really wanted to update the kitchen with new cabinets and countertops.  He also wanted to purchase a matching stove and refrigerator.  I did not make any promises, but I did mention that if the appraisal came back at a certain value, I would be able to cash out enough to make the home improvements.  He understood that would increase the loan amount of his Sheboyganmortgage but wanted to do this for Brooke.

    After the appraisal was completed, I was able to determine that I was able to offer $8,000 toward the improvement of his kitchen.  They talked it over and decided that they wanted to cash out the $8,000.  We updated the loan documents and re-disclosed the new changes they wanted.  We closed their Sheboygan mortgage in only 18 days!

    I was able to combine the two mortgages into oneSheboygan mortgage.  I was able to cash out $8,000 for some home improvements.  By combining the two home loans into one SheboyganMortgage at a 3.5% 25 year fixed interest rate, they saved $184 per month.  I did not want to see them go back into a 30 year mortgage after they had been paying on their Sheboygan mortgage for 6 years.  I recommended the 25 year mortgage.  They still saved a lot of money.

    Many Sheboygan Mortgage Companies say they offer the lowest mortgage interest rates but only Wi-mortgage.com comes through on the promise of low Mortgage Interest Rates with Speedy Closings (sometimes as little as 14 days!)  Your Sheboygan Home Loan Lender offers lending services that makes it easy for you to obtain financing for purchasing properties in Wisconsin as well as refinancing your existing Sheboygan Mortgage.  If you are ready for a no-obligation FREE financial analysis with your personalized Sheboygan Mortgage Interest Rate Quote, please contact my Office at 855-712-3113.  You can also visit our website at wi-mortgage.com.

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    You may now be eligible for our Sheboygan FHA Mortgage Interest Rate Reduction Program.  If you qualify for this FHA Mortgage Product, we may not require income documentation or an appraisal report to modify your existing Home Loan.  Qualified mortgage applicants will be able to lower their existing interest rate and mortgage payment if reasonable conditions are satisfied.  Call my Office at 855-712-3113 to see if you qualify for this FHA exclusive program.  Only qualifiedSheboygan Mortgage Companies have access to this FHA loan product.  Call Today or apply HERE before this exclusive Sheboygan FHA Mortgage Loan Product goes away!