Mark and Mollie were referred to me a few months ago after they had been experiencing some major frustrations with the lender they had previously used. Their situation seemed simple enough, they wanted to refinance their mortgage and they were planning to lower the first mortgage by $45K by infusing cash from their business accounts. Who wouldn’t do that loan, right? So why was the other lender having trouble?
Well, it turns out that Mollie is self-employed and her income had dropped from 2012 to 2013. Additionally, the money that was being used to pay down the mortgage was coming out of the business accounts which made the other lender wonder about the solvency of the business if that money was withdrawn. To Mark and Mollie, it was truly unbelievable that they would have trouble refinancing a mortgage that they were lowering by $45K. It seemed that they were victims of the current, very TIGHT lending environment that we are in.
What Mark and Mollie needed was a lender who understood the lending environment enough to make lending work for them instead of them working so hard for a loan. I laid out an 8-step plan for them including having them write a detailed letter of explanation about the nature of her business and how revenue fluctuations are normal for her industry. We set the plan in motion and waited for it to work. Forty five days later, they were closing on their new lower rate, lower payment loan and they ended up exactly where they intended to when they originally started the process.
I’ve been in this business for 23 years and I know how difficult it must be for people who have to try to do it alone without expert advice. So when you have a friend who needs expert advice, please introduce us. I think we will both be thanking you when you do!
The key to George W. Bush’s presidency.
Question: “How would you sum up your campaign in one word Mr. Bush?”