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Compass F inan ce
$1 MILLION BUYS
Decades ago, the term millionaire referred to the 1%’ers. No more.
What does $1 million get you these days? Among other things,
you can get an extraordinary motorcycle, a rare bottle of coconut
brandy and a really shiny fishing lure.
The most common goal of current
homeowners in South Florida is refinancing.
Homeowners are currently seeking the ability
to consolidate debt of a first mortgage or
home equity loan and lower their interest
expense by taking advantage of the current
lower interest rates to shorten the term of
their mortgage. The benefit is building up
equity while decreasing the total amount of
interest paid over the life of the loan. With
today’s low rates, you can tap into your equity
without increasing your monthly payment. By
switching to a fixed rate loan, it’s possible to
reduce your payment and lock in an attractive
rate for as long as you own your home. Check
the market closely to determine the available
rates and costs associated with refinancing to
determine what your new payment would be
if you refinanced. To decide what combination
of rate and costs is best for you, balance the
amount you can pay up-front with the amount
you can pay monthly. Purchasing a home is one
of the most important decisions you can make.
Be sure you understand the mortgage process
to reach your financial objectives and make
the right choice for you, your family and your
T E X T BY SA N DY L I N D S E Y
Motorcycle enthusiasts are known to go
overboard spending big bucks on adding
“bits” to their dream bike, but they don’t
hold a candle to Jack Armstrong’s $1 million
Cosmic Harley. For those who prefer their
two-wheel power more au natural, he
painted the $3 million Cosmic Star Cruiser.
You’ve seen bling, but you definitely haven’t
seen this: The $1 Million Mac Daddy Fishing
Lure. This 12-inch lavish creation (which
should never be tossed overboard, no matter
how prized the catch) is made of 3 pounds of
gold and platinum set with over 100 carats of
diamonds and rubies; DaddyMacLures.com.
Mendis’ $1 Million Bottle is the first
production run bottle of the world’s premiere
100% all-natural clear coconut brandy distilled
from coconut flower essence and aged in
Hamilla wood casks for 2 years. The bottle is
signed and numbered by the founder and has a
certificate of authenticity; MendisBrandy.com.
46 ABOUT THE AUTHOR
Howard Levine has been in the mortgage
business for 20 years. Currently, he’s the
Executive VP of Consumer & Residential
Lending at Sabadell Bank, overseeing
sales & operations for all consumer-based