Recently, Tim and Sherry came to me for help in buying a new home. The only issue was that their credit scores were such that the interest rate would have been a bit high. They were planning to put 30% down and get a new 30-year, fixed-rate mortgage. But I shared an industry secret with them that if they got a 15-year loan, there would be no penalty for the lower credit score.
We worked the numbers to show that if they only put 20% down and used the rest to payoff a car loan, it would more than compensate for the higher payment from a 15-year loan. A win for Tim and Sherry!
Do you need a lender that can think outside of the box? Call me; I can help!
~Joe
