Farrier Randy Heiman: A Modern Businessman In An Old ... - Outpost

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6 • Feb. 29 - March 6, 2012 LakeSpokaneOutpost.com Michael and Rebecca Mullin, Your Mortgage Consulting Team With rates being as consistently low as they appear to be in the score box below, why is there still a steady stream of refinance applications being submitted? I would have thought everyone had already refinanced their loans. But we talk to people every day who still have home loans with interest rates in the 5% to 6% range. A 1% drop in interest rate on a loan you’ve had for two to three years could potentially lower your payment $150 to $175 per month. There are dozens of very valid reasons why someone might not refinance their loan, and I would characterize the majority of those reasons as some combination of the applicant doesn’t qualify, there’s insufficient financial benefit, or there’s not enough equity in the property. However, I have found many consumers have incorrectly made the decision that one of these factors prevents them from refinancing. Don’t let the fear of qualifying stop you from inquiring about a loan. If one lender says “no,” don’t hesitate to have a conversation with another to get a second opinion. If nothing else you should come away from those conversations with a very detailed road map of how to improve your financial picture so you can get approved. I talk to a handful of customers every year that have been turned down by one of the big banks either incorrectly or for issues that could be remedied immediately with the right coaching. When refinancing you need to have the lender give you a cost/benefit analysis. This can be as simple as calculating how many months does it take for the Help Wanted: The Outpost is looking for freelance writers and photo journalists. Please send your resume and sample work to: danam@lakespokanemedia.com Mortgage Matters • Michael Mullin Week of 2/23/12 Avg Rate Avg Fees & Points payment savings to exceed the cost of the loan. If you are reducing your payment $100 and the costs to refinance were $2,500 then that is a 25 month breakeven. It can also be as complex as running multiple amortization schedules to find out the impacts of paying off the loan ahead of schedule. You need to be careful when a lender talks about the amount of money you can “save” by refinancing, particularly if Trend for 30-Year Fixed Rates Current Week 3.91% 0.80% BuSInESS Why Haven’t You Refinanced Yet? Last Week 3.83% 0.70% 30 Days 3.92% 0.80% you are extending the term of your loan. When refinancing a customer into a new 30 year loan I prefer to use the words “you are improving your cash flow by…” because part of the payment reduction is due to the lower rate (the “saving” part) and a portion of it is due to extending the loan term back to 30 years. Rates have been so low that we are seeing more customers switching to 20, 15, and even 10 year loans. In those cases the payment is increasing but they are truly savings tens of thousands of dollars in interest. Insufficient equity has stopped some customers from being able to refinance. Before The Home Affordable Refinance Program (HARP) became widely available, you could finance up to 97.5% of your home’s value with an FHA loan but the cost of the required mortgage insurance erodes most of the benefits of a lower rate (unless your loan already has mortgage insurance). We’ve already helped many local home owners with little or no equity successfully refinance to lower payments with the HARP, and I suspect there are many more in Stevens County that just aren’t aware this program is available. Finally, I suspect many consumers avoid the refinance process because the reality is that getting a home loan is not a fun process. I was working with a business coach last week who suggested our new slogan be “Getting a home loan is as painful as a root canal, but at least we make you smile while you’re getting it.” I’m not sure I’m on board with that but there’s an element of truth to it. But considering the thousands of dollars that could be saved, or cash flow that could be improved, it’s worth the trouble. Last Year 5.09% 0.90 % Data providing via Freddie Mac Primary Mortgage Market Survey® Call for all your Garage Door and Opener needs Local, experienced, reliable service Repair or replace your old door Repair or replace opener Replace broken springs Licenced, Bonded and Insured $10.00 off any service with this coupon Call Today! 509-276-8334 or cell 509-998-2758 ACCURGD934KA Michael has 21 years’ experience in the lending industry. In that time he’s directly helped over 1,400 families finance the purchase of a new home or refinance an existing loan. Rebecca has a CPA background in auditing financial institutions which brings an incredible resource to First Priority Financial. They are licensed to help families in the states of WA and CA. If you, or anyone you know, needs help with a home loan call 509-252-9151 or send an email to MMullin@TheLoanConsultant.com. SHARP AUTO & BOAT REPAIR Complete Honest Repair ASE Certi�ed 22 Yrs Exp All Types Repairs Brakes Farm & Diesel “I stand behind my WORK!” 509.468.8182 509.953.6503 Providing The Quality You Expect At A Cost You Can Afford. www.bunkerbuildings.com randy@bunkerbuildings.com WA Lic BUNKESB955BE GEORGiA Indian Trail Animal Clinic 9027 Indian Trail Rd. Spokane WA 99208 “Your Pet’s Second Best Friend” Spring Hours M – W – F 7:30am to 6:00pm T - T 7:30am to 8:00pm Saturdays 9:00am to 1:00pm 468-8387 indiantrailanimalclinic.vetsuite.com
LakeSpokaneOutpost.com 10-Feb EMS Dover 10-Feb EMS 4300 Block 231 10-Feb EMS 4500 Block 231 10-Feb EMS 6100 Block 291 10-Feb EMS 6000 Block 291 10-Feb EMS Greenfield 11-Feb EMS 4400 Block 395 11-Feb EMS Whitmore Hill REPORtS Stevens County Fire District #1 Report 11-Feb EMS Shore Road 11-Feb EMS Mandingo 11-Feb MVA Swenson 12-Feb EMS 7600 Block 291 12-Feb EMS Swenson 13-Feb EMS N. 4th Street 13-Feb EMS 7200 Block 291 14-Feb MVA 4000 Block 395 Stevens County Sheriff’s Report 2/20 Burglary 65xx Whispering Pines Way 2/20 Trespassing 62xx Hwy 291 2/20 Traffic Stop 56xx Jergens Rd. 2/21 Traffic Sit Hwy 291 2/21 Susp Person 63xx Hwy 291 2/21 Drugs 61xx Hwy 291 2/21 Runaway 64xx Villier Rd 2/21 Info 59xx Hwy 291 2/21 Theft 166xx N. Suncrest Dr. 2/21 H911 64xx Highway Dr. 2/21 Runaway 160xx N. Iris Ct. 2/22 Veh Prowl 162xx N. Saddlewood Rd. 2/22 Harassment 62xx Hwy 291 2/22 Burglary 62xx Sundown Rd. 2/23 Lost & Found 130xx W. Sunnyvale Dr. 2/23 H911 167xx N. Sunnyvale Dr. 2/24 Traffic Stop Hwy 291 2/24 Traffic Stop Suncrest Dr. 2/24 Traffic Stop 59xx Hwy 291 2/24 Traffic Stop Hwy 291 2/25 Wel Check 62xx Jenna Dr. 2/25 Threats 65xx Lakeview Dr. 2/25 Fraud 165xx N. Tamarac Ln. 2/25 Traffic Sit 130xx W. Sunnyvale Dr. 2/26 Traffic Stop 291 & Meadow Vista 2/26 Dogs 63xx Jenna Ct. Total Incidents for 99026-26 2/23 Wel Check Hwy 291 2/24 Wel Check 52xx Hitchins Rd. Total Incidents for 99034-2 2/20 Alarm 52xx Rail Canyon Rd. 2/21 Info 62xx Bluebird Way 2/22 Alarm 55xx S. Swenson Rd. 2/24 Atl 55xx McKenzie Woolard 2/24 Eviction 54xx Ellsworth Rd. 2/25 Info 53xx S. Swenson Rd. 2/26 Susp Veh 54xx S. Swenson Rd. 2/26 Wel Check 50xx Casberg Burroughs Rd. Total Incidents for 99006-8 14-Feb Ill Burn Sunview Way 15-Feb EMS Scotts Valley 15-Feb EMS Villier 15-Feb EMS Meadowview 16-Feb EMS 4300 Block 231 16-Feb EMS West Jump off Joe 16-Feb Illl Burn Tombstone Week-23 Year-125 Nine Mile Falls Tum Tum • Deer Park Clayton • Loon Lake Springdale • Ford 2/20 Theft 44xx Lincoln St. 2/20 Traffic Stop 44xx Hwy 395 S 2/20 Traffic Stop Railroad Ave. 2/20 Pubwks Railroad Ave. 2/21 Harassment 45xx Bellstar Rd. 2/22 Theft 43xx Grote Rd. 2/22 Assault Redman Rd. 2/23 SV 44xx Lincoln St. 2/25 Unwanted 44xx Calicoat Way 2/25 Burglary 44xx Calicoat Way 2/26 H911 Hey 395 S Total Incidents for 99110-11 2/20 Trespassing 38xx Southwood Shores Rd. 2/20 Susp Person 38xx Southwood Shores Rd. 2/20 Subj Stop N Deer Lake Rd. 2/21 Sick Unkn 41xx Porter Rd. 2/22 Burglary 40xx Tamarack Bay Rd. 2/23 Traffic Sit Hwy 395 S 2/23 Drugs 39xx Garden Spot Rd. 2/24 H911 45xx Haney Rd. 2/24 Overdose 40xx Hwy 395 S 2/24 Traffic Sit Hwy 395 S 2/25 Misc 39xx 3rd Ave. 2/25 Traffic Acc 36xx Grouse Creek Rd. 2/25 Missing 43xx E. Deer Lake Rd. 2/26 Alarm 42xx Grouse Creek Rd. 2/26 Atl Warrant Sub 421xx Shore Acres Rd. 2/26 Atl Warrant Sub 39xx N Deer Lake Rd. 2/26 Atl Warrant Sub 45xx Haney Rd. Total Incidents for 99148-17 2/20 Sex Off Loc 53xx Olinger Rd. 2/22 Susp Veh Old Dump Rd. 2/22 Animal Prob 44xx Colt Way 2/23 Cardiac 41xx Springdale Hunters Rd. 2/24 Theft 50xx Allen Rd. Total Incidents for 99173-5 2/20 Traffic Acc 52xx Ford Wellpinit Rd. 2/22 Custodial Int 76xx Hwy 291 Total Incidents for 99013-2 Feb. 29 - March 6, 2012 • 7 March 28th April 25th May 23rd “Accuracy, Reliability, Quality!” Lake Spokane Seventh Day Adventist 464-4570 10405 N. Newport Hwy Lic#-WOLLC**015LA New Construction Remodeling & Repair 10+ Yrs. Spokane & Stevens Co. Kitchen & Bath Custom Cabinets Hardwood, Tile, & Vinyl Kevan Woll (509)879-4504
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Farrier Randy Heiman: A Modern Businessman In An Old ... - Outpost

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