Allied Home Mortgage Capital Corporation
"Are you in the right home loan?"
See page 7 to see how you can save $250!!
Mortgage Plan Prepared For:
STARLENE & Robert MANGUS In this Report: See how you can save See how you can have See how to pay off your home in See how you can save
Your Mortgage Planner: Dimitrios Gikas Licensed Loan Officer/Mortgage Planner Office Number (866 )295-9339 ext 706 (440) 328-4535 Fax Number
$325 per month! (p.4) $226,482 saved!
(p.5)
16.00 years! (p.6) $193,579 in interest! (p.6)
Mission Statement “I will always help my clients obtain the best loan available which meets their wants and needs. I will consult and educate them, not only on how to save them money in the short term, but to maximize their savings over the life of their loan.�
Prepared by Dimitrios Gikas 3/10/2009
Page 1
Prepared For: Your Mortgage Planner:
STARLENE & Robert MANGUS Dimitrios Gikas
Questions about this page? Call (866 )295-9339 ext 706
Mortgage/Debt Analysis Amount you will owe if you keep what you have in the number of years below:
Liabilities Payoff W/ New
These are your current accounts and the one's we are recommending that you pay off in your debt restructuring. The "amount left to pay" column is the amount you would pay if you keep what you have over the life of those debts!
Account SAXON MTG CITIFINANCIA WACHDLRSERV CITIFINANCIA HSBC BANK EMPIRE/GEMB HSBC BANK GEMB/WALMART
TOTAL
Payment Loan $1,202 $195 $219 $178 $109 $106 $101 $33
yes no no no no no no no
$2,143
Total Left to Payoff
3
10
16
$412,736
$157,048
$139,528
$114,416
$139,528
$114,416
$412,736
$157,048
You current debt structure by category INCOME/MONTHLY Tax Bracket Fannie Mae & Freddie Mac prefered Housing Ratio Your Current Housing Ratio Fannie Mae and Freddie Mac prefered Debt Ratio Your Current Debt Ratio
$5,000 36% 28% 33.27%
Category
Amount
% of Gross Income
MORTGAGE DEBT REVOLVING DEBT INSTALLMENT DEBT FED TAXES DISPOSABLE INCOME (for utilities,gas,food,etc)
$1,664 $349 $397 $696
33.27% 6.98% 7.94% 13.91%
$1,895
37.89%
42% 48.19%
Prepared by Dimitrios Gikas 3/10/2009
Page 2
Prepared For: Your Mortgage Planner:
STARLENE & Robert MANGUS Dimitrios Gikas
Questions about this page? Call (866 )295-9339 ext 706
How is my credit? FICO scores are your credit rating They range from 300-850, higher is better Most lenders base approval on them Higher scores mean lower interest rates FICO scores are calculated based on your rating in five general categories: Amounts Owed 30%
New Credit 10%
Length of Credit History 15%
Payment History 35%
Types of Credit Used 10%
723
Median FICO score in the U.S.
0
Your middle Fico
FICO score
FICO SCORE
Nat'l This is what your payment Average would be if we went by national average rate Rate
760-850
5.86%
$1,186
700-759
6.09%
$1,207
660-699
6.37%
$1,233
620-659
7.18%
$1,312
580-619
8.32%
$1,426
500-579
9.19%
$1,517
Prepared by Dimitrios Gikas 3/10/2009
Page 3
Prepared For: Your Mortgage Planner:
STARLENE & Robert MANGUS Dimitrios Gikas
Questions about this page? Call (866 )295-9339 ext 706
Your New Mortgage Plan The Loan includes all closing costs. This is the option that I believe is the best for you at this time.
Loan Type
Fixed
Payment Type
Full Amm.
Loan Term
30 Years
Loan Amount
$145,349
Rate * Pmt (with Tax & Ins)
5.250%
Monthly Savings
$1,144 $325
Cash to you
-$23,000
New debt structure by category Category
Amount
% of Gross Income
Change vs Current
$1,144 $349 $397 $696
22.88% 6.98% 7.94% 13.91%
-31.24% 0.00% 0.00% 0.00%
$2,414
48.29%
10.40%
INCOME/MONTHLY
$5,000
Tax Bracket
36%
Fannie Mae & Freddie Mac prefered Housing Ratio
28%
MORTGAGE DEBT REVOLVING DEBT INSTALLMENT DEBT TAXES
22.88%
DISPOSABLE INCOME (for utilities,gas,food,etc)
Your New Housing Ratio Fannie Mae and Freddie Mac prefered Debt Ratio Your New Debt Ratio
*APR is 5.731%
42% 41.70%
With your lower mortgage payment you will have more disposable income, and you will see in the following pages what beneficial things you can do with the excess disposable income.
What is APR? APR stands for Annual Percentage Rate. This is the total cost of your credit. It takes into account all the closing costs and interest paid on the loan and backs out what the cost of the credit is over the life of the loan.
Prepared by Dimitrios Gikas 3/10/2009
Page 4
what the cost of the credit is over the life of the loan.
Prepared For:
STARLENE & Robert MANGUS
Your Mortgage Planner:
Dimitrios Gikas
Questions about this page? Call (866 )295-9339 ext 706
Asset Accumulation One option you can choose with your disposable income is to invest it. This can be either in a 401k, IRA, Mutual Fund,etc. This Chart shows how much you would have at certain intervals of time, if you invest the money we are saving you. Investing any savings is our recommendation if you don't mind a little bit of risk. When the color changes to yellow this is when you will have more invested than you owe on your mortgage!
The rate being used is for informational purposes only, there is no implied guarantee.
Please ask your financial advisor for the appropriate way to invest your savings, if you do not have one we can recommend one.
Amount Invested Monthly
$325
Years/RateO fReturn
4.00%
Mortgage Balance
1 Years 2 Years 3 Years 4 Years 5 Years 6 Years 7 Years 8 Years 9 Years 10 Years 11 Years 12 Years 13 Years 14 Years 15 Years 16 Years 17 Years 18 Years 19 Years 20 Years 21 Years 22 Years 23 Years 24 Years 25 Years 26 Years 27 Years 28 Years 29 Years 30 Years
$4,307 $8,452 $12,766 $17,256 $21,928 $26,791 $31,852 $37,120 $42,601 $48,306 $54,244 $60,423 $66,855 $73,548 $80,514 $87,764 $95,309 $103,161 $111,334 $119,839 $128,691 $137,903 $147,491 $157,470 $167,855 $178,663 $189,912 $201,618 $213,802 $226,482
$145,807 $143,610 $141,294 $138,854 $136,282 $133,572 $130,717 $127,708 $124,537 $121,195 $117,674 $113,964 $110,054 $105,933 $101,591 $97,016 $92,194 $87,113 $81,759 $76,117 $70,171 $63,906 $57,303 $50,346 $43,014 $35,288 $27,147 $18,568 $9,527 $1
Prepared by Dimitrios Gikas 3/10/2009
Difference -$141,500 -$135,157 -$128,528 -$121,598 -$114,354 -$106,781 -$98,865 -$90,588 -$81,936 -$72,889 -$63,430 -$53,540 -$43,199 -$32,385 -$21,077 -$9,252 $3,115
Investments>Mortgage
$16,048 $29,575 $43,722 $58,520 $73,998 $90,188 $107,124 $124,841 $143,375 $162,765 $183,051 $204,275 $226,481
Page 5
Prepared For:
STARLENE & Robert MANGUS
Your Mortgage Planner:
Dimitrios Gikas
Questions about this page? Call (866 )295-9339 ext 706
Term Reduction/Equity Builder The Pre-payment amount is how much we are saving you per month against what you are currently spending.
Pre-Payment
You will see that you can pay the principle off rather rapidly.
3
Paying down your mortgage is our recommendion if you are risk averse (meaning if you do not like risk).
$325
Years
10 16
New Loan
Current Debts
Difference
$128,661
$134,048
$5,387
$70,084
$116,528
$46,444
$1
$91,416
$91,415
Loan Paid Off
16.00 Years
Interest Saved
$193,579
Break-Even
1.92 Years
EQUITY BUILDER: IF YOU APPLY THE SAVINGS TO YOUR NEW LOAN! 160000 140000 120000
Balance
100000 80000 60000 40000 20000 0 -20000 -40000 Years CURRENT LOANS
NEW LOAN
Prepared by Dimitrios Gikas 3/10/2009
Page 6
Prepared For: Your Mortgage Planner:
STARLENE & Robert MANGUS Dimitrios Gikas
Questions about this page? Call (866 )295-9339 ext 706
Thank you for going over your situation with me. I hope after you see what can be accomplished that it was worth the time and effort. My goal is to make sure you understand the loan process as much as possible. Below I am going to list the steps that we will take to close your loan the quickest and easiest. Step 1
First determine if a loan is the right thing for you at this time, this proposal will help with that.
Step 2
Sign all the documents we sent you and return them to us with the following checked documents:
X
W2's, last 2 years Tax Returns
If you get us the documents back within one week we will give you a $250 credit towards your
X
Last 2 paystubs
X
Asset statements (checking,savings,401K)
X
Homeowners Insurance Agent and phone # Bankruptcy Discharge Divorce Decree
X
State Issued ID (ex: Drivers license)
Step 3
We will order your Title work, Appraisal and any applicable payoffs. This take approximately 3-7 business days, depending on the 3rd party vendors.
Step 4
We will submit everything to the underwriter and clear any stipulations. This takes approximately 3-7 business days. We will schedule the closing with the title company at a location that is convenient for you. We will also order the closing documents. This takes about 1-3 days.
Step 5
Step 6
The loan will fund 3 days later and the title company will record your new mortgage as well as send the check in to pay off any existing liens. If you are getting any cash or paying off any other debts those checks will come directly to you.
Step 7
Contact us if you EVER need anything. We will stay in touch at least twice a year to make sure you always have the best loan for your needs.
Prepared by Dimitrios Gikas 3/10/2009
Page 7
Prepared For:
STARLENE & Robert MANGUS
Your Mortgage Planner:
Dimitrios Gikas
Questions about this page? Call (866 )295-9339 ext 706
Why you should do business with me! Consultative Approach
Customer for Life Program
Your Mortgage Planner
Yearly Mortgage Reviews
Always OverDeliver
Honesty and Integrity
Major benefits of your new loan! * * * * *
$-23000 cash to you! Interest and closing costs are tax deductible Save time paying the bills! Miss at least one month of payments!! First Payment due on April 1st!!
Don't forget if you get the information we need back in a week we will credit you $250 toward your closing costs!
So Let's Get Started TODAY!! "People don't plan to fail, they fail to plan."
Prepared by Dimitrios Gikas 3/10/2009
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