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Rates are flat today. Today’s rates with no lender fees are 3.5% APR on a 30 year, 2.75% APR on a 15 year and 2.75% APR on a 10 year. (click here for details)

Today’s topic is the YOURgage. You may have heard of it. If not – it is being marketed by a national lender as a mortgage that can be customized to fit any term that you would like from 8 – 30 years. Sounds pretty good right?
Check it out in today’s video:

Well just like anything – the devil is in the details. So let’s take a look a little deeper into the YOURgage option. So let’s say you have a 30 year mortgage and you are 3 years into it. This would give you 27 years left to pay off your mortgage.
So if you wanted refinance and keep that 27 year term you could do so. There is just one problem. The rate and costs you get on that type of mortgage are NOT even close to the most aggressive rates and costs out there. So ya, it sounds like a cool feature – but it pretty much useless.
Let me show you how to take any mortgage and make it a YOURgage. First step– go out and shop lenders to get the best possible deal you can find. Of course Rates In motion approved lenders make this extremely easy to do.
Second step – Structure your payments to meet your goals. So if you want to pay off your mortgage in 27 years all you have to do is simply add a specific amount of principal to each payment to accomplish this goal. It is that easy!
Every single mortgage out there is a YOURgage and you don’t have to take high rates and fees to get it.
I have to be honest with you. I have seen some quotes from you guys on this product. The rates and costs are ridiculous. I seen one quote for a YOURgage that was for a 18 year term. When compared sided by side with a Rates In Motion Approved lenders 20 yr quote the mortgage paid off in 13 years vs their 18 yrs by making the exact same payment as their YOURgage. It’s amazing what low rates and cost can do. Go figure, huh!
That’s it for today. Be careful rate shopping – DO NOT be over sold.
If you thought this was good information or worth discussing, help me bring transparency to mortgage lending by sharing today’s episode on Facebook or Twitter.
Let’s change the way people shop for a mortgage…forever!
– Mike
PS. To ask a question, get advice, or find out if you’re getting the best deal possible on your loan, just post a comment below.

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