Have a Happy & Healthy New Year! - the Parklander

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REAL ESTATE WHY SHOULD I REFINANCE? THE MORTGAGE EXPERT There are many reasons to consider a mortgage refinancing. In today’s American culture, many reasons given may be inappropriate; some reasons are useful and cannot be dismissed. In general, refinancing a mortgage is done to accomplish one or more generic goals. These include: improve the interest rate vs. one’s old mortgage, shorten the term of the loan – years to go until the loan is paid off – or “cash out” some of the equity – the excess of the property market value that has built up over the years since the property was purchased, over the remaining mortgage debt. Any one of these reasons may be considered if the numbers indicate an economic advantage to do so. In truth, refinancing for rate usually means a change in term. Therefore, such a transaction is widely known as a “rate and term” refinance. Rate and term can be combined with a “cash out” transaction, so long as there is enough equity in the property to permit the lending of additional money. And, since a refinance is a new loan, you will have to qualify again. Here’s an example: In 1990 Jon and Alice purchased a new home for $100,000; gave a down payment of $20,000 and gave an $80,000 mortgage to the bank for 30-years. 114 JANUARY 2007 At that time, they qualified for an interest rate of 8.75%. Their mortgage payment worked out to $629.36 per month for 360 months – principal and interest – also known as P&I. Now, in 2006, they find that their home is now worth $350,000 and that the remaining balance on the old mortgage is only $64,920. Subtracting the balance on the mortgage of $64,920 from the current house value of $350,000, they are now delighted to realize that their original $20,000 equity has grown to $285,080! Jon and Alice speak to their mortgage broker and discover that they can refinance the remaining balance now at 5.875% and reduce their payment to $360 per month. They are excited with the improvement, but also discover that the amortization period - the number of years it will take to pay off the new loan – gets reset to 30 years. A little concerned, they call the mortgage broker again and find out that by doing the refinance anyway, they will save $58,431 in interest over the next 30 years compared to the remaining interest that will be owed over the remaining term of the old loan. “Now that is better,” agrees Alice! Refinancing can be very helpful. Because a mortgage loan is a long-term obligation, common sense suggests that it should be used for a long-term purpose. Like buying a home. Jon and Alice have been fortunate and their equity has grown dramatically over the years. They can now borrow some of their equity for a suitable reason. Like a remodeling or building a swimming pool. They decide that as long as they are refinancing for rate and term, this is a good opportunity to borrow some of their equity to cover the expense of such a project – a cash-out loan. A word of caution: In most cases, the bank will not ask why you are borrowing the money in a “cash out” loan. The bank already has the collateral they need, a lien on your home. So, you must rely upon your own good sense to act in your own best interest.
Taravella Goes to Washington Four members of the JP Taravella Marine Team will be attending a National Student Summit Conference on Ocean Conservation issues. The students will be under the leadership of Mrs. Gail Valenti, Sponsor and Mrs. Dawn Walker from the IGFA. Twenty schools nationwide will be attending. During this three-day summit, the students will be addressing members of the EPA, NOAA, and Congress on issues related to ocean conservation. The JPT Marine Team students will be speaking on the crisis occuring with the Comprehensive Everglades Restoration Plan. the PARKLANDER JP Taravella Honor Society Activities Interact & Rho Kappa student organizations at JP Taravella have been extremely active in participating in numerous projects. Since both student organizations have the same basic goals of international, national, and local community service and awareness programs, Interact & Rho Kappa have worked closely together to ensure success in their endeavors. Interact & Rho Kappa also worked on a fundraiser for Muscular Dystrophy (MD) by sponsoring a “Battle of the Bands” at Java D Lites in December. Proceeds were contributed to helping their own fellow student, Daniel Stern, who is presently in the hospital fighting against MD. There are 39 club members of Interact students and 57 Rho Kappa Delta Psi Social Studies Honor Society members that contribute to all of these projects. Brian O’Donnell, Barb Manwell, & Chuck Johnston of the History Department are the sponsors of the organizations. Meetings are every other Monday for Rho Kappa and every other Tuesday for Interact in Room 1036. If you have questions or would like to help in anyway, contact Mr. O’Donnell at 754-322-2300 ext. 3225. • Exciting Theme Theatres • Multi-Room Audio/Video • Home Automation • Custom Cabinetry • Innovative Designs for any Lifestyle! • Authorized Control 4 Dealer Best Price • Best Installation • Best Service Home • Yacht • Office 115
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