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Mitch Jacobs,
Home Equity Specialist
It is a great time to take advantage of a lower Prime interest rate. With property values stabilizing but with the potential to decline further, I highly recommend anyone take advantage of the equity in their home as soon as possible.
Our partnership with Provident Bank enables us to provide the most competitive home equity products on the market. Many of the products available are below the current Prime rate. Choice Finance® is Provident's largest home equity partner and can provide these home equity loans in Maryland, Virginia, Washington D.C., and Delaware.
Please read below about an actual scenario of a client I helped lower his debt by over $700 a month. I would love the opportunity to review your situation and let you know if there's an opportunity to substantially lower your monthly payments.
Take a few minutes to apply online and you may be days away from removing that 800 pound gorilla that's on your back!
Real scenario
I recently had a client come to me who had $51,500 in credit card debt. His minimum monthly payment was $1600. Fortunately for him he had plenty of equity in his home, and very good credit. I was able to get him a $200,000 home equity line of credit (HELOC) at Prime minus .750% (currently 6.75%). Keep in mind, some of his credit card debt was at 21%. He paid off all of his credit card debt and now has an available line of credit of $148,500. His new interest only payment is now $300 per month, saving him $1300 per month. If he were to send the old amount of $1600…..he would knock $1300 per month off his principal balance and pay his entire balance off in 3 years and 3 months! Either way he is cutting a ton off his monthly expenses. He couldn’t have been happier... he just wishes that he had done this years ago. Now he has flexibility with his payments each month where he can decide if he wants to continue to pay the old amount or if he needs the cash, only pay the minimum of $300. Interest on this line of credit is generally tax deductible (consult your tax advisor).
Mitch has over 20 years experience in the Building/Real Estate Industry. He began his career in 1985 with Thomas P. Harkins Inc., one of the areas most prominent General Contractors. Mitch then spent several years selling homes for NVR Inc., the areas largest residential builder. Mitch won numerous awards for his achievements as a top producer in both Prince George's and Montgomery counties for Ryan homes. After transitioning to NVR Mortgage (sister company to Ryan Homes), Mitch has now found a home at Choice Finance®.
