For
all the “old” people out there, you’ll instantly know the name Daryl Hall. For those of you who are still on your
original set of adult teeth (perhaps because you got your braces off fairly
recently), Daryl Hall is a musician (the blonde half of the duo Hall &
Oates –
the one who DIDN’T have a mustache that looked like it was straight out of an ’80s
adult film) with a number of albums (albums are
these big, black 12-inch vinyl “platters” that look like a pregnant CD) that
have been certified as gold/platinum and hit songs to his credit, some of which
he recorded himself and some he wrote for others.
Going
back to 2007, he started a show on the internet called Live from Daryl’s House;
in 2011, he took it to cable where it currently airs. The concept is relatively simple: he has
musicians from all genres and eras come to his house to jam with him and his
band. In between songs, they talk about
music and memories, and they usually end up eating something –
not a bad gig if you can get it. Because
he pulls artists from so many different musical stylings,
you get some very interesting combinations that you would never expect to hear –
and they sound really good. In many
instances, you might find yourself saying, “They should record that for real
and release it as a single.”
In
the mortgage world, we have one of those rare “crossover” singles that could
bring a lot of people to the dance floor: it’s called “Financed Mortgage
Insurance” (granted, that’s not the sexiest name for something to appear on
iTunes, but I could think of a lot worse names like “Every Time I Eat
Vegetables It Makes Me Think Of You” by The Ramones, among others). When folks don’t have 20% to put down on a
house, and they don’t qualify for certain programs, they’re required to add
mortgage insurance. On a $200,000 loan,
for example, that monthly premium can add over $100 to the total monthly
payment. For most people who couldn’t
come up with the initial 20% down payment, an extra $100 each month is sort of
a big deal.
Paying
the premium for the insurance up front in one lump sum is an option, but it was
hard enough for the buyers to come up with the small down payment needed, much
less a down payment of 20% of the loan amount –
so it’s not really an option. However,
in many cases, that one-time insurance premium can be financed as part of the
mortgage. On the same $200,000 loan, the
single premium could be just over $4,500.
By combining the two, the buyer might be able to get a loan for $204,500
(30-yr @ 4.00%) resulting in a payment of just $20.00 more/month.
That’s
over $80.00 less than the overall payment for someone paying a monthly
premium. In just five years, that’s a
savings of around $5,000! That’s a good
option with a beat you can dance to.
Granted,
this may not be as big a hit as when Run-D.M.C. crossed over from the rap world
to give a new twist to Aerosmith’s huge hit, “Walk This Way” (Google it, kids),
but it sure beats Mariah Carey trying to have a duet with herself in Times
Square on New Year’s Eve. You can’t unhear
or unsee
that, but saving $80.00+/month could help!
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