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Our guiding principle: Envision Mortgage Solutions thrives only on honesty, on honor, on the sacredness of obligations, on faithful dedication to our clients and colleagues, and on unselfish performance. Without them, it cannot live. |
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Envision Mortgage Solutions is a local company with 2 locations to serve you: Crestwood Office
4731 Midlothian Tpke #32
[contact us] [directions]Crestwood, IL 60445 [708] 597-8884 Schaumburg Office
1051 Perimeter Drive, Suite 900
[contact us] [directions]
Schaumburg, IL 60173 [847] 619-8123
Licensed with the Illinois Department of Banks & Real Estate # MB.6759105 and is a member in good standing with the Illinois Association of Mortgage Brokers www.iamb.org, the National Assoc. of Mortgage Brokers, and the Illinois Secretary of State. |
Another way to make a refinance work for you is to refinance for more than the balance remaining on your old mortgage -- in effect, tapping your home equity, or "cashing out," in mortgage speak. Thanks to favorable rates, you may be able to do so without boosting your monthly outlay. For example, at 8.5%, the payment on a $200,000, 30-year fixed-rate mortgage is $1,538. But at 7.5%, that same payment lets you borrow nearly $20,000 more.
The best use for the extra cash is to pay off any higher-rate loans you may have. Let's say that you are carrying a $15,000 car loan at 10% and making minimum payments on a $10,000 credit-card balance at 17%. Your monthly payments on those debts would total $680. Then assume you refinanced your mortgage, taking out an additional $25,000 to pay off your car and credit-card loans. Result: At 7.5%, your additional monthly mortgage payment would total only $175, so you would come out $505 ahead ($680-$175=$505).
Of course, all the extra cash needn't go for paying off debts. When the Menards swapped their ARM for a fixed-rate last December, they also increased their mortgage load by $34,000, from $106,000 to $140,000. They used $3,000 of the proceeds to pay their refinancing costs and another $17,000 to pay off a 10% home-equity loan, which had been costing them $250 a month. Then they spent the remaining $14,000 to build a garage for Roger's antique-car collection -- and they did all this for just another $19 a month.
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