Page 16 - September 2021 Issue.indd

If considering refinancing, you must, work force. As these entry level workers with a mortgage needs to evaluate
absolutely must, look at shortening the gained experience and additional where they are with their current
term of your mortgage or at the very skills, their wage would increase to mortgage. What is the rate? How much
least not add years to the term of your levels greater than the minimum is the payment? And what would their

existing loan. If you have 20 years left wage. Without getting into a political payment look like if you refinanced to a
on your current mortgage consider discussion, suffice it to say that this is the shorter-term loan?

refinancing to a 15 year, or worse case a theory behind a minimum wage. Many
If your current lender has reached out
20-year term loan. I am a fi rm believer workers remain at minimum wage for
to you soliciting you to refi nance, ask
that homeowners must manage their years, without meaningful movement
some very specific questions. How much

mortgage debt so that when retirement in the income scale.
are my closing costs and at what interest
rolls around the requirement to make
I believe 30-year mortgages work in rate? Do not accept that there are not
mortgage payments is not in the retiree

much the same way. They provide fi rst any. Somehow, in some way, the closing
fi nancial plan.
time buyers and, in many cases move up costs are being paid, either by increasing
I look at 30-year mortgages much like buyers, the opportunity to purchase a the new loan amount or the interest is
the minimum wage. It is a place to start. home with the lowest possible payment, raised significant enough for a lender

The intent of a minimum wage for or a “minimum” payment. But when credit to be issued in an amount to off set
workers initially was to provide entry interest rates drop below 3%, which is the closing costs.
level earnings for those entering the where they are now, every homeowner
What are my options for going with a
Dave’s David Grinavic, shorter term? And will I need to have
a new appraisal if I am only borrowing
ASE Master Technician enough to pay off my loan plus closing

Riverside 32600 Main St. costs?
Queen Anne, MD 21657
Garage, Inc. 410-364-9336 A final consideration for those
homeowners with significant equity in

COMPLETE AUTO REPAIR & MAINTENANCE their homes is whether to take cash out
from the refinance to do other things.

• Computerized Engine Diagnostics Oil & Filter Change Right now is a great time to take cash
• Performance Tune-Ups up to 5 quarts of oil (most cars) out to do home improvements, if you
• Front End Alignments can find a contractor who is not up to

• Brakes • Shocks • Electrical Repairs $ 95
• Battery Replacements • Mufflers 25 + tax their eyeballs with projects for people
• Tires (Rotate and Balance) who have already jumped on the home
• A/C Service • Exhaust Systems MD State improvement bandwagon.
$
• Lock-Out & Jump-Start Service Inspections 60
• And more!!! If you have not looked at the benefi ts

of refinancing your mortgage, give me
a call. If you are confused about buying
a home in this crazy market, give me a
call. You may just find a way to better

manage your mortgage obligation, or
at the very least, be able to sleep better
at night because you at least looked at
Because you deserve qqualified, llocal representation options when rates were 2.5%, or lower.
when managing life’s important issues. Mr. Rowe is Vice President/Lending for
Bay Capital Mortgage Corp. with offi ces
? ESTATE PLANNING in Easton and Annapolis. He has lived in
? RESIDENTIAL & COMMERCIAL 300 Market Street Caroline for his entire life and supports
the county by volunteering in a variety of
Suite 104
REAL ESTATE AND SETTLEMENTS Denton, Maryland ways. He currently lives near Greensboro
? LLC FORMATION & BUSINESS LAW 21629 with his wife Jeanne and daughter Kelsey.
? MUNICIPAL & ENVIRONMENTAL LAW
? GENERAL LEGAL COUNSEL 410.310.1774
Our attorney, Patrick Thomas, and our Settlement shayman@mlg-lawyers.com
Agent, Sandy Hayman, are available to travel to your www.mlg-lawyers.com
preferred location.

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