This article is sponsored by the leading mortgage lender in Beaver County, Mortgage Lending Solutions, located in Monaca, and its president, Chris Wagner. Chris is the consummate professional and extremely knowledgeable in the lending industry. Chris and his staff are leading the way in helping families secure the proper financing needed.

Last month, we explored the pros and cons (mostly pros) of refinancing your mortgage. So, for this month’s article, we decided to use an actual case study of someone who just refinanced their mortgage. That someone is our publisher, Andy.

We thought it would be beneficial to explain to our readers how he refinanced his mortgage so people can see the tangible results of using Mortgage Lending Solutions as their home lender.

Andy’s Existing Mortgage


Andy was a prime candidate to refinance his mortgage. He was paying an interest rate of 5.75% on his existing mortgage on the house he bought in 2009. With current interest rates almost two percentage points lower, he decided to give Mortgage Lending Solutions a call.

His goal of refinancing was to reduce his monthly mortgage payment, and through refinancing he knew this was very attainable. Not only was it attainable, but it made a big difference.

Choosing Mortgage Lending Solutions


I asked Andy what made him choose MLS over another lender. He cited two reasons:

1. He was sold after reading my first article about MLS.

2. He was recommended to them by ReMax agent Melissa Gulla, who is one of the top real estate agents in Beaver County.

Andy couldn’t say enough about how friendly and down-to-earth everyone at Mortgage Lending Solutions are:

They aren’t going to intimidate you. And on the more technical side, they aren’t connected to any major banks, so they are going to honestly shop your mortgage around and get you the best deal out there.”

Getting Started

One of the initial steps of refinancing is to get a home appraisal.

Andy had invested in his home in Monaca along the river. He upgraded many aspects of the house, and knew it would appraise at a higher value than it was originally appraised for.

Combine that with the fact that property values are rising in Monaca, and all around Beaver County in general, and this was an ideal scenario for an appraisal. And a higher appraisal would open up the possibility for Andy to pull some equity out of his house.

Andy’s Refinancing Options

After the appraisal was complete, Andy had two options from which to choose. In option A, Andy could borrow enough to cover the closing costs, and his monthly mortgage payment would be reduced from $847 to $650 a month, a savings of $197 a month.

In option B, his payment would be reduced to $800 a month, and he would receive a check for almost $17,000.

Both options included a new interest rate of 3.5%, a 2.25% decrease from his old rate.

Putting Borrowed Money to Work


Andy chose option B. He used the lump sum payment of $16,700 as a down payment on an investment property that he will use as a rental.

Andy is now under contract to buy an $89,000 house in downtown Monaca he purchased through another ReMax agent, Mark Gulla. The check he got through refinancing made this possible.

One Last Benefit

Another advantage of refinancing that we cited in our previous article is that you get to skip at least one mortgage payment.

In Andy’s case, he was able to skip two payments. Because he refinanced in April, he didn’t have to make his April mortgage payment. And since the first payment on the new loan isn’t due until June 1, he also got to skip his May payment.

That’s an additional savings of almost $1,600.

If you’re paying a high interest rate on your mortgage, or have ever considered refinancing, give Mortgage Lending Solutions a call. Chris Wagner and his team will deliver on his company’s motto: Experience you can trust.

Would you like more information about getting your mortgage refinanced?
Marc is a lifelong resident of Beaver County. A 2001 graduate of Center High School and 2005 graduate of Point Park University, Marc is employed by the Pennsylvania Cyber Charter School and officiates high school and college football. Follow Marc on Twitter, Snapchat, and Instagram @marcgrando