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Refinancing: Understanding the Break-Even Point

By Shannon Musgrove | July 26, 2019

Whether your refinancing goal is to lower your interest rate, lower your monthly payments, pay off your mortgage sooner, or take out some cash for a major project, it’s important to calculate and consider the break-even point. Whatever type of mortgage refinance you select, there are going to be costs – points, fees, insurance, etc. Although your monthly payments may be lower immediately, you don’t see the full benefit of your refinance until all of those costs are covered. That’s the break-even point. It’s simply a matter of measuring your savings against your costs over time. EXAMPLE To make a rough measure of your break-even point, divide costs by savings. For example, the total costs of your refinance are $4500. You will save $200 per month by refinancing. Dividing $4500 by $200, you get 22.5, which is the number of months it will take you to break even – just under two years. COSTS So what are the costs of refinancing? Typically, there are a variety of charges, such as: points, application fees, origination costs, appraisal costs, attorney fees, credit report, title insurance, Private Mortgage Insurance (PMI), and underwriting. Your loan officer can provide this information. The list of costs will appear on your Loan Estimate and again on your Closing Disclosure form. Make a list of all your costs and total them. SAVINGS How…

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Sente Mortgage Announces Branch Opening in North Austin

By Shannon Musgrove | June 24, 2019

Sente Mortgage expands locations serving the Austin area AUSTIN, TX – June 24, 2019 – Sente Mortgage, an Austin-based independent mortgage bank today announced the opening of its latest office in Austin, Texas. Since its founding in 2007, Sente Mortgage has opened a number of locations across Texas, and recently in Arkansas. Sente hopes to both expand its services to the residents of North Austin and bring new jobs to the area, with plans to add to its team of loan originators and production support staff.   “We are extremely excited to have the opportunity to provide personalized service and mortgage expertise to North Austin area residents,” said Tom Rhodes, CEO of Sente Mortgage. “With Austin continuing to top “best places to live” lists, this is a natural expansion for us that aligns with the significant growth the Austin area continues to experience.”  Eli Ontiveroz, Branch Manager of the North Austin location, brings 15+ years of deep mortgage industry experience and commitment to extraordinary service to the local market. “We are elated to be a part of the Sente Mortgage family,” says Eli.  “We are excited to have an office that better serves this rapidly growing area of customers and partners.”  In celebration of the North Austin launch, Sente Mortgage will be hosting a grand opening and ribbon cutting at the new office—located at 13809 Research Boulevard, Suite 615—on Tuesday, June 25th, from 4 p.m. to 7:00 p.m., with a ribbon cutting at 4:30 p.m.    Sente Mortgage, which originated in Austin in 2007, currently…

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Sente Mortgage Announces Branch Opening in Cedar Park, TX

By Shannon Musgrove | February 20, 2019

Sente Mortgage expands locations serving the Austin area AUSTIN, TX – February 20, 2019 – Sente Mortgage, an Austin-based independent mortgage bank today announced the opening of its latest office in Cedar Park, Texas. Since its founding in 2007, Sente Mortgage has opened a number of locations across Texas, and recently opened branches in both Arkansas and Tennessee. Sente hopes to both expand its services to the residents of Cedar Park and bring new jobs to the area, with plans to add to its team of loan originators and production support staff. “We are extremely excited to have the opportunity to provide 5-star customer service and mortgage expertise to Cedar Park area residents,” said Tom Rhodes, CEO of Sente Mortgage. “With Cedar Park being ranked among the 15 fastest-growing large cities in the U.S. and with Apple’s major investment in the area, this is a natural expansion for us that aligns with the significant growth that the Austin area continues to experience.” “We are elated to be a part of the Sente Mortgage family,” says Mat Russo, Branch Manager of the Cedar Park location. “We truly align with the core values of delivering on our promises, caring so much we make a difference, and making sure the customers we service have a 5-star experience during the entire loan process.” Mat, who brings 30+ years of deep…

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