Here are my thoughts on the long-term future of our great financial situation from the mortgage loan officer chair. Short term we are all suffering from a weak economy and lack of credibility in our political system. Long term people are making great financial decisions that are going to benefit them long term. Here is what I mean. I believe there has been a mental shift to fiscal responsibility. The last several years have opened our eyes to aimlessly spending how this behavior affects our happiness. The new way of living is more focused on saving, spending less on material objects, and enjoying life for what life is. From my chair clients and friends are looking at their long-term goals. We have cut off unnecessary expenses and have started adding more money to things that help us live a better life. By investing more of our income, which is possible now that we have trimmed our expenses, we have been investing in long-term health. I talk with 2 or 3 clients a day that are reviewing options of a 15 year or 20 year mortgage. The savings are amazing. Recently, I advised a client that has a 30 year mortgage at 4.875% and a loan amount of $270,000. We reviewed his options and decided to lock in a 15 year mortgage at a 3.5% rate with low closing cost. I was amazed when I compared the total interest he was going to pay on a 15 year compared to a 30 year mortgage. His total savings were estimated at $226,000. That is a huge savings and a great retirement plan. He will have his home paid off about the time his kids go to college.
Yes, my scope of the prosperity of America is limited to my clients and their financial goals, but I still believe that this diverse pool is similar to what is happening all across America. Join me today to get your financial future in the right direction.