Olney, Laytonsville, Damascus Loan Officer
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. It was there that Mitch received his basic foundation in how the industry worked. It was the continuous cycle of starting out with nothing and seeing a successful end result that Mitch found particularly appealing. "I knew early on that I would make this my career."
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 . "I pride myself in my ability to communicate with my customers, and keep them at ease every step of the way. Great customer service is the key to my success."
Mitch is a native Washingtonian and a graduate of the University of Maryland. When he is not working on your loan, Mitch is most likely coaching his son Brett's baseball or basketball team.
Blogs:
Refinance points tax deductible?
Refinance process
Have you had your ARM (Adjustable Rate Mortgage) examined lately?
With trillions of dollars of ARM'S coming due this year and next..........now is the time, NO CO-PAY REQUIRED!
Adjustments to your ARM could be substantial if you are not paying attention. I recently had a client come to me who was in a 2 Year ARM at 7%. He was 3 months from adjusting to 10% (Lenders have caps which dictate how your loan will adjust after the initial fixed period). He had a $750,000 loan. At 10%... His interest-only payment would have jumped to $6,250 per month. I was able to put him in a new loan fixed for 5 years at 6.5%. His new interest-only payment is now $4,062 per month... Thus saving him $2188 monthly, and getting him a better rate than he initially had.
WATCH YOUR ARMS... They will adjust automatically if you are not aware. Don’t wait until the last minute….It could save you thousands of dollars! I also have the ability to do some credit repair (if required) to get you the best possible rate and terms.
Here's an example of a debt consolidation for one of my clients:
My client bought her new home in 2003 for $360,000 (home is in Prince George’s County where values have significantly increased) and it recently appraised for $613,000. My client had taken out an equity line about a year ago and owed $30,000 on the HELOC (Home Equity Line Of Credit). Her PITI payment (principle, interest, taxes and insurance) was $3100 per month….she also owed in the neighborhood of $28,000 in credit card debt. The minimum payment on the credit cards were costing her $800 per month. If we take the $3100 PITI and add the $800 credit card payment, she was paying $3900 per month.
Here is what I did for her:
I got her a loan for $417,000, which is 68% of the $613,000 value (LTV, which stands for Loan To Value). This is considered a very strong LTV by all lenders. (The lower the LTV, the stronger the loan). With the $417,000 we paid off her existing 1st mortgage, her equity line, and all of her $28,000 in debt. Her new monthly payment is now $2959. She is now paying $941 a month less and SHE IS DEBT FREE!!!
CONSIDER CONSOLIDATING YOUR DEBTS, here's why …
Take full advantage of the equity in your home and pay off your high interest debt. You can borrow up to 90% of your homes current value. Why pay double digit interest rates when you can roll your bills into your new lower mortgage payment. In doing so, your debt now becomes tax deductible. (Consult your Accountant or Tax Advisor).
Chevy Chase single family homes for sale
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