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Academy Mortgage

Wondering if now is the perfect time to consider buying a home or
refinancing the home you own? Brett Mills with Academy Mortgage
answers your top mortgage questions.

Is it hard to qualify for a mortgage? What are some things I can do to
prepare myself?

· We are getting over 90% of the consumers who apply qualified. Hence
apply! It costs nothing and only takes a few minutes. If the answer is no we
can provide you with a step by step roadmap to get qualified.

· There are several loan options to purchase and refinance with as little as
$0 down and there are more grant programs available than ever before to
assist consumers

· Keep credit card balances low

· Pay all bills

· Have a target of saving 3.5% of a purchase price for down payment, but
not always necessary

· It is a perfect time to get into a home or refinance due to the historically
low interest rates and home prices appear to be stable

When does it make sense to refinance? I have refinanced a couple of
is it worth it do it again?

· There is a general rule of thumb that your rate has to drop 1% for a
refinance to be advantageous. I believe this is the wrong gauge and can
cost consumers thousands of dollars in potentially saved interest

· The correct way to evaluate a refinance is to divide the monthly savings
from the lower interest rate into the closing costs to make sure you will be
in the home long enough to recoup the cost of refinancing and take
advantage of the savings

o To calculate the interest savings multiply your current loan amount by
your current interest rate and the proposed lower interest rate. The
difference is your annual savings to divide into your closing cost

o For a slightly higher interest rate you can get a loan with no closing costs
which will almost always save you money immediately.

· If you have refinanced to a lower rate over the past few years you made
the right decision because you locked in historically low rates at the time.
We are now at 70 year lows on interest rates so do not speculate, lock in
the new historically low rates.

I realize that analyzing your mortgage options is one of the largest
financial decisions individuals will ever go through.

Please do not hesitate to call to receive qualified straightforward answers to
all of your mortgage questions. We never charge you for the analysis and
will provide you with all of the answers you need to make a decision of
what is best for your family!

Brett Mills ~ MBA, CMB, CML, AMP, BLM
Manager/Senior Loan Officer
2307 N Hill Field Road Suite 105, Layton UT 84041
Office 801-614-5099 Toll Free 855- BrettMills

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