Refi Helps Couple Prepare of Kid’s College
When John and Susie Smith received an Avalanche Mortgage report saying their loan was probably at a good rate, they decided to give us a call anyway.
John and Susie had recently welcomed their first child, and they wanted to get a head start on planning for his future. We were able to help them by:
- Getting them into a shorter-term loan. Their home will likely be paid for by the time their son graduates from high school, freeing up the budget to help with college expenses.
- Securing a lower interest rate. Rates had fallen only a little since the Smiths purchased their home. However, since they refinanced to a shorter term, their rate dropped more significantly. They’ll save on total interest rate payments over the cost of their loan. Plus, their monthly payment increased only slightly, even with the shorter term loan.*
- Giving them peace of mind. The Smiths can rest easy knowing they’re taking steps toward preparing for their financial future—and their son’s.
Are you receiving semi-annual mortgage reports from Avalanche? If not, feel free to complete this form. We’ll monitor your current loan and let you know how it’s performing relative to current interest rates. And it’s all free!
*Some families find it’s better to stick with a longer-term loan and a lower monthly payment. They look for opportunities to invest the difference in the two payments, growing their savings over time.