Five signs you may be ready to refinance – Yahoo! Homes

27 08 2012

Photo: Thinkstock

If youre on the fence about refinancing, check out these five signs it might be right for you…By Leslie Barrie | Yahoo! Homes – Thu, Aug 16, 2012 7:20

Good news: There are some signs to help you figure out if refinancing the process of paying off your existing mortgage with a new one is a smart idea for you. Just note: lenders usually require that you have at least 5 percent equity accumulated in your property to be eligible to refinance your mortgage, according to Fannie Mae, a government-sponsored national mortgage finance company. (I’d like to add…unless you are eligible for the HARP program- call me if you have more questions about this) – Are you eligible? Here are five more signs it may be time to refinance your mortgage.

Sign #1 – You Can Get a Lower Interest Rate

If you can snag an interest rate lower than what you currently have.And chances are, you can.”Interest rates are at a historic low right now, so it may be a good time to go ahead and [refinance],” says Shah Tehrany, a managing director at Franklin First Financial, a nationwide mortgage banker. “Right now, at 5 percent on a fixed rate 30-year loan or 4 percent on a fixed rate 15-year loan, you may want to seriously look into seeing if you can get a lower rate. According to the central bank of the United States, also known as the Federal Reserve, refinancing costs can range from 3 to 6 percent of your outstanding principal. (No closing costs options are also available.)

Sign #2 – You Have an Adjustable-Rate Mortgage…

via Five signs you may be ready to refinance – Yahoo! Homes.


S.M.A.R.T. Goals

17 01 2012

A lifetime ago I was a volleyball player at Purdue University. While my overall athletic endurance and young “spry” step are gone, what remains are the lessons learned from 4 years of intense training. The most important thing I took away was how to set, monitor, and achieve my goals. I make “New Year’s Resolutions” every year; most people I talk to don’t take the time to sit down and think about what they want to accomplish for the upcoming year. I think that is a wasted opportunity to achieve a greater potential of your God-given talents. That’s why this time of year can be so inspiring; it’s a chance to change your life! Here’s a way to set S.M.A.R.T. goals, via Top Achievement ( I’ve listed a few of my goals at the end…


  • Specific: A specific goal has a much greater chance of being accomplished than a general goal. To set a specific goal, you should answer the six “W” questions: Who, What, Where, When, Which, and Why.
  • Measurable: Establish concrete criteria for measuring progress toward the attainment of each goal you set. Ask yourself, “How will I know when this is accomplished?”
  • Attainable: When you identify goals that are the most important to you, you begin to figure out ways you can make them come true. You develop the attitudes, skills, and financial capacity to reach them. You begin seeing previously overlooked opportunities to bring yourself closer to the achievement of your goals.
  • Realistic: To be realistic, a goal must represent an objective toward which you are both willing and able to work. A goal can be both high and realistic; you are the only one who can decide just how high your goal should be. Your goal is probably realistic if you truly believe that it can be accomplished.
  • Timely: A goal should be grounded within a time frame. With no time frame tied to it there is no sense of urgency. If you want to lose 10 lbs., when do you want to lose it by? “Someday” won’t work.

Here are a few of my goals for 2012: to go on a date with my husband once a month, to take some time to just be quiet and slow down (to breathe, to be thankful), to create a positive experience for every client, to actively donate time to a charity, and to read the Bible every day.

What are you planning to accomplish in 2012? I’d love to know!  If you’d like to save more money for your child’s education, take a special vacation, or pay down some debt  consider refinancing your mortgage. I’m helping many friends save hundreds (and even thousands) of dollars – many times at no cost!  If your mortgage interest rate is over 4.125%, call me today and let’s see if I can help you. Please feel free to pass along to any of your friends who could benefit by a 10 minute mortgage analysis.


Linda Fox

630-606-0261 (c)

Refinance Prequalification Form

5 08 2011

Click here to open attachment

Application Checklist:

last 2 years tax returns

last 2 years W2s

30 days paystubs

3 months checking and savings bank statements (all pages even if blank)

quartly retirement/investment/social security statement (all pages even if blank)

drivers license and social security card

home owner’s insurance payment, agent, and phone number

current mortgage statement

property tax statement