The City 1st Mortgage Management Program

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Mortgage Management Program (MMP)

Terms


City 1st Mortgage's Automated Mortgage Management Program (MMP) provides our clients the following:

  1. We walk you through determining the following benchmarks for your specific needs and financial goals and then manage your mortgage accordingly:

    1. Rate improvement: What rate differential would you like to be notified of? (We usually recommend a 3/8 - 3/4 of a percent notification).

    2. Payment change: What dollar amount of payment improvement would you like to be notified of? (Many of our clients want to know when the improvement is greater than $50 per month).

    3. Geographic appreciation & loan balance reduction: This information provides Key benchmarks that determine loan to values (LTV) that in turn provide useful information we use to assist in meeting important mortgage management objectives such as:

      1. PMI elimination
      2. Equity availabilities
      3. Potential selling possibilities
      4. Jumbo rate reductions

  2. A semi-annual report e-mailed to you that shows the details of your loan and how it stands relative to the market. This report is accompanied by a recommendation of either no change or if there are tangible benefits to be had by making a change.



When the market changes or programs present themselves, we notify you of those events. You are typically notified by e-mail, but if you prefer we can notify you via text, a letter, or phone call. Remember that significant changes are very short-lived. For example, one time rates dropped 1/2% in one day, and stayed there for just 3 hours. Rates didn't approach those levels again for four years. The window was very small.

You can select automatic locks at certain levels. We're sensitive to your needs, and also to your time demands. Our intent is not to overwhelm with info, but to help you achieve your financial goals. We only notify you as the program calls for, which may mean you only get your semi-annual letter. You choose.


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