Annual mortgage checkup can save homeowners money

ST. GEORGE – The need for an annual physical check-up is well-known, as people universally recognize that not receiving a physical leaves them vulnerable to undetected problems; but, most people don’t realize that they also need an annual mortgage check-up.

Jeremy Schudde and Scott Moss, mortgage planners for Patriot Home Mortgage, urge their customers to come in for a free mortgage checkup every year or two.

“For most people, their home is their largest investment and most important financial asset,” Moss said. “People shouldn’t just get a mortgage and forget about it. If they are not monitoring their mortgage, home owners could potentially cost themselves tens of thousands of dollars.”

An annual check-up may also help homeowners know whether they can qualify for a home equity loan.

Schudde and Moss also recommend checkups for those who are thinking about buying a home down the line.

“Most people dream of buying a home at some point in their lives,” Schudde said, “but too many don’t take the time of thinking about what they need to do to qualify for a mortgage. We see too many people whose dream of home ownership hits a speed bump because of something they failed to do in the years leading up to buying a home.”

The mortgage checkup can save both future and current homeowners a lot of money down the line and improve the homeowners’ standing in qualifying for future loans.

Do you have a persistent cough when your monthly bill arrives?  

cough“There’s a myth out there that says unless you’re lowering your interest rate by a full point, it won’t pay to refinance,” Moss said. “On the contrary, if a homeowner can save a half-percent or better in their interest rate, it is worth looking at.”

Schudde said that individuals whose mortgage rate is above the average fixed rate mortgage are the ones who especially should come in for a mortgage check-up.

According to, a 30-year fixed rate mortgage is currently at about 4.29 percent. The average 15-year fixed rate is running at about 3.38 percent. CNN Money reports that interest rates are at their lowest since October.

Because Patriot Home Mortgage deals in volume and works with many different lending facilities, Moss said, the company can usually broker a slightly lower interest rate than most mortgage companies.

“If you have a mortgage, you need to make sure that it’s maximizing your dollars and you are paying as little as possible in interest,” Schudde said. “Depending upon your loan terms, your current mortgage may be costing you more money than necessary.”

PLANNING FOR A HOME PURCHASE: Will you pass your physical?

pass-the-checkupMoss compared obtaining a home loan to running a marathon—both require preparation well before the big day arrives.

A marathon lasts 26.2 miles; a home loan lasts 15 to 30 years. A marathon requires the body to be in good enough shape to handle long distance. A home loan requires an individual or couple’s financials to be in good enough shape to be able to handle the long haul.

One cannot successfully run a marathon without training, and one who does not plan and prepare for a home loan will not get as good a deal as they could if they had prepared for the big moment. For that reason, Moss recommends that someone looking to buy a house in the next six months to a year receive an advance “financial check-up.”

That small step may save a lot of money in the long run, he said.

Schudde said the best way to prepare to receive a home loan is to use Patriot Home Mortgage’s free credit optimization. Potential home buyers sit down with a specialist to plan ahead for home loan qualification, identify credit issues that might need to be resolved and establish a target purchase price, down payment, and loan the borrower can afford.

DIAGNOSING WEAK CREDIT: Is your credit running a fever? 

credit-feverA person need not be denied a loan simply because they have poor credit, Schudde said.

However, many people don’t realize that they may not qualify for a loan. People can be denied a loan for many reasons. Perhaps they haven’t been employed long enough, or they don’t have enough money saved up for a down payment. Perhaps their credit needs to be paid down or they have too much open line credit.

But with planning, these issues can be resolved. Credit scores might be raised enough to qualify for a lower interest rate, saving thousands of dollars over the course of the loan.

If credit  optimization is needed, Patriot Home Mortgage offers its assistance for free.

CHOOSING THE “RIGHT PRESCRIPTION”: What loan is right for you?

prescription-loanWith so many loan options, borrowers want to be sure they choose the right one. A wrong decision can be costly.

For some, a short term adjustable rate mortgage may make the most sense while for others the security of a long term fixed rate mortgage is advisable. For those moving into what may be their last home, a reverse mortgage might provide income while still allowing for a home purchase.

SELECTING THE RIGHT LENDER: How do you choose the best diagnostician? 

diagnotician-lenderThe right lender is one who can access a variety of loan inventories. A lender who can only access a limited range of options may not be able to get the borrower the best deal—or, worse, a loan at all.

Patriot Home Mortgage is the largest lending company in Southern Utah with 75 employees who have many years of experience in the home loan business and locations in four states.

Schudde and Moss have experience with every type of loan available and work with 40 different lenders to ensure their customers gets the loan that best fits their needs. They are licensed in several states and are trusted members of the community.

Perhaps most telling is that Moss and Schudde are the lenders of choice for those who most frequently deal with home loans—developers and real estate agents.

CUSTOMER SERVICE: How do you pick a lender who will work with you?

customer-serviceThe process of securing a home loan can be time-consuming. In some cases, it may take weeks or even months.  Thus, it is important for borrowers to pick a lender who will work hard for them and with whom they will enjoy working.

Schudde and Moss are known for the relationships they build with their customers, many of whom are planning to move to the area.

Both men strive to help their clients in a variety of different ways that go beyond their own mortgage product. Sometimes that extra touch makes the difference.  For example, one of Patriot’s clients had just moved to the area, and the Patriot Mortgage staff helped her find a piano tuner.

Lonni Davies, a recent customer, had lost her son and had no family. She knew she needed to make a change and was considering applying for a reverse mortgage. Being a businesswoman herself for 23 years, Davies was surprised at how efficient Moss and his staff were.

“Everything was handled wonderfully. The whole crew was great,” Davies said, finding everyone professional and noting they kept her well informed of the process as it went along.

Going the extra step and genuinely caring about people is what sets Patriot Home Mortgage apart.

Scheduling that check-up

schedule-apptSchudde and Moss invite anyone interested in receiving a free credit optimization to come in for a checkup. The 30- to 45-minute meeting could save someone hundreds of dollars without costing a dime. Or give them a call at 435 251 1321 or email at [email protected] or [email protected] .

Patriot Home Mortgage is located at 377 E. Riverside Dr., Bldg. B, St. George, and may be reached by telephone 435-215-1321. Or visit their website linked here.


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