Refinancing Lets Couple Pay off Mortgage in 8 Years


Britt Groomes and his wife Amy bought their first house in May 2006. Because they didn’t have much credit built up at the time, they worked with Pinnacle to secure an adjustable-rate mortgage (ARM) of 6.75 percent for the first seven years.

The loan, known as a 7/1 ARM, offered short-term savings while the couple continued building credit. However, they knew the mortgage would adjust to a higher interest rate soon enough. As mortgage rates started falling below 6.75, they wanted to lock in a lower fixed rate.


Britt called his Pinnacle mortgage advisor when he noticed rates were starting to go below 6.7 percent. When rates fell into the low 5 percent range, his advisor helped him pull the trigger fairly quickly. Britt and Amy were able to get a 15-year, fixed-rate mortgage in the low 5’s.

As rates continued to drop, the couple considered refinancing a second time. They contacted their mortgage advisor again and asked him to keep an eye on rates.

“It was great, because it wasn’t something I had to be active in,” Britt said. “I just had a target threshold and said, ‘If you can get below this, let me know.’ He was watching the rates for me and gave me a shout when it hit that target.”

After monitoring the situation for about six months, they decided to go for a 10-year mortgage when rates dipped to 3.75 percent.

Because Britt and Amy had a previous relationship with Pinnacle, their mortgage advisor already knew their entire history. They held one update call, set a date to close the refinance and completed the deal in 30 minutes.


Pinnacle helped the couple set up a bi-weekly payment plan that will help them pay off their mortgage in about eight years.

“That’s an awesome goal and a good feeling that we’re making some progress,” Britt said. “Basically when houses aren’t moving or appreciating, we’re still gaining equity over the years.”

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