One-Click Rate Change
At Warren Capital, we are eager to introduce the HarmonyLoan to our clients because we recognize proper financial advice considers both assets and liabilities.
How it Works...
As interest rates fluctuate, the HarmonyLoan allows you to lock in a better rate at the click of a button. You don’t need to go through the expense, paperwork and hassle of a traditional refinance. The HarmonyLoan allows you to reset your rate — when and if you want — every 120 days. When rates drop, yours can too. Finally, there’s a mortgage product that’s putting consumers’ interests first.
Over the life of a 30-year loan, a borrower is primarily paying down interest in the early years. Over time, more and more of the monthly payment goes toward paying down principal. That’s why staying on track with a single loan makes sense: Ultimately you can pay off your debt more quickly than if you are constantly refinancing and starting over on a new amortization schedule.
Lenders have realized that it is in their interest and the borrower’s interest to extend better rates to their customers and allow changes after a loan is closed. Lenders no longer risk losing their customers because of a refinance. If the economy is slowing, a lender can extend the benefits of lower rates without the need to qualify the borrower again.
For the first time, there’s a loan that allows the lender and the borrower to work in harmony. At Warren Capital, we believe the HarmonyLoan can make for a sound financial decision.
For more information on how the Harmony Loan can help you, contact us at Warren Capital by filling out the form here.
No Income Check
No Credit Score Check
No Closing Costs
No Appraisal
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Examine Your Savings
5/1 ARM vs. 30 Year Fixed Mortgage
$400,000 Starting Loan Amount
SCENARIO 1
You have a 30 year fixed rate at 4.75%. Your required principal and interest payment is $2,087 per month. Because of the amortization schedule your principal balance on your loan will be $365,350 after 5 years.
SCENARIO 2
You have a 5/1 ARM at 3.5%. Your required principal and interest payment is $1,794 per month. Because of the amortization schedule your principal balance on your loan will be $358,039 after 5 years.
YOUR SAVINGS:
By going with scenario two you enjoy $293 of monthly savings. By simply taking that $293 and paying off principal your balance would be $340,460 after 5 years. That's a $24,890 difference in your loan balance after just 5 years.
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