Fiscal fitness: presented by Mountain America Credit Union.

FINANCIAL GOALS

* Consolidate multiple mortgage loans

* Pay off mortgage faster

THE SITUATION

Jennifer and Marcus had two mortgages--the 30-year fixed-rate mortgage on which they'd closed when they moved into their current home just over nine years ago, and the second mortgage they took out in order to cover some unexpected medical expenses. The mortgages were at different financial institutions, which made making payments a hassle. Plus, the Strattons were beginning to feel overwhelmed by the lengthy term on their first mortgage.

For these reasons, they decided that they would like to consolidate the loans as well as pay them off faster. However, they did not want to waste money on fees and closing costs. (Typically, closing costs for refinances are the same as those for new purchases, around three to six percent of the total amount.)

THE SOLUTION

After discussing their goals with a Mountain America Mortgage Loan Officer, the Strattons determined that Mountain America's Mini Mortgage was the best solution for their situation. The rate was low, the term was short and there were no origination fees or closing costs.

Benefits of a Mini Mortgage Loan

* No origination fees or closing costs

* Rates as low as 3.74% *

* 7-, 10-, and 12-year terms

* No prepayment penalty

* Potential tax advantages **

Once the paperwork was completed and the mortgage had funded, the Strattons' had achieved the following:

FINANCIAL SNAPSHOT 1st Mortgage Balance: $91,000 Rate: 5.875% Monthly Payment: $630 (principal and interest) Tax Value: $172,400 Payoff: In 21 years, 9 months 2nd Mortgage...