True Stories
New House, Bills Paid, and
Tuition in the Bank!
Sitting in the attorney's
lobby waiting to close, my client said…
Career Change, New Business,
Single Parent = Money Flowing Through the Cracks
Chance Encounter Saves
$12,768.00. You Could Be Next.
New House, Bills Paid, and Tuition in the Bank!
John & Cathy were moving here from Indiana.
They had lived in their home for 15 years with a
small mortgage and lots of equity.
Conventional home buying wisdom said use the
entire $61,000.00 equity from the sale of their
home for the new purchase down payment.
Doing this created a bigger problem. With
one son in college now, one going to college this
year, and a daughter who will be in college in 5
years, tuition will continue to be a huge expense
for the next nine years. Using conventional wisdom,
they would borrow against home equity, or get other
loans for tuition.
Solution: Rather than use all the equity
from the sale of their home, we only used 5%
($18,450.00), and structured a great loan without
mortgage insurance.
Benefits: they got their new home with minimum
down; they kept cash in a investment account; paid
off most debt; and have tuition saved for two kids.
When we were done with the strategy session, John
said "Jim, this is not just a mortgage, you
are doing financial planning!"
If you know of anyone who would benefit from my
strategic mortgage planning, call or email me with
their names. Your referrals will receive my greatest
attention. Top
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Sitting in the attorney's lobby waiting to close,
my client said…
Mark and Robin moved from Virginia. They expected
to close at the end of May on their home in Virginia,
and then close on their Durham home right after
that. This would give them time to have the home
repainted, re-carpeted and touched up the way they
wanted it.
A problem occurred.
1) Their buyers were ready to close 3
weeks early and had to take occupancy at closing.
2) The relocation contract on the Durham home was
still being "settled" and was in limbo.
3) We had to close on this Durham home in two
weeks, so there would be time to have the painting
and carpet done before his family got here.
4) He also needed an equity line to close within
days that would be based upon the appraised value
rather than the purchase price. He got a great buy!
Problem #1 - Usually it is easy to close
in 10 days or less. But at this moment there was
a refinance boom going on. What did take 24 hours
for approval is now taking 4-7 days for approval.
Problem #2 - Have you ever heard stories
of someone else's bad credit getting attached
to another persons excellent credit, thereby
causing a complete credit mess? This happened, and
it was time consuming cleaning it up.
With a mass of coordination and expertise, we
did close the loan on the 10th day. The package
was delivered to the attorney at 11:35am on the
9th day. The equity line was in place. The painters
and carpet people were at the home on the day of
closing.
While we were waiting to close, Mark said, "Jim,
I really didn't think you could close so fast. You
did a great job". Top
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Career Change, New Business, Single Parent = Money
Flowing Through the Cracks
John had switched his career from being an employed
software specialist to an independent consultant
3 years ago. Like many new businesses, his tax returns
didn’t show much income. John has two teens
and is a single parent. With business travel,
teenagers, and the monthly fluctuations in business
cash flow, debt was mounting. His total bills were
over $3,300.00 per month. That’s when he
called us. John thought that with interest rates
going up, there might not be an advantage for him.
That’s where our expertise came in.
We reviewed his credit, assets and liabilities.
Credit was good but we had a problem. He
didn’t have enough income showing on his tax
returns. We found a special program and reduced
John’s payments to $2,000.00 per month. This
was a $1,300.00 per month savings! We then showed
John how small amounts of prepayments can save thousands
in interest and how to increase his savings with
these “found” funds.
If this sounds like the kind of service someone
you know deserves, please call me. They’ll
receive the same great attention to detail and advice.
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Chance Encounter Saves $12,768.00. You Could Be
Next.
Jerry called and said he had been thinking about
a Fixed Rate refinance, but didn't think rates
were low enough.
Then he realized his high tech job wasn't so stable.
Then he started thinking about how long he would
actually live in his home.
He wondered "even though fixed rates are low,
is this the best program for me now?" Luckily,
he ran into my client Debbie at aerobics class.
In between sets, she told him to call me.
We carefully reviewed his first and second mortgage,
credit card debt, and amount of money in savings.
Looking at "The Lowest Cost Analysis",
Jerry decided a 5/1 ARM made the most sense for
him. It also saved him $243.00 per month and $12,768.00
after closing costs in 60 months.
When we were through, Jerry said, " I wasn't
sure it made sense to refinance, but "The Lowest
Cost Analysis" put the benefits in black and
white."
The Lowest Cost Analysis brings financial clarity
and will save you thousands of dollars when you
refinance or buy your next home. Top
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