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Always a Skeptic? This one finally saw the light.

By
Mortgage and Lending with Signature Property Consultants

I have this one client who is very loyal, but an incredible skeptic.  I have been telling him for at least two years about a product I offer called the Money Merge account that would enable him to pay off his mortgages in a fraction of the normal time.  My client is extremely smart, very financially savvy and was convinced that this wasn't possible.  He eventually consented to a presentation, after which he admitted that he could see the benefit of the service, and how it could save him much more money than traditional bi-weekly payment programs, debt rolldown programs, and the like.  He liked the idea in general, and consented to letting me run a free analysis for him. 

The analysis showed that with he could pay off the mortgages on all five of his homes in 11.3 years, instead of the 30 years it would have taken him to pay off just oneAll this, with no additional payment outlays each month.  He thought it sounded great.  However, he just could not believe it "in theory" and needed to see proof.

No problem. I brought a gentleman to meet him who is both a user of the service and a rep that sells it.  This guy was incredibly passionate about what the service had done for him and how it had helped him to become financially free.  He showed my customer EVERY mortgage statement he had from the few months prior to his using the program until he paid off his mortgage, and EVERY home equity statement he had for the same period.  It was pure and unequivocable evidence that this guy, a mechanic, had paid off a $90K mortgage in TWO years.  His response, "I will feel incredibly foolish if I find out that this capability has been available all this time, and you've been telling me about it, and I haven't listened."  Still, he was convinced, that if this could be done, he could figure out how to do it himself, without paying for the service ...

We were talking yesterday and he told me how he had just received something in the mail stating that he could get a 10 year mortgage for about 4.1%.  Thinking aloud, he said that he was thinking of refinancing and cutting his mortgage down to 10 years.  I said, you do realize  that your monthly payment will go up considerably -- to which he responded that he was already paying an extra $1000 a month towards his mortgage, so that wouldn't be an issue.  My response to him, okay, that's true.  You could refinance your mortgage, pay about $20K in closing costs, then pay $1000 EXTRA a month for the next 10 years ($120K!), and pay off ONE of your mortgages. OR, you could go ahead and sign up for my service, at a FRACTION of what you would pay for closing costs on your refi alone (which you don't even have to pay for out of pocket), pay off the mortgages on ALL FIVE of your houses in just over one additional year (11.3 years), and afterwards, put that extra $1000 a month AND all of the money you're paying towards mortgages now, towards buying your NEXT investment property or fufilling some other dream.

Wow, he said.  That makes a lot of sense to me.  Since you explained it that way . . .  Finally :-)

Comments (1)

Vickie McCartney
Maverick Realty - Owensboro, KY
Broker, Real Estate Agent Owensboro KY

Hi Kimberly~ I know it is amazing when one of our clients finally sees the light, isn't it?  So did he actually start with the money merge program you are speaking of?

Aug 21, 2009 02:07 AM