April 18th, 2009 8:18 AM

Dear Friends,

Just like a tuneup on your car, more than likely you might need a tuneup on your mortgage. Interest rates have hit their nadir, with rates as low as 4.25% on a 15 year conforming fixed rate.

Crunch The Numbers 

The best way to gauge these details is to compare your current situation with the thought of refinancing to a lower fixed rate. Let's say you have a $300,000 loan at a rate of 6.50%. The rule of thumb is to lower your rate to at least 1 percentage point to 5.50%. The savings for a 30 year fixed would save $190 per month but with a lower rate of 4.75%, you would save approximately $327 per month. Yearly, that would add up to $3924 in savings! Also, you would need to take into account the points and fees charged by the lender in order to know when you will recoup your monies. A point is equal to 1% of the loan amount. As of today, MoneyTeam is offering a 30 year fixed conforming rate of 4.750% at 1 point charge. In our example, this would add up to $3000 + closing costs of approximately $1750 for a total of $4750. If you saved $3924 in 1 year, all together it would take no more than 17 months for you to begin enjoying the savings of your refinance. You'll break even on your 17th month and begin the mathematical savings for the life of the loan.

You also need to decide if you will be living in your home for a period of 1 to 5 years or longer. You might decide to keep your current home, lease it out & purchase another or sell your home outright. If you decide to leave in a year or two, a refinance might not be the best option depending on your circumstances. MoneyTeam offers NO POINT/NO FEE loans, when a refinance to a lower rate during a shortened period of ownership might be beneficial. 

You will also save money every year as a percentage of the points and fees can be deducted for up to a 30 year period. Always consult your tax prepaper for more information in regards to this deduction.

MoneyTeam Blog Sale

As in one of our previous blog promotions, if you've read this far you are now able to save a bundle if you decide to refinance with MoneyTeam! If you are contemplating on refinancing your home loan, MoneyTeam will REBATE the cost of your APPRAISAL up to $350 and will not charge you a PROCESSING fee of $350 for a total savings of $700 for loan amounts exceeding $175,000. This offer is good until Thursday, April 30th. We have received a splendid response from our readers and hope you'll take advantage of this offer too. Our goal is to provide you with a pleasant financial experience. We hope to hear from you soon. Our direct phone number is 323-936-3232.

A Star Is Born!

In our previous blog we highlighted the amazing performance of Susan Boyle on a British talent show. It has been estimated that over 20 million viewers have seen Susan on YouTube singing verses of a dream yet to be fulfilled from 'Le Miserables'. Ironically, the day she sang her first few words on stage, workings of unfulfilled dreams destined for fruition was preordained. Susan's story is truly remarkable and it's just wonderful to view her performance again and again! 

You can view Susan Boyle's performance of a lifetime by clicking


Tea Party Controversy

I attended the Tea Party which was held at the Santa Monica Pier last Wednesday, the 15th. As you know the Tea Parties across the country were cohesive and peaceful demonstrations to show support for those burdened by the onslaught of taxes from every angle, imposed by local, state and federal governments. The turnout in Santa Monica was respectable and I was delighted there were concerned citizens eager to voice their outrage for the abuses of those in power devoted to the usurpation of American sovereignty and liberty. The tremendous debt this country will incur and the voluminous bail outs of Wall Street and the banking industry are bound to have a lasting impact on future generations of Americans. Trillion dollar deficits, the devastation of basic freedoms due to the albatross of monies owed to other countries, the control bestowed and in time manifested by foreign regimes as a reward for such collaboration and the newest overreaching intervention of government in our daily lives, is the concern of many.

These are perilous times when powerful interests are focused on efforts to belittle and embarrass those gathered in attendance at the Tea Parties across the country. The spirit of healthy and thought provoking dissent is the cornerstone of a democracy. There will come a time when the pedulum will swing back to a balance we've known and have been accustomed to. That day God willing, might come sooner than most of us realize.

Most Americans are willing to pay their fair share of taxes. When reckless maneuvers by Congress or recommendations by White House officials in spending trillions of taxpayer monies for questionable 'pork barrel' programs; when bailouts of bank and Wall Street concerns are encouraged by both political parties to the detriment of its citizens, this is when the hibernation of the 'Silent Majority' begins to wake up from its dormant sleep and finally takes notice.

Thanks Again

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Posted by Jesse Dorado on April 18th, 2009 8:18 AMPost a Comment

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