Part Time Income Qualifications:

  • Must be a Home Owner.
  • Must obtain a lower interest rate on your home loan.

It ALWAYS makes sense to refi when ‘The overall savings far exceeds any fees financed’.  Black Ink Mortgage specializes in structuring loans that make sense. Find out if rates have dipped enough to offer you a sensible loan that saves you tens of thousands of dollars.  You will spend an average of 3-4 hours during
the two to four weeks time it takes to replace your current loan with a lower cost savings loan resulting with you making/earning/saving thousands of dollars. You can accomplish this with as a little as a quarter percent drop in your current rate.

The Power of a Quarter of a Percent

by Doug Dahl – Broker/Mortgage Financial Specialist

It always makes sense and is advisable to refinance when you are able to lower your rate and the savings exceeds the cost of refinancing. And sometimes there are no fees.

Simple Mortgage Math Solved

Let’s say your loan started at $425,000 and your interest rate is fixed at 4.25%

Your principle and interest payment would be $2,090.74

3 ½ years into the loan the balance would be about $398,500*
You would have 318 months (26.50 years) remaining for a Grand Total of $664,855
*assumes no additional principle payments had been applied.

Your New Loan

New loan (rounded up): $400,000
New Rate: 3.99%
New Principle and Interest Payment $1,907.36
That’s a payment reduction of $183.38, right?

Here’s where most get lost..

While it is true that the new loan is amortized over 30 years, if you were to simply apply your current payment amount to the new loan, it would be paid off in
305 months (25.42 years) for a Grand Total of $637,675

‘The new loan thus would be paid off over 1 year sooner with a significant savings of over $27,180’

And here’s the very interesting part of the above FACT:  The total amount of your time required to achieve this savings is about 3 – 4 hours over a period of between 2 and 4 weeks.  ‘How much do you earn from working 3 – 4 hours?’

That’s as easy as I can put it.  If you don’t agree with the math or have additional questions, I am more than happy to go over this more in depth. If we can
save you tens of thousands and you like the terms, we can lock a rate on the spot.

“At Black Ink Mortgage, we make loans that are profitable”

Doug Dahl | Broker & Owner